Sing Holdings Sunway Jv Awarded Second Site Chuan Grove Paying Nearly 13 Billion Total

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Sing Holdings and Sunway Developments, a joint venture between two SGX-listed companies, have been awarded their second parcel of land in Chuan Grove through a government tender.

The tender for the site closed on Sept 4, with Sing Holdings and Sunway Developments coming out on top among five bids. According to EdgeProp Landlens, the joint venture submitted the highest bid of $623.9 million, which translates to a land rate of $1,331 per square foot per plot ratio (psf ppr). On Sept 10, the Urban Redevelopment Authority awarded the tender to the joint venture.

This is the second parcel of land that the joint venture has been awarded in Chuan Grove, as they also won the tender for an adjacent site on July 17. In that tender, the joint venture paid the highest bid of $703.6 million or $1,376 psf ppr. With a total gross floor area of 979,924 square feet, the joint venture will be paying a total of $1,327,510,000, which works out to $1,355 psf ppr for the site.

Sing Holdings CEO Lee Sze Hao has stated that the joint venture plans to amalgamate the two land parcels, subject to regulatory approvals and timeline feasibility. They intend to develop a residential project of around 1,055 units across five blocks of up to 27 storeys, with communal facilities.