Sing Holdings Sunway Developments Jv Submits Highest Bid Second Chuan Grove Gls Site 1331 Psf Ppr
The second Government Land Sale (GLS) site at Chuan Grove concluded on September 4th with a total of five bids. The highest bid of $623.9 million was submitted by a joint venture between Sing Holdings, a Singapore-listed property developer, and Sunway Developments, a Malaysian developer. This translates to a land rate of $1,331 per square foot per plot ratio (psf ppr).
The site, which measures 156,231 square feet, is expected to yield around 505 residential units with a maximum gross floor area (GFA) of 468,693 square feet. The winning bid by the joint venture was 2.9% higher than the second-highest bid of $606.06 million ($1,293 psf ppr) submitted by COLI (Singapore). The third-highest bidder, a joint venture between Hong Leong Holdings and TID (a joint venture between Hong Leong Group and Mitsui Fudosan), submitted a bid of $588 million, or $1,254 psf ppr.
The Sing Holdings-Sunway Developments joint venture was also the top bidder for the neighboring GLS site that closed on July 8th. They were among seven bidders and won the site for $703.6 million, or $1,376 psf ppr. The 99-year leasehold site, which measures 511,232 square feet, can potentially yield about 550 new residential units.
According to Marcus Chu, CEO of ERA Singapore, the joint venture’s participation was likely driven by their desire to maintain benchmark pricing, as they had previously won the adjacent Chuan Grove site. He also says that there is a strong motivation to acquire both sites, as this would allow for better pricing strategy and possible economies of scale in construction. The winning bid for the second site was 3.4% less than the bid for the first site.
The fact that the joint venture partners participated in both sites reflects their confidence in the long-term growth potential of the area, notes Mohan Sandrasegeran, head of research and analytics at SRI. If awarded the site, development of the Chuan Grove parcels could potentially be launched in the third or fourth quarter of 2026.
The two GLS sites are within a five-minute walk of Lorong Chuan MRT Station (Circle Line) and are near several lifestyle hubs such as NTP+, Bishan Junction 8, and Nex.
The sites are also near the 916-unit Chuan Park, which is a redevelopment of the former residential project of the same name by Kingsford Group. Launched in November last year, the project is 85% sold to date at an average price of $2,586 psf, based on caveats lodged to date.
Given the strong sales recorded at Chuan Park, Mark Yip, CEO of Huttons Asia, expects the project to be fully sold out by the time the two new projects at Chuan Grove are launched.
Based on the bid price of $1,331 psf ppr for the second Chuan Grove GLS site, Wong Siew Ying, head of research and content at PropNex, expects the new project to be launched at an average price of about $2,600 psf. She also believes that despite the sales at Chuan Park and the addition of around 1,000 new units from the two Chuan Grove plots, buying interest in the area will likely continue to be healthy.
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Wong notes that the strong turnout of some 5,000 visitors at the Chuan Park sales gallery on the first day of its preview last year could serve as a reference point. She also believes that prospective buyers who have missed out on their desired unit at Chuan Park, along with HDB upgraders from surrounding public housing estates, could potentially form part of the demand pool for upcoming projects in Chuan Grove.
The positive momentum from recent new project launches has played a key role in revitalizing buyer sentiment and lifting developer confidence, says SRI’s Sandrasegeran. He also notes that this renewed optimism is reflected in the healthy participation levels and competitive bidding observed across recent GLS tenders.