Sing Holdings-Sunway JV leads bids for the second Chuan Grove site

With an eye towards plot amalgamation, Sing Holdings-Sunway JV leads bids for the second Chuan Grove site

In the most recent state tender, its offer of S$1,331 psf ppr was less than the S$1,376 psf ppr it paid for a nearby site in July.

September 4, 2025

CONDOsingapore.com

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In a state tender that ended on Thursday, September 4, Sing Holdings and Sunway Developments defended their territory in the Lorong Chuan MRT station location.

Together, they submitted the highest bid for a second Chuan Grove private-housing site with a 99-year leasehold. Approximately S$1,331 per square foot per plot ratio (psf ppr) was the result of their bid of S$623.91 million. Their winning bid of S$1,376 psf ppr for an adjacent site in a state tender in July was 3.3% higher than this.

Five bids were received for the second Chuan Grove site, compared to seven for the first. The first plot, according to analysts, is more regular in shape and is nearer the MRT station than the second.

According to a survey conducted earlier this week among property consultants, the quantity of bids and the highest bid in the most recent government land sales (GLS) tender fell within their expectations.

The first plot can produce 555 private housing units, while the second plot can produce 505 units.

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The highest bid, S$1,293 psf ppr, from a division of China Overseas Land & Investment, was 2.9% higher than the second-highest bid at the most recent tender on September 4.

Project expansion

The mainboard-listed Sing Holdings' CEO, Lee Sze Hao, stated that the joint venture with Sunway had been eager to purchase both plots from the beginning. "Subject to regulatory approvals and the timeframe needed to obtain such approvals, we would like to combine this second Chuan Grove site with the previous one if we are awarded it."

On the combined site, he continued, "we would like to develop a single project with a total of 1,055 units across five blocks of up to 27 storeys." This would result in design synergies, such as adding more amenities to the common areas.

"The prospect of an expanded Chuan Grove project could draw potential buyers, such as retirees who wish to right-size from the landed areas in Serangoon and in Ang Mo Kio Avenue 1 (Tai Hwan and Mei Hwan areas)," stated Leonard Tay, research head at Knight Frank Singapore.

According to OrangeTee CEO Justin Quek, there is a sizable catchment of prospective HDB upgraders from the neighbouring communities of Ang Mo Kio, Bishan, and Serangoon.

In general, analysts said that the second Chuan Grove site's participation was still strong. All five bidders in the most recent tender had also participated in the initial Chuan Grove site tender, according to Nicholas Mak, chief research officer at Mogul.sg.

The "strong take-up at project launches after the June school holidays has added impetus for developers to replenish their land bank," according to Mark Yip, CEO of Huttons Asia.

The recovery in primary market sales may have also increased trust in the Chuan Grove sites, according to Wong Siew Ying, head of research and content at PropNex. Developers sold almost 7,600 new private homes (not including executive condos) between January 1 and August 24 of this year. The yearly totals for the previous three years—6,469 units in 2024, 6,421 units in 2023, and 7,099 units in 2022—have been exceeded by this.

"There is currently significant optimism in Singapore's residential market, with numerous opportunities for developers across all segments," stated Marcus Chu, CEO of ERA Singapore.

Although the results of the most recent state tender were "relatively in line with market expectations," Tricia Song, head of research for South-east Asia at CBRE, said that the five bids received were "pale in comparison" to recent suburban private residential GLS sites of comparable size. The locations in Bayshore Road (515 units) and Lakeside Drive (575 units), which attracted six and eight bids, respectively, were the targets of her reference.

"Developers could have also factored in competition from the earlier Chuan Grove site, though there is apparent demand for more housing in the location," she said, citing other considerations. During its launch weekend in November 2024, the neighbouring project Chuan Park (916 units) saw a strong uptake, selling 696 units (76%) at an average price of S$2,537 per square foot. At a median price of S$2,592 per square foot, 779 units (85%) have been sold thus far, Song continued.

Nevertheless, she pointed out that the second Chuan Grove plot is in "a tested location with attractive attributes," such as being close to primary schools, and is accessible by foot from the Lorong Chuan MRT station. Kuo Chuan Presbyterian Primary School and St. Gabriel's Primary School are two examples. Additionally close by are CHIJ Our Lady of Good Counsel, Yangzheng Primary School, Zhonghua Secondary School, Nanyang Junior College, and Australian International School.

According to Tay of Knight Frank, the two Chuan Grove plots are conveniently close to the Serangoon and Bishan MRT stations, which enhances the two sites' natural locational advantages by giving access to the Circle, North-East, and North-South lines.

Similarly, Wong of Propnex stated: "Commercial offerings can be found in Bishan town, Serangoon Central, and the NTP+ mall next to the Chuan Grove sites."

Tay calculated that a project on the combined Chuan Grove pair of sites might have selling prices at launch that ranged from S$2,900 to S$3,000 per square foot.

Intrepid Investments also entered the tender on Thursday, submitting a bid of S$1,255 per square foot in conjunction with TID Residential.

Together with Sim Lian Development, Sim Lian Land submitted a bid of S$1,240 per square foot.

The lowest bid was S$1,001 psf ppr from Japura Development, which is associated with CK Asset, which was established by Hong Kong tycoon Li Ka-shing.