Sing Holdings Sunway Developments Jv Submits Highest Bid Second Chuan Grove Gls Site 1331 Psf Ppr
Bruce Willis sells Beverly Hills estate for $30 millionSINGAPORE (Sept 14): The second Government Land Sale (GLS) site at Chuan Grove has closed on Sep 4 with a total of five bids. Emerging as the highest bidder was a joint venture between Singapore-listed property developer Sing Holdings and Malaysian developer Sunway Developments, with a bid of $623.9 million. This translates to a land rate of $1,331 psf per plot ratio (psf ppr).The latest GLS site, spanning 156,231 sq ft, is expected to yield approximately 505 residential units with a maximum gross floor area (GFA) of 468,693 sq ft. The joint venture’s bid 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, translating to $1,254 psf ppr.Also read: Otto Place 91% sold after second-timer balloting, underscoring EC market strengthThe Sing Holdings-Sunway Developments joint venture has also submitted the highest bid for a neighbouring GLS site, which closed on July 8. Out of seven bids, the joint venture emerged as the top bidder, securing the site for $703.6 million or $1,376 psf ppr. The 99-year leasehold site measures 511,232 sq ft and can yield about 550 new residential units.Marcus Chu, CEO of ERA Singapore, believes that the strong participation from Sing Holdings and Sunway Developments was likely driven by their goal to maintain benchmark pricing, especially since they had previously secured the adjacent Chuan Grove site. “There is also a strong motivation to acquire both plots, considering the advantages in managing pricing strategy and possible economies of scale in construction,” he says, adding that the winning bid is 3.4% lower than the $1,376 psf ppr paid for the previous site in July 2025.The joint venture’s participation in both tender exercises also reflects their long-term confidence in the precinct’s growth potential, according to Mohan Sandrasegeran, head of research and analytics at SRI. If awarded the site, the projects at Chuan Grove could potentially be launched during the third or fourth quarter of 2026. The two GLS sites are located within a five-minute walk of Lorong Chuan MRT Station (Circle Line) and are also near popular lifestyle hubs such as NTP+, Bishan Junction 8, and Nex.Chuan Park’s first day of preview drew 5,000 visitors. Since its launch last November, the 916-unit, 99-year leasehold condo is 85% sold at an average price of $2,586 psf (Photo: Kingsford Group)The two GLS sites at Chuan Grove are also in close proximity to the 916-unit Chuan Park (a redevelopment of the former residential project of the same name), which is currently being built by Kingsford Group. The project was launched in November last year and has since achieved an 85% sales rate at an average price of $2,586 psf, based on caveats lodged to date. Huttons Asia’s CEO, Mark Yip, predicts that Chuan Park will be fully sold by the time the two new projects at Chuan Grove are launched.Read also: Brisk sales at Otto Place EC, with Hoi Hup-Sunway selling 58.5% of units at an average of $1,700 psfBased on the winning bid 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 with an average price of about $2,600 psf. Despite the sales recorded at Chuan Park and the new supply of about 1,000 units from the two Chuan Grove plots, she believes that buying interest in the area will remain relatively strong.”A reference point may be the strong turnout of some 5,000 visitors at the Chuan Park sales gallery on the first day of its preview last year,” notes Wong. “Prospective buyers who have missed out on their desired unit at Chuan Park, along with HDB upgraders from surrounding public housing estates such as Bishan, Ang Mo Kio and Serangoon, could potentially form part of the demand pool for upcoming projects in Chuan Grove.”The recent new project launches have also likely helped to revitalise buyer sentiment and boost confidence among developers, notes SRI’s Sandrasegeran. “This renewed optimism is reflected in the healthy participation levels and competitive bidding observed across recent GLS tenders.” Find out more about Chuan Park propertiesAsk BuddyRecently launched projectsWhat is Chuan Park’s buyer profile?Total units at Chuan ParkSee Chuan Park’s sale transactionsTenure of Chuan ParkRecently launched projectsWhat is Chuan Park’s buyer profile?Total units at Chuan ParkSee Chuan Park’s sale transactionsTenure of Chuan ParkRELATED NEWS Private home prices up 2.3% q-o-q in 4Q2024, bringing full year price growth to 3.9% Private home prices up 2.3% q-o-q in 4Q2024, bringing full year price growth to 3.9%
The second Government Land Sale (GLS) site at Chuan Grove closed on Sep 4 with five bids, with the joint venture between Singapore-listed property developer Sing Holdings and Malaysian developer Sunway Developments submitting the highest bid of $623.9 million.
This bid, which translates to a land rate of $1,331 psf per plot ratio (psf ppr), 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, translating to $1,254 psf ppr.
The latest GLS site, measuring 156,231 sq ft, is expected to yield approximately 505 residential units with a maximum gross floor area (GFA) of 468,693 sq ft. The joint venture’s bid reflects their goal to maintain benchmark pricing, having previously secured the adjacent Chuan Grove site. The repeat participation also reflects their long-term confidence in the precinct’s growth potential.
The Sing Holdings-Sunway Developments joint venture also submitted the highest bid for the neighbouring GLS site at the close of the tender on July 8, winning the site for $703.6 million or $1,376 psf ppr. The 99-year leasehold 511,232 sq ft plot can yield about 550 new residential units.
According to Marcus Chu, CEO of ERA Singapore, the strong participation of the joint venture was likely driven by their goal to maintain benchmark pricing, having previously secured the adjacent Chuan Grove site. “There is also a strong motivation to acquire both plots, considering the advantages in managing pricing strategy and possible economies of scale in construction,” he says.
Living near a variety of educational institutions offers many benefits beyond just access to excellent education. One major advantage is the reduced travel time for students, giving them more time to focus on their studies and extracurricular activities. Additionally, the presence of these institutions can spur the development of other community resources such as libraries, sports complexes, and community centers, which can greatly enhance the quality of life for residents. For instance, Aurelle of Tampines EC in Singapore is strategically located near several renowned educational institutions, providing its residents with convenient access to both academic and community facilities. This not only makes it an ideal living location for students but also for families and individuals looking for a well-rounded and enriching community to call home.
The repeat participation by the joint venture partners also reflects their long-term confidence in the precinct’s growth potential, notes Mohan Sandrasegeran, head of research and analytics at SRI. The sites are within close proximity to Lorong Chuan MRT Station and various lifestyle hubs, making them desirable for buyers. The units are also expected to be launched sometime in the third or fourth quarter of 2026 if the site is awarded.
In addition, the two GLS sites at Chuan Grove are also near the 916-unit Chuan Park (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 sales recorded to date, Mark Yip, CEO of Huttons Asia, expects Chuan Park to be 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, PropNex, expects the new project to be launched at an average price of about $2,600 psf.
Notwithstanding the sales generated at Chuan Park and the new supply of around 1,000 units from the two Chuan Grove plots, she believes buying interest in the area could still be relatively healthy. In fact, the strong turnout of 5,000 visitors at the Chuan Park sales gallery on the first day of its preview last year could serve as a reference point, according to Wong. “Prospective buyers who have missed out on their desired unit at Chuan Park, along with HDB upgraders – from surrounding public housing estates such as Bishan, Ang Mo Kio and Serangoon – could potentially form part of the demand pool for upcoming projects in Chuan Grove.”
The recent new project launches have likely helped to revitalise buyer sentiment and boost confidence among developers, notes SRI’s Sandrasegeran. “This renewed optimism is reflected in the healthy participation levels and competitive bidding observed across recent GLS tenders.”
