Sing Holdings Sunway Developments Jv Tops Seven Bids Chuan Grove Gls Site 1376 Psf Ppr
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In the midst of the bustling city of Tampines lies two serene parks, Tampines Eco Green and Bedok Reservoir Park, offering a peaceful green retreat for urban dwellers. Recently, a new addition to the neighborhood has further enhanced the balance between nature and city living – the Parktown Residence.
Situated in the heart of Tampines, Parktown Residence boasts a tranquil setting surrounded by lush greenery. This not only contributes to the peaceful atmosphere of the residence, but also encourages a healthy lifestyle for its residents. The parks are easily accessible, providing opportunities for leisurely walks, jogs, and exercise activities amidst the natural beauty.
Tampines Eco Green is a hidden gem, boasting a serene lake and an abundance of flora and fauna. It is a popular spot for bird watching and nature photography, and also features a playground and fitness corner, making it a perfect spot for families to enjoy a picnic while staying active.
Similarly, Bedok Reservoir Park offers a picturesque setting with a 4.3 km track for jogging and cycling, ideal for outdoor enthusiasts. Residents can also partake in water sports activities such as kayaking, canoeing, and dragon boating, providing a unique recreational experience.
The addition of Parktown Residence to the neighborhood has further enriched the community with a harmonious blend of nature and sustainable living. The eco-friendly design of the residence compliments the surrounding greenery, creating a peaceful and environmentally-conscious community. With both parks just a short walk away, residents can easily escape the chaos of city life and embrace a balanced lifestyle in their own backyard. To learn more about Parktown Residence, visit their website at https://www.parktown-residences.com.sg/.
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The bidding for a land sale site at Chuan Grove, organized by the Government Land Sales (GLS) program, was closed on July 8th and attracted seven bids. The highest bid of $703.6 million, or $1,376 per square foot per plot ratio (psf ppr), was submitted by a joint venture between Sing Holdings and Sunway Developments.
In a disclosure to the Singapore Exchange, Sing Holdings CEO Lee Sze Hao stated that if the joint venture is awarded the site, their plan is to develop a residential project composed of three high-rise towers with approximately 550 units. He also mentioned that the project will include full facilities and community-oriented features.
The bid from the joint venture was 7.3% higher than the second-highest bid of $655.5 million ($1,282 psf ppr) submitted by City Developments (CDL). The third-highest bid came from Sim Lian Group, which was $500,000 lower than CDL’s bid, translating to $1,281 psf ppr.
According to Tricia Song, head of research for Southeast Asia at CBRE, the response to the Chuan Grove site exceeded expectations. She noted that despite a slowdown in home sales and uncertainties in trade, the tender for Chuan Grove drew better-than-expected bids, indicating developer confidence in the location.
The seven bids received for the Chuan Grove site continue the strong momentum seen in recent GLS tender closings, according to Knight Frank Singapore’s head of research, Leonard Tay. In June, a land parcel at Dunearn Road drew nine bids, while a tender for a site at Lakeside Drive received six bids in July. Prior to that, a site at Bayshore Road garnered eight bids in March.
Property consultants also pointed out that the top bid of $1,376 psf ppr for Chuan Grove is the second-highest bid ever for an Outside Central Region (OCR) land parcel, just below the $1,388 psf ppr paid by SingHaiyi Group for the Bayshore Road site. Justink Quek, deputy group CEO of Realion Group, added that the price is only 2.4% lower than the Dunearn Road parcel, which is located in the Core Central Region and was awarded to Frasers Property, Sekisui House, and CSC Land Group on July 3 at $1,410 psf ppr.
The top bid also surpasses the $1,360 psf ppr paid by CDL, Frasers Property, and Sekisui House for a site at Toa Payoh Lorong 1 (now The Orie) in November 2023, despite being in the Rest of Central Region, as noted by Marcus Chu, CEO of ERA Singapore.
The Chuan Grove GLS site is situated along Chuan Grove off Lorong Chuan in District 19. The 99-year leasehold site, measuring 170,409 square feet, is within 400 meters of Lorong Chuan MRT Station on the Circle Line, which is one stop away from the Bishan and Serangoon MRT interchanges. It is also close to shopping malls such as NTP+, Bishan Junction 8, and Nex, as well as several schools.
The neighboring land parcel, which can yield about 505 units, was launched for tender in May and is set to close on September 4th. According to PropNex CEO Ismail Gafoor, developers may have been encouraged by the strong sales at Chuan Park. The 916-unit development, launched in November 2024, sold 76% of its units during the launch weekend at an average price of $2,579 psf. Kingsford Development, the developer of Chuan Park, also participated in the Chuan Grove GLS tender and submitted the fourth-highest bid of $639.57 million ($1,251 psf ppr).
As there had been no new condo launches in the Lorong Chuan area since 2010, when The Scala was launched, Gafoor stated that Chuan Park’s success is notable. He believes that based on the top bid, the future project at the Chuan Grove site could achieve average selling prices above $2,700 psf.
According to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, Chuan Park has already sold over 83% of its units to date and is likely to be sold out by the time the project at the Chuan Grove site is available on the market. He believes that this will result in limited unsold inventory in the surrounding area, creating a demand for the Chuan Grove project, which can strategically fulfill the supply gap. Sandrasegeran anticipates the average launch prices for the future project to range between $2,700 psf and $2,800 psf.