PETALING JAYA: Gamuda Bhd
’s wholly-owned subsidiary Gamuda (Singapore) Pte Ltd has made the highest bid for a parcel of leasehold land in Chencharu Close, Singapore, via a joint venture with Evia MSC Pte Ltd and H108 Pte Ltd.
The group said in a bourse filing that the Housing and Development Board of Singapore announced the provisional tender result with a winning bid of S$1.01bil (RM3.33bil) after the tender closing date yesterday.
The bid works out to about S$980 per sq ft per plot ratio (psf ppr).
The 29,450.3 sq m land is earmarked for mixed commercial and residential development.
Meanwhile, The Straits Times Singapore reported that Frasers Property teamed up with Mitsubishi Estate and Lum Chang Building Contractors to offer S$845mil or about S$818 psf ppr.
The third bid, from Sim Lian Land and Sim Lian Development, was S$692.4mil or S$670 psf ppr.
The 99-year leasehold plot is expected to yield some 875 private homes.
The development will be integrated with a bus interchange and a hawker centre.
It will also include up to 135,625 sq ft gross floor area (GFA) of commercial space that may be used for retail.
The commercial component has to be held as a single strata lot; strata subdivision will not be allowed.
Located in the up-and-coming Chencharu residential area in Yishun town, the 317,000 sq ft site can be developed to a maximum GFA of 1.03 million sq ft; of this, at least 801,986 sq ft – about 78% – will be set aside for residential use.
This is the first government land sale site with a private housing component to be offered in Chencharu, offering prospects of a first-mover advantage, analysts have said.
The Chencharu Close plot is near a string of schools, including Peiying Primary School, Chung Cheng High School, Naval Base Primary and Secondary schools, Orchid Park Secondary School and Yishun Innova Junior College, said PropNex head of research and content Wong Siew Ying.
Also nearby are Khatib Polyclinic, Yishun Stadium and Sport Hall, and Lower Seletar Reservoir Park.
Gamuda, for its third quarter financial year ended April 30, 2025, saw its net profit grow by 4.7% year-on-year to RM246.8mil, as revenue jumped 24.1% to RM3.09bil, attributed to domestic construction projects. — Agencies
