Key Takeaway: Chencharu Close GLS Sets a $980 PSF PPR Benchmark with Launch Prices Likely Around $2,500 PSF
The Chencharu Close mixed commercial-and-residential GLS site was awarded to a consortium comprising Evia MCS, Gamuda (Singapore), and H108 for S$1,012,588,989.89. Using the official maximum GFA of 96,008 sq m, the land bid works out to about S$979.84 psf ppr. The site sits on a 99-year lease, measures 29,450.3 sq m, has an estimated yield of 875 homes, and is integrated with a bus interchange, hawker centre, and commercial space.
Our analysis is that the average launch price today would be around S$2,400-S$2,550 psf, with a central estimate of S$2,470-S$2,500 psf. That conclusion comes from triangulating three things: the site’s land rate and mixed-use economics, current construction-cost benchmarks, and nearby resale/new-launch comparables such as North Park Residences, The Wisteria, The Estuary, Norwood Grand, Lentor Central Residences, and ParkTown Residence.
Tender facts and the PSF PPR
According to the HDB Annex 1 launch details, the Chencharu Close GLS site has a land area of 29,450 sq m and a maximum gross floor area of 96,007 sq m. The parcel is zoned for Commercial and Residential use, comes with a 61m SHD height limit, and is expected to yield about 875 residential units. HDB subsequently awarded the site for S$1,012,588,989.89.
| Site Details | |
| Awarded price | S$1,012,588,989.89 |
| Site area | 29,450.3 sq m |
| Site area in sq ft | 317,000 sq ft |
| Maximum GFA | 96,008 sq m |
| Maximum GFA in sq ft | 1,033,421 sq ft |
| Computed plot ratio | 3.26 |
| Estimated homes | 875 |
| Lease | 99 years |
| Height cap | 61m SHD |
Source: HDB tender annex and final tender results; GFA and area conversions/calculations.
While the headline land rate of S$980 psf ppr is technically correct, it does not fully reflect the site’s underlying economics. HDB requires at least 801,986 sq ft of the total GFA to be set aside for residential use, while the commercial component may be up to 135,625 sq ft. Of this commercial space, around 58,125 sq ft is earmarked for the bus interchange and another 37,674 sq ft for the hawker centre. Gamuda has also stated that the land lease will exclude the areas occupied by the bus interchange and hawker centre.
In other words, the quoted S$980 psf ppr is calculated using the full maximum GFA. However, when comparing Chencharu Close with a more conventional residential GLS site, it is more meaningful to consider adjusted land-cost measures.
These adjusted calculations tell a more nuanced story. If the entire land bid is allocated only to the minimum residential GFA, the implied residential land cost rises to about S$1,262.60 psf. If the bus interchange and hawker centre areas are excluded from the GFA denominator, the adjusted rate works out to approximately S$1,079.95 psf. As a result, the true residential economics likely sit somewhere between the headline S$980 psf ppr and the more conservative S$1,263 psf estimate, depending on how reimbursements, lease exclusions, and the value of the retail component are treated.
Why The Site Matters
Chencharu is more than a typical suburban GLS parcel. URA’s masterplan identifies it as a new 70-hectare housing estate in Yishun, with around 10,000 homes planned by 2040 and at least 80% set aside for public housing. At the centre of the estate, HDB plans a community avenue anchored by an integrated mixed-use development with a bus interchange, hawker centre, and shops. This positions the Chencharu Close site as the future precinct’s commercial and transport hub, rather than just another private residential project.
The site also benefits from its proximity to Khatib MRT, with Google Maps indicating an estimated 10-minute walk to the station. The future bus interchange should further improve connectivity to key Yishun amenities, including Northpoint City, Khoo Teck Puat Hospital, HomeTeamNS Khatib, and the planned internal bus-only corridor serving the wider Chencharu estate.
