Chuan Grove site draws 7 bids with S$1,376 psf ppr top bid from SingHoldings, Sunway joint venture

Business Times

08-07-2025

[SINGAPORE] A joint venture between SingHoldings and Sunway Developments placed the top bid for a 99-year leasehold private housing site in Chuan Grove, beating out six other bidders at the government tender's close on Tuesday (July 8).
The S$703.6 million bid works out to S$1,376 per square foot per plot ratio (psf ppr), at the higher end of predictions by analysts polled earlier by The Business Times.
The winning bid was 7.3 per cent higher than the second-highest of S$655.5 million (S$1,282 psf ppr) placed by City Developments Ltd (CDL).
The next highest bid of S$655 million, or S$1,281 psf ppr was placed by Sim Lian Group.
A total of seven bids were submitted for the Serangoon Gardens area plot. Kingsford Group, the developer of the nearby Chuan Park project which was launched last year, put in a bid at S$639.6 million (S$1,251 psf ppr).
The state land tender also saw a bid from Coli (Singapore) Pte Ltd which placed a S$1,203 psf ppr bid, while a Hong Leong-TID tie-up bid S$1,171 psf ppr.
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Japura Development, an entity linked to Li Ka-Shing's CK Asset Holdings, placed the lowest bid of S$1,001 psf ppr.
The Chuan Grove site, of almost 16,000 square metres in area, can yield around 555 units. A second parcel adjacent to the site, for another 505 new units, is also up for offer in a tender that closes in September.
Recent government land sales (GLS) tenders have seen a marked shift in sentiment, with more players turning up and putting in firm offers for what are seen to be attractive sites. In March, an eastern region site in Bayshore attracted eight bids and a top bid of S$1,388 psf ppr - the highest land price chalked up for a 99-year leasehold site in the suburban Outside Central Region.
In June, a prime district 11 Dunearn Road plot, which will produce the first private condo in the new Bukit Timah Turf City estate, was hotly contested by nine bidders and topped by a S$1,410 psf ppr from a Frasers Property-led group.
The Chuan Grove site tendered this week is the first state land site in the area around the Lorong Chuan MRT station released since 2009, when Hong Leong Group won a land parcel in Serangoon Avenue 3 for S$221 million or S$529 psf ppr. The site has since been built into The Scala which was sold at an average of S$1,150 psf when it was launched in 2010.
More recently, Kingsford acquired the old Chuan Park condominium site at a collective sale in May 2023 for S$890 million. BT understands the land cost for the site, including a land betterment charge, came to around S$1,200 psf ppr.
The new Chuan Park project was launched in 2024, selling 76 per cent or nearly 700 of its 916 units at an average price of S$2,579 psf ppr over its launch weekend.