Sing Holdings Sunway Developments Jv Tops Seven Bids Chuan Grove Gls Site 1376 Psf Ppr

Seven bids were received for the Government Land Sale (GLS) site at Chuan Grove before it closed on July 8. The highest bid, from a joint venture between Sing Holdings and Sunway Developments, was $703.6 million, or $1,376 per square foot per plot ratio (psf ppr).Sing Holdings CEO Lee Sze Hao has announced that if their bid is successful, the joint venture intends to develop a residential project with 550 units across three high-rise towers. The project will also have various facilities and features to cater to the community.The winning bid was 7.3% above the second-highest bid of $655.5 million ($1,282 psf ppr) submitted by City Developments (CDL). Sim Lian Group placed third with a bid just $500,000 lower than CDL’s, which translates to $1,281 psf ppr.Read also: Second Chuan Grove GLS site launched for tenderAdvertisementAdvertisementThe response to the Chuan Grove site exceeded expectations, according to CBRE’s head of research for Southeast Asia, Tricia Song. Despite declining home sales and ongoing trade uncertainty, the high level of interest and top bid price signal developer confidence in the location, she says.Property consultants have noted that the top bid of $1,376 psf ppr for Chuan Grove is the second-highest ever for an Outside Central Region (OCR) site, after the $1,388 psf ppr paid by SingHaiyi Group for the Bayshore Road site. According to Marcus Chu, CEO of ERA Singapore, it is also higher than the $1,360 psf ppr paid by CDL for a site at Toa Payoh Lorong 1 in November 2023, despite the latter being in the Rest of Central Region.Justink Quek, deputy group CEO of Realion Group, adds that the price is only 2.4% lower than the Dunearn Road parcel, located in the Core Central Region, which was awarded to Frasers Property, Sekisui House and CSC Land Group on July 3 at $1,410 psf ppr.The Chuan Grove site measures 170,409 sq ft and has a 99-year leasehold. It is located along Chuan Grove off Lorong Chuan in District 19. The site is within 400m of Lorong Chuan MRT Station on the Circle Line, which is one stop away from the Bishan and Serangoon MRT interchanges. It is also close to malls such as NTP+, Bishan Junction 8 and Nex, as well as several schools.Read also: Qingjian Realty and Forsea Holdings submit top bid of $1,037 psf ppr for Media Circle Parcel A GLS siteAdvertisementAdvertisementThe tender for the Chuan Grove plot is one of two residential GLS sites that have been launched for sale. A neighbouring plot which can yield about 505 units was launched for tender in May, with the tender slated to close on Sept 4.Developers were likely encouraged by the robust sales at Chuan Park and strong locational attributes of the site, property consultants say. The 916-unit development launched in November 2024 and sold 76% of units during the launch weekend at an average price of $2,579 psf. Kingsford Development, the developer of Chuan Park, also participated in the Chuan Grove GLS tender, submitting the fourth-highest bid of $639.57 million ($1,251 psf ppr).Chuan Park is a redevelopment of a former condo of the same name, which Kingsford acquired en bloc in 2022 for $890 million. Prior to Chuan Park, the last new condo was The Scala, which launched in 2010, says PropNex CEO Ismail Gafoor. Based on the top bid, he believes the future project at the Chuan Grove site could command average prices above $2,700 psf. According to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, with Chuan Park over 83% sold to date, the project is likely to be fully sold before the neighbouring Chuan Grove site is launched. This will make for limited unsold inventory in the surrounding area, resulting in a supply gap that Chuan Grove can strategically fill. He also expects launch prices to fall within the $2,700 psf to $2,800 psf range.

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