Demand fundamentals appear supportive. The last mixed-use private residential launch in Yishun was The Wisteria in 2015, and there has been limited new private supply near Khatib MRT since then. This combination of pent-up upgrader demand, first-mover advantage in a new estate, and integrated amenities helps explain why developers were prepared to commit close to a billion dollars to the site, despite its greater execution complexity than a standard residential GLS parcel.
Comparable Price Evidence
The best way to anchor a future selling-price estimate is not to rely on a single benchmark, but to build a range from nearby resale projects, recent northern launches, and recent integrated OCR launches.
| Benchmark | What This Tells Us | Price point |
| North Park Residences | Best local integrated resale benchmark in Yishun | 12-month average S$1,857 psf |
| The Wisteria | Older mixed-use resale benchmark in Yishun | 12-month average S$1,406 psf |
| The Estuary | Nearby established Khatib/Yishun resale benchmark | 12-month average S$1,328 psf |
| Norwood Grand | Recent northern new-launch benchmark | Launch average S$2,067 psf |
| Lentor Central Residences | Nearby newer-launch benchmark in D26 corridor | Launch average S$2,200 psf |
| ParkTown Residence | Recent integrated OCR launch with bus interchange + retail | Launch average S$2,360 psf |
Source: PropNex Protrend Data and Straits Times Coverage
The message from these comparables is fairly clear. Chencharu should almost certainly launch above older northern resale stock such as The Wisteria or The Estuary. It should also command a premium to Norwood Grand, because Chencharu is an integrated mixed-use precinct anchor with retail, a bus interchange, a hawker centre, and a larger “town centre” story. At the same time, Chencharu is still in Yishun/Khatib, where buyer price memory is lower than in Tampines or the stronger parts of Lentor/Upper Thomson. So while a launch in the mid-S$2,400s psf looks defensible, pushing the average much beyond S$2,550 psf at first release would, in our view, start to test the market too aggressively.
Estimated future selling price
To estimate the future launch prices, we built a residual development model based on several key assumptions. The starting point is the official land acquisition cost of S$1.013 billion. We then apply the minimum residential GFA requirement of 74,507 sq m, together with an estimated 3,700 sq m of net retail and commercial space after accounting for the GFA allocated to the bus interchange and hawker centre. For saleable efficiency, we assume approximately 84% for residential space and 90% for retail space, resulting in an estimated 673,668 sq ft of saleable residential area and 35,844 sq ft of saleable commercial area. These efficiency assumptions are estimates and not official figures.
Construction costs are benchmarked against Rider Levett Bucknall’s Singapore Rider’s Digest 2025. According to RLB, good-quality condominium developments typically cost between S$334 and S$420 psf CFA to build, while retail developments range from approximately S$412 to S$480 psf CFA. Given the integrated nature of Chencharu Close, which includes retail, public transport infrastructure and community facilities, it is prudent to budget towards the upper end of these cost ranges. Additional allowances are then made for professional fees, financing costs, marketing expenses, contingencies and developer profit margins.
Based on these assumptions, three pricing scenarios emerge. In a more optimistic case, where efficiency is higher, retail values are stronger, and construction costs are well controlled, launch prices could range between S$2,350 and S$2,420 psf. Under a base-case scenario, assuming 84% residential efficiency, retail values in the low S$2,000 psf range and a typical suburban developer margin, the project supports launch prices of approximately S$2,430 to S$2,520 psf. In a more aggressive scenario, where construction complexity increases, efficiency declines, or the developer targets higher margins, launch pricing could move into the S$2,550-S$2,650 psf range.
Taking all factors into consideration, our central estimate is that Chencharu Close is likely to launch at an average price of S$2,470-S$2,500 psf. This is not an official price projection but rather an estimate derived from land costs, construction benchmarks, market comparables and current residential market conditions.
