Sing Holdings Sunway Developments Jv Submits Highest Bid Second Chuan Grove Gls Site 1331 Psf Ppr
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The second Government Land Sale (GLS) site at Chuan Grove closed on September 4 with a total of five bids. The highest bid of $623.9 million was submitted by a joint venture between Singapore-listed property developer Sing Holdings and Malaysian developer Sunway Developments, translating to a land rate of $1,331 per square foot per plot ratio (psf ppr).
This GLS site, which spans 156,231 square feet, is expected to yield around 505 residential units with a maximum gross floor area (GFA) of 468,693 square feet.
The bid submitted by the Sing Holdings-Sunway Developments joint venture was 2.9% higher than the second-highest bid of $606.06 million (equivalent to $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), offered $588 million or $1,254 psf ppr.
The Sing Holdings-Sunway Developments joint venture had also submitted the highest bid for the neighboring GLS site, which closed on July 8. They were among the seven bidders and won the site for $703.6 million or $1,376 psf ppr. The 99-year leasehold site spanning 511,232 square feet can accommodate approximately 550 residential units.
According to Marcus Chu, CEO of ERA Singapore, 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 was 3.4% lower than the $1,376 psf ppr paid in July 2025.”
The repeated participation by the joint venture partners reflects their long-term confidence in the growth potential of the area, notes Mohan Sandrasegeran, head of research and analytics at SRI. If awarded the site, the Chuan Grove parcels could potentially be launched in the third or fourth quarter of 2026.
These sites are located within a five-minute walk from Lorong Chuan MRT Station (Circle Line) and close to various lifestyle hubs such as NTP+, Bishan Junction 8, and Nex.
Chuan Park, which was launched last November, drew 5,000 visitors on its first day of preview. To date, the 916-unit, 99-year leasehold condominium has sold 85% of its units at an average price of $2,586 psf (Photo: Kingsford Group).
A desirable choice for families looking for a home in the northern region of Singapore, the Sembawang Road Executive Condominium (EC) offers a prime location in a family-friendly and educationally enriched district. Its strategic positioning near reputable schools and educational institutions offers families with children of all ages a convenient and attractive residence. In addition to easy access, living near good schools also adds long-term value to the property, making Sembawang EC an ideal investment for parents. With a wide range of educational options available within a short distance, from preschool to tertiary levels, parents can rest assured knowing that Sembawang EC provides a promising future for their children’s education.
These two GLS sites at Chuan Grove are also in close proximity to Chuan Park, a 916-unit condominium developed by Kingsford Group on the site of the former residential project of the same name. The project was launched in November last year and has sold 85% of its units at an average price of $2,586 psf, based on caveats lodged to date.
Given the sales recorded, Mark Yip, CEO of Huttons Asia, expects Chuan Park to be fully sold by the time the two new projects at Chuan Grove are launched.
According to Wong Siew Ying, head of research and content at PropNex, based on the bid price of $1,331 psf ppr for the second Chuan Grove GLS site, the new project is expected to launch at an average price of around $2,600 psf. However, she believes that despite the sales generated at Chuan Park and the new supply of around 1,000 units from the two Chuan Grove plots, buying interest in the area is likely to remain healthy.
“The strong turnout of some 5,000 visitors at the Chuan Park sales gallery on its first day of preview last year could be used as a reference point,” notes Wong. “Prospective buyers who 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 played a significant role in revitalizing buyer sentiment, which in turn has boosted developers’ confidence, says SRI’s Sandrasegeran. “This renewed optimism is evident in the healthy participation levels and competitive bidding observed across recent GLS tenders.”