Sing Holdings Sunway Developments Jv Submits Highest Bid Second Chuan Grove Gls Site 1331 Psf Ppr

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Property investment sales in 2024 hit new high of $57 bilTue, 07 Sep 2021 13:57:00 +0800The second Government Land Sale (GLS) site at Chuan Grove has closed with five bids, with a bid of $623.9 million from a joint venture between Sing Holdings and Sunway Developments.According to the latest GLS site, there is 156,231 square feet of land which is expected to have approximately 505 residential units with a maximum gross floor area of 468,693 square feet.The joint venture’s bid was $623.9 million, which was 2.9% higher than the second-highest bid of $606.06 million submitted by COLI (Singapore).The third-highest bidder, a joint venture between Hong Leong Holdings and TID, submitted a bid of $588 million.The Sing Holdings-Sunway Developments joint venture also submitted the highest bid for the neighboring GLS site back in July, which they won for $703.6 million or $1,376 psf per plot ratio. This 99-year leasehold 511,232 square feet plot can potentially yield around 550 new residential units.Marcus Chu, CEO of ERA Singapore, believes that the joint venture’s participation was driven by their goal to maintain benchmark pricing, having previously secured the adjacent Chuan Grove site. He also points out that there is a strong motivation to acquire both plots to manage pricing strategy and possibly achieve economies of scale in construction. The winning bid was 3.4% less than the $1,376 psf ppr paid in July 2021.The repeat participation by the joint venture partners also reflects their long-term confidence in the precinct’s growth potential, according to 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 two GLS sites at Chuan Grove are near the 916-unit Chuan Park by Kingsford Group, which is 85% sold at an average price of $2,586 psf since its launch last November.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. Wong Siew Ying, Head of Research and Content at PropNex, estimates that the new project will be launched at an average price of around $2,600 psf based on the bid price of $1,331 psf ppr for the second GLS site at Chuan Grove.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 could still be relatively healthy. She notes that there was a strong turnout of 5,000 visitors at the Chuan Park sales gallery on its first day of preview last year, and that prospective buyers who have missed out on their desired unit at Chuan Park – as well as 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.Sandrasegeran from SRI says that the positive momentum from recent new project launches has likely played a key role in revitalizing buyer sentiment, which in turn has lifted confidence among developers. He notes that this renewed optimism is reflected in the healthy participation levels and competitive bidding observed across recent GLS tenders.