Based on these projected launch prices, indicative unit quantum could look as follows:
| Unit Size | At S$2,450 psf | At S$2,500 psf |
|---|---|---|
| 500 sq ft | S$1.225 million | S$1.250 million |
| 700 sq ft | S$1.715 million | S$1.750 million |
| 915 sq ft | S$2.242 million | S$2.288 million |
| 1,100 sq ft | S$2.695 million | S$2.750 million |
These figures are purely illustrative and intended to provide a guide to potential purchase prices. Actual unit pricing will depend on the final unit mix, floor plans, stack positioning, views and market conditions at the time of launch.
Risks and what would change my estimate
The biggest risk to the estimate is execution complexity. The requirement to integrate a hawker centre and bus interchange makes Chencharu more complex than a typical OCR residential site. In addition, the wide bid spread reflects differing views on those risks, even though the costs of the public-facility elements are expected to be reimbursed. That is a major reason we would not compare the S$980 psf ppr one-for-one against a normal condo-only GLS parcel.
| S/N | Name of Tenderer | Tender Price ($) |
$psm/GFA ($) |
| 1 | Evia MCS Pte. Ltd., Gamuda (Singapore) Pte. Ltd. and H108 Pte. Ltd. | $1,012,588,989.89 | $10,546.92 |
| 2 | Phoenix Property 1 Pte. Ltd. and Phoenix Property 2 Pte. Ltd. | $845,000,000 | $8,801.35 |
| 3 | Sim Lian Land Pte Ltd & Sim Lian Development Pte Ltd | $692,400,000 | $7,211.90 |
Evia, Gamuda and H108 paid almost 20% higher than the 2nd bidder. Source HDB
The main upside factor is that the site appears to fit MND’s definition of a Category 2 complex project, because MND specifically cites sites integrated with major public transport facilities and projects that implement major public facilities such as hawker centres. Projects in that category get a six-month extension to ABSD remission commencement, completion, and sale timelines, provided the rules apply. We have not seen any Chencharu-specific government confirmation, so this should be treated as a well-supported inference rather than a certainty. If applicable, though, it reduces deadline pressure and makes a large 875-unit project slightly easier to manage.
The market risk is simpler: Yishun/Khatib still has a lower live price memory than Tampines, Lentor, or city-fringe locations. So even if Chencharu deserves a premium as an integrated, first-mover precinct anchor, buyers may resist an opening average that is too far north of S$2,500 psf unless the broader OCR market re-rates further before launch. In contrast, if the first phase opens in the low-to-mid S$2,400s psf, we think the project would have a good chance of drawing strong interest from Yishun/Khatib upgraders, northern buyers shut out of newer launches elsewhere, and investors who want the first private project in a government-backed new town centre.
Our view is that Chencharu Close’s fair launch price range is likely to sit between S$2,400 and S$2,550 psf, with S$2,470 to S$2,500 psf as the most reasonable central estimate. While the headline land rate is S$980 psf ppr, the effective residential land cost is higher once the integrated public facilities are factored in. This explains why the site appears expensive on a headline land-rate basis, yet still supports a launch price that is only moderately above the strongest northern new-launch and resale comparables.
Disclaimer: The information contained in this article is provided for general informational and educational purposes only and should not be construed as financial, investment, legal, tax, or property advice. All calculations, forecasts, pricing estimates, and opinions expressed are based on publicly available information, market data, and assumptions deemed reasonable at the time of writing. Actual development costs, launch prices, sales performance, market conditions, government policies, and future property values may differ materially from the estimates presented.
While every effort has been made to ensure the accuracy of the information, no representation or warranty is made regarding its completeness, reliability, or accuracy. Readers should conduct their own independent research and seek professional advice from qualified property consultants, financial advisers, legal professionals, or other relevant experts before making any property or investment decisions.
Any projected launch prices, breakeven costs, future selling prices, or investment returns discussed in this article are estimates only and should not be interpreted as guarantees of future performance. The author and publisher accept no liability for any loss or damage arising directly or indirectly from the use of, or reliance upon, the information contained herein.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
