GLS Tender closing for the mixed-residential and commercial site at Chencharu Close

Tender Closing for GLS Site

Mixed-residential and commercial site at Chencharu Close
Despite its size and development quantum with an outlay of above S$1 billion in land cost, homebuyer interest in mixed-integrated developments at main transport nodes, such as an MRT station remains firmly intact. This was last witnessed at ParkTown Residence in Tampines North, where over 1,000 units, or over 87% of the project’s total of 1,193 units was reportedly sold during the launch weekend. The land parcel at Chencharu Close is within walking distance of Khatib MRT station on the North-South Line, and is well-served by arterial roads and expressways such as the Central Expressway (CTE) and the Seletar Expressway (SLE). Future residents will benefit from convenient links to the city centre and neighbouring towns.

Likely homebuyers for a completed condominium unit at this project include HDB upgraders from surrounding estates. However, integrated developments with a good-size retail mall of over 135,000 sf in gross floor area that includes a hawker centre and bus interchange have the potential drawing power to attract homebuyers from beyond its existing planning area. The mixed-use nature of the site allows for the creation of a neighbourhood mall or retail podium, which could become a human activity magnet for Chencharu and Khatib. With curated F&B, daily needs, and community-oriented offerings, the retail element would enhance liveability for residents while also serving the broader northern catchment.

The top bid of about S$1.01 billion or S$980 psf ppr is 19.8% above the second highest bid of S$845 million or S$818 psf ppr, and 46.2% higher than the third and lowest bid of S$692.4 million or S$670 psf ppr. The number of bids as well as the top bid is within expectations, even though the top bid comes at the higher end of the expected range. As such, the possible selling price for the residential units here when ready to launch could start from S$2,000 psf. However, given the attractiveness of an integrated development when basic goods and services, facilities and amenities are all within arm’s reach, the average selling price could possibly be at above S$2,300 psf. ParkTown Residence reportedly chalked up an average of S$2,360 psf during its launch weekend.

Source: URA Space
​​