Sing Holdings Sunway Jv Awarded Second Site Chuan Grove Paying Nearly 13 Billion Total

The partnership between Sing Holdings, a publicly listed company on the Singapore Exchange, and Sunway Developments has recently been granted its second land parcel in Chuan Grove through a successful government tender.

On September 4th, the joint venture group, with a 65:35 division, emerged as the top bidder with an offer of $623.9 million, which translates to a land rate of $1,331 per square foot per plot ratio (ppr). This winning bid was awarded by the Urban Redevelopment Authority on September 10th.

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This marks the second site in Chuan Grove that the partnership has acquired, with the initial site being awarded on July 17th. The joint venture was once again the top bidder, offering $703.6 million or $1,376 ppr for the adjacent land parcel. Six other bidders also participated in the tender.

In total, the joint venture will be paying $1,327,510,000 for both land parcels, which equates to around $1,355 per square foot ppr for the site, which has a total gross floor area of 979,924 square feet.

Sing Holdings’ CEO, Lee Sze Hao, states that pending regulatory approvals and timeline allowances, the partnership intends to combine the two land parcels and undertake a single residential development with approximately 1,055 units spread across five blocks, reaching up to 27 storeys. The development will also include communal facilities for residents.