A consortium comprising Evia Real Estate, Malaysian developer Gamuda and Ho Lee Group has submitted the top bid of just over $1.01 billion for a mixed-use site at Chencharu Close, Yishun. The figure works out to around $980 per square foot per plot ratio (psf ppr), placing the trio ahead of two rival bids.

The 99-year leasehold parcel, located near Khatib MRT station, is the first government land sale site in the up-and-coming Chencharu precinct to feature a private housing component. The 317,000 sq ft plot can yield about 875 private homes and up to 135,625 sq ft of commercial space, integrated with a bus interchange and hawker centre.

Frasers Property, together with Mitsubishi Estate and Lum Chang Building Contractors, lodged the second-highest offer of $845 million ($818 psf ppr), while Sim Lian Land and Sim Lian Development submitted $692.4 million ($670 psf ppr).

At least 78 per cent of the development’s maximum gross floor area (1.03 million sq ft) must be set aside for residential use, ensuring a substantial private housing component. The commercial space must be held under a single strata lot, with subdivision prohibited.

The site benefits from proximity to schools such as Peiying Primary, Chung Cheng High, Naval Base Primary and Secondary, Orchid Park Secondary, and Yishun Innova Junior College. Amenities in the wider area include Khatib Polyclinic, Yishun Stadium, and Lower Seletar Reservoir Park.

Analysts noted the land parcel’s similarities to Tampines Avenue 11, a large mixed-use site awarded in 2023 at $885 psf ppr to a consortium led by UOL, Singapore Land and CapitaLand. That project, Parktown Residence, sold 87 per cent of its 1,193 units during its launch in February 2025 at an average of $2,360 psf.

Evia Real Estate managing partner Vincent Ong said the consortium is eager to replicate its track record with integrated developments. “Having completed the OLA project last year, we are now hungry for land. Evia, Gamuda and Ho Lee will be thrilled to secure a rare site that can be developed into a residential and retail project integrated with a transport hub in a new housing area,” he said.

The three firms have previously collaborated on projects such as OLA executive condominium in Sengkang and Gem Residences in Toa Payoh. Their proposal for Chencharu envisions about 860 apartments above a street-level and basement retail mall, with direct integration to transport and community facilities.