The Chencharu Close GLS mixed-use site is the first site for private housing in the new Chencharu housing estate.
The total gross floor area for the development is more than 1 million sq ft. It will be the second largest mixed-use project in the North after North Park Residences and Northpoint City.
It is a short walk to Khatib MRT station and close to the nature reserve. A green loop around Lower Seletar Reservoir is planned under the URA Master Plan 2019 to make nature more accessible. This will connect to the Round Island Route at Yishun Dam. As it is a mixed-use site, residents will enjoy amenities right at their doorstep. Young families may be attracted to Chencharu as there are primary schools within the vicinity. Furthermore a few thousand flats will meet the minimum occupation period from 2023 providing a potential pool of upgrading demand.
Joint bids from developers are likely due to the large outlay of more than $800 million. The Chencharu Close site might attract less than 3 bidders and a cautious bid between $810 and $850 psf ppr.