Archive for category: Misc

HDB resale volume up 0.5% m-o-m in FebruaryNon-landed private residential resale prices up 2% in February, reaching 9-year high

The second Government Land Sale (GLS) site at Chuan Grove received offers from five bidders when it closed on September 4. The highest bid of $623.9 million came from a joint venture between Sing Holdings and Sunway Developments, making the land rate $1,331 psf per plot ratio (psf ppr).

This GLS site 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) from 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, which translates to $1,254 psf ppr.

The Sing Holdings-Sunway Developments joint venture also submitted the highest bid for the neighbouring GLS site, which closed on July 8. They were at the top of seven bids and won 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 participation of Sing Holdings and Sunway Developments may have been driven by their goal to maintain benchmark pricing, having previously secured the adjacent Chuan Grove site. He also notes that there may be potential economies of scale in construction if both plots are acquired. The winning bid is also 3.4% lower than the $1,376 psf ppr paid in July 2025.

The joint venture’s repeated participation also shows 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 Chuan Grove parcels could potentially be launched sometime in the third or fourth quarter of 2026.

The two GLS sites at Chuan Grove are near the 916-unit Chuan Park 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. 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 at PropNex, expects the new project to be launched at an average price of about $2,600 psf. Despite 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.

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Wong notes the strong turnout of 5,000 visitors at the Chuan Park sales gallery on the first day of its preview last year. She believes that prospective buyers who may have missed out on their desired unit at Chuan Park, along with HDB upgraders in 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 positive momentum from recent new project launches has likely played a key role in revitalising buyer sentiment, which in turn has lifted confidence among developers, notes Mohan Sandrasegeran. “This renewed optimism is reflected in the healthy participation levels and competitive bidding observed across recent GLS tenders.”