Sing Holdings Sunway Jv Awarded Second Site Chuan Grove Paying Nearly 13 Billion Total
A joint venture between SGX-listed Sing Holdings and Sunway Developments has secured its second land parcel at Chuan Grove through a government tender, marking a significant milestone for the two companies.
The Urban Redevelopment Authority awarded the tender to the joint venture, held in a 65:35 proportion, on Sept 10. The site, which was closed on Sept 4, was hotly contested with five bids being submitted. The joint venture emerged as the top bidder with an offer of $623.9 million, translating to a land rate of $1,331 per square foot per plot ratio (ppr). (Source: EdgeProp Landlens)
This is the second land parcel at Chuan Grove that the joint venture has secured, with the first one awarded on July 17. The JV paid the highest bid of $703.6 million or $1,376 psf ppr for the site, beating six other bidders. This brings the total amount paid by the JV for the two sites to $1,327,510,000, which works out to $1,355 per square foot per plot ratio for the site with a total gross floor area of 979,924 square feet.
“We are thrilled to have secured our second land parcel at Chuan Grove through the government tender. This is a significant milestone for Sing Holdings and Sunway Developments, and we are excited to create a new development that will enhance the surrounding area,” says Sing Holdings CEO Lee Sze Hao.
The joint venture has plans to amalgamate the two land parcels, subject to regulatory approvals and timeline constraints, to develop a single residential project with around 1,055 units across five blocks of up to 27 storeys. The development will also offer communal facilities for residents to enjoy.
With this successful bid, Sing Holdings and Sunway Developments have solidified their partnership and are committed to delivering a high-quality project that will meet the demands of the market. The joint venture is confident in the potential of the Chuan Grove area and looks forward to contributing to the growth and development of the community.
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