Sing Holdings-Sunway Developments JV submits highest bid for second Chuan Grove GLS site at $1,331 psf ppr

The second Government Land Sale (GLS) site at Chuan Grove closed on Sep 4 with five bids. A joint venture between Singapore-listed property developer Sing Holdings and Malaysian developer Sunway Developments submitted the highest bid of $623.9 million, which translates to a land rate of $1,331 psf per plot ratio (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 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 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. 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. Marcus Chu, CEO of ERA Singapore, reckons the participation of Sing Holdings and Sunway Developments 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. “The winning bid amounts to 3.4% less than the $1,376 psf ppr paid in July 2025.”

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. If awarded the site, the Chuan Grove parcels could potentially be launched sometime in the third or fourth quarter of 2026. The sites are within a five-minute walk of Lorong Chuan MRT Station (Circle Line) and near several lifestyle hubs, such as NTP+, Bishan Junction 8, and Nex.

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.

"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 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, says SRI’s Sandrasegeran. “This renewed optimism is reflected in the healthy participation levels and competitive bidding observed across recent GLS tenders.”