Chencharu Close site likely to attract up to four bids

The tender for the site will close on 22 May 2025.

Real estate experts expect one to four bids for the Chencharu Close site, with the highest bid likely to come in at $1b.

According to OrangeTee, the positive attributes of the site, such as being near HomeTeamNS Khatib and Khatib MRT on the North-South Line, make the site attractive.

Additionally, the relative scarcity of land parcels released in Yishun, where the site is, will likely result in pent-up demand for private homes in the area.

However, OrangeTee said the numerous requirements tied to the development may also make it more complex to build. 

Given these factors, OrangeTee anticipates two to four bidders for the site, with the highest bid price of $800 to $880 psf ppr. 

PropNex has a more conservative projection, saying the suite might attract less than three bidders and a cautious bid between $810 and $850 psf ppr.

"Joint bids from developers are likely due to the large outlay of more than $800m," it said.

Huttons have a hgiehr rpeiocjetion for top bid, expeing a $930m to $1b bid, or  a land rate of $900 to $1,000 psf ppr.

It, however, only expects one to two bids for the site, given its sizable price quantum.

"The tender will close on 22 May 2025, and this will give developers more time to assess the site and to better gauge market demand and sentiment next year," Huttons said.