Chuan Grove GLS Site Secures Top Bid of $703.6 Million From Joint Venture

A plum state land parcel in Chuan Grove secured a top bid of $703.6 million on July 8 from a joint venture between Sing Holdings Residential and Sunway Developments.

- Grace Leong

This site—the first Government Land Sales (GLS) site in Chuan Grove since 2009—drew seven bids, signaling optimism about the Lorong Chuan location.

This came on the heels of a hotly contested state tender in June for a Dunearn Road site, which drew nine bids, and a Lakeside Drive tender, which attracted six bids.

The top bid of $703.6 million, which translates to $1,376 per sq ft per plot ratio (psf ppr), is 7.3 percent higher than the next bid of $1,282 psf ppr tabled by City Developments.

It is the second-highest bid ever for a private GLS plot in the suburbs, after a Bayshore Road plot was awarded at $1,388 psf ppr in March.

Sing Holdings, in a Singapore Exchange filing on July 8, said it will form a joint venture with Sunway with equity interests of 65 percent and 35 percent, respectively, to complete the land purchase and develop a new residential project with a gross floor area of 47,495 sq m.