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- The 7.3-acre site, which comes with a new 99-year leasehold, is designated for an integrated development comprising up to 875 residential units, approximately 12,600 sq m of commercial space, a bus interchange, and a hawker centre.
KUALA LUMPUR (Sept 30): Engineering and construction company Gamuda Bhd announced that its Singapore-based subsidiary will assume a controlling interest in the tripartite consortium that was awarded the tender for a mixed-use development site at Chencharu Close in Yishun, Singapore, worth S$1.012 billion (RM3.31 billion).
According to a bourse filing on Monday, the 7.3-acre site, which comes with a new 99-year leasehold, is designated for an integrated development comprising up to 875 residential units, approximately 12,600 sq m of commercial space, a bus interchange, and a hawker centre.
The group said that the project is scheduled for completion within 84 months.
The Housing & Development Board (HDB) of Singapore issued a letter of award dated Sept 26, confirming the acceptance of the tender submitted jointly by Gamuda (Singapore) Pte Ltd, Evia MCS Pte Ltd, and H108 Pte Ltd.
Gamuda stated that the site allows for a maximum gross floor area of around 1.03 million sq ft, with at least 74,500 sq m allocated for residential use.
Although the tender was jointly submitted by Gamuda (Singapore), Evia, and H108, the land will be acquired through two newly incorporated special purpose vehicles—Polaris Times Square Residences Pte Ltd and Times Square Mall Pte Ltd—which will develop the residential and commercial components, respectively.
Gamuda (Singapore), an indirect wholly-owned unit of Gamuda Bhd via its property arm Gamuda Land Sdn Bhd, holds a 50% stake in both entities. Evia holds 30%, while H108 owns the remaining 20%.
The acquisition will be financed through a combination of internal funds and bank borrowings.
Evia is a Singapore-based firm jointly owned by Evia Real Estate (12) Pte Ltd and MCSL Pte Ltd. H108 is a consortium comprising Atad Investment Pte Ltd, Ho Lee Group Pte Ltd, Ideal Plumbing Holding Pte Ltd, and OES Holdings Pte Ltd.
In a press release, Gamuda Land said that the Chencharu Close site is located within Yishun’s mature northern corridor, an area projected to yield 10,000 new homes by 2040, supporting sustained housing demand.
Gamuda Land highlighted its ongoing collaboration with Evia and H108, citing the partners’ local expertise and market knowledge as key strengths.
The company said that the partnership combines regional development capabilities with local insights, aiming to deliver a project aligned with market expectations and community needs in Yishun.
Given Singapore’s strong property demand and limited land availability, the Chencharu Close development is expected to contribute meaningfully to Gamuda’s property segment in terms of revenue and earnings diversification.
This 50% equity stake also aligns with Gamuda Land’s quick turnaround project (QTP) strategy in high-demand urban markets.
The company said the Chencharu Close project will be developed in collaboration with key Singaporean agencies, including the Land Transport Authority (LTA) and Urban Redevelopment Authority (URA), to ensure integration into the city’s broader urban planning framework.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
