Sing Holdings Sunway Jv Awarded Second Site Chuan Grove Paying Nearly 13 Billion Total
A successful partnership between listed companies Sing Holdings and Sunway Developments has been awarded a second plot of land at Chuan Grove after participating in a government tender.
The joint venture, with a 65:35 ownership split, emerged as the top bidder on September 4 with an offer of $623.9 million for the land parcel. This translates to a land rate of $1,331 per square foot per plot ratio (psf ppr). The Urban Redevelopment Authority awarded the tender on September 10.
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The second site at Chuan Grove was closed on September 4, and Sing Holdings and Sunway Developments were the top bidders among five participants (Source: EdgeProp Landlens). The same joint venture had previously been awarded an adjacent site on July 17, after submitting a successful bid of $703.6 million, or $1,376 psf ppr. This brings the total amount paid by the joint venture to $1,327,510,000, equating to $1,355 psf ppr for the 979,924 square foot site.
According to Sing Holdings, whose CEO is Lee Sze Hao, the joint venture hopes to combine the two land parcels and develop a single residential project with around 1,055 units spread across five 27-storey blocks with shared facilities. This is subject to regulatory approvals and feasibility within the given timelines.