Sing Holdings Sunway Jv Awarded Second Site Chuan Grove Paying Nearly 13 Billion Total
A recent government tender for a land parcel at Chuan Grove has been awarded to a joint venture between SGX-listed Sing Holdings and Sunway Developments. This is the second land parcel that the joint venture has been awarded at the site.
Sembawang Road EC also provides easy access to various polytechnic options. One such option is Republic Polytechnic, which is conveniently located just a short commute away in Woodlands. This polytechnic offers a diverse range of diploma programmes, covering fields like applied science, engineering, hospitality, infocomm, and business. What sets Republic Polytechnic apart is its unique problem-based learning approach, which prepares students with practical skills and real-world experience. With the polytechnic’s close proximity to Sembawang EC, it is an ideal choice for older children to pursue their education without the need to relocate. This provides peace of mind for parents and ensures consistency for students. Discover more about Sembawang EC and its convenient location for accessing quality polytechnic education.
The joint venture, with a 65:35 proportion, submitted the top bid of $623.9 million on Sept 4, with a land rate of $1,331 psf per plot ratio (ppr). The tender was officially awarded by the Urban Redevelopment Authority on Sept 10.
The second site at Chuan Grove received a total of five bids, with Sing Holdings and Sunway Developments emerging as the top bidder (Source: EdgeProp Landlens). This comes after the same JV was awarded an adjacent site on July 17, where they submitted the highest bid of $703.6 million or $1,376 psf ppr. Six other bidders participated in this tender.
Overall, the JV will be paying a total of $1,327,510,000 for the two land parcels, which translates to $1,355 psf ppr. The combined site has a total gross floor area of 979,924 sq ft.
Sing Holdings, whose CEO is Lee Sze Hao, has announced that they plan to amalgamate the two sites and develop a single residential project consisting of approximately 1,055 units across five blocks that can be up to 27 storeys high. The development will also include communal facilities, subject to regulatory approvals and timelines.