Sing Holdings-Sunway Developments JV tops seven bids for Chuan Grove GLS site at $1,376 psf ppr
A state land parcel at Chuan Grove attracted a top bid of S$703.6 million on July 8 from a joint venture between Sing Holdings Residential and Sunway Developments. This translates to S$1,376 per square foot per plot ratio (psf ppr), the second-highest bid ever for a suburban Government Land Sales (GLS) site. The bid outpaced the next highest by 7.3 percent and marks the first GLS launch in Chuan Grove since 2009.
This 47,495 square metre site can yield 555 private homes and is the larger of two Chuan Grove GLS plots. The tender drew seven bids, reflecting developer confidence in the Lorong Chuan area. The strong competition comes shortly after recent hotly contested GLS tenders at Dunearn Road and Lakeside Drive.
Sing Holdings will hold a 65 percent stake in the joint venture, while Sunway will hold 35 percent. According to Sing Holdings CEO Lee Sze Hao, the plan is to develop a residential project with three high-rise towers and full facilities, subject to URA approval.
| Ranking | Developer | Bid Price (S$) | Bid Price (S$ psf ppr) |
|---|---|---|---|
| 1 | Sing Holdings and Sunway Developments | 703,600,000 | 1,376 |
| 2 | City Developments | 655,500,000 | 1,282 |
| 3 | Sim Lian Group | 655,000,000 | 1,281 |
| 4 | Kingsford Development | 639,570,000 | 1,251 |
| 5 | China Overseas Land & Investment | 615,000,000 | 1,203 |
| 6 | Hong Leong Holdings and TID | 598,504,178 | 1,171 |
| 7 | CK Asset Holdings | 512,000,000 | 1,001 |
Source: URA
Justin Quek, deputy group CEO of Realion, noted the site’s appeal as a prime suburban plot bordering the city fringe. He pointed out that the winning bid is just 2.4 percent lower than the prime district Dunearn Road site awarded at S$1,410 psf ppr. ERA Singapore CEO Marcus Chu added that the site’s strong location and connectivity likely drove developers’ confidence.
PropNex CEO Ismail Gafoor said the competitive bid signals ongoing developer interest, despite the recent hike in Seller’s Stamp Duty (SSD) rates and the extended four-year holding period. He added that the project is likely to attract genuine homebuyers, less impacted by the new SSD rules.
CBRE’s Tricia Song highlighted that recent success at nearby Chuan Park encouraged developer interest. Chuan Park sold 76 percent of its 916 units at an average of S$2,537 psf on launch weekend in November 2024. As of now, 84 percent of units have been sold at a median price of S$2,591 psf.
Analysts expect continued demand in the area from HDB upgraders and potential downgraders from landed homes in nearby Serangoon, Bishan, and Ang Mo Kio. Huttons Asia CEO Mark Yip noted that unsold suburban inventory fell to 4,361 units in Q1 2025, the lowest since Q4 2022.
Leonard Tay, research head at Knight Frank, observed that the area has not seen a new launch since The Scala in 2010. That project was built on a plot won by Hong Leong Group for S$221 million or S$529 psf ppr in 2009.
Chuan Grove’s appeal is further strengthened by proximity to Lorong Chuan MRT station, as well as Serangoon and Bishan MRT stations, and retail amenities like NTP+ mall, Junction 8, and Nex. A second GLS site in Chuan Grove will be launched in September, with firm bidding expected given the low unsold stock and strong sales track record in the area.
