Chuan Grove GLS site snags top bid of $703.6m from Sing Holdings-Sunway joint venture
This plot, which can yield 555 private homes, is the larger of two Chuan Grove GLS sites slated for sale.
SINGAPORE – 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.
This site – the first Government Land Sales (GLS) site in Chuan Grove since 2009 – drew seven bids, signalling 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 per cent 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 per cent and 35 per cent, respectively, to complete the land purchase and develop a new residential project with a gross floor area of 47,495 sq m.
Mr Lee Sze Hao, chief executive of Sing Holdings, said: 'Subject to the tender award by URA (Urban Redevelopment Authority), we plan to develop a residential development comprising three high-rise towers of approximately 550 units with full facilities and community-centric features.'
Top stories
Swipe. Select. Stay informed.
Asia Why Japan and South Korea are on different paths in the latest US trade salvo
Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10
Singapore Keep citizens at the centre of public service, Chan Chun Sing tells civil servants
Singapore Man arrested for allegedly throwing bottle at SMRT bus, injuring passenger
Asia As Trump plays tariffs hard ball, Asean has little choice but to play on
Asia PM Anwar called out by his own lawmakers as Malaysia's judicial crisis heats up
Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue
The Chuan Grove site is one of the more attractive suburban sites bordering the city fringe area, said Mr Justin Quek, deputy group CEO of Realion, the entity formed after a merger between OrangeTee and real estate consultancy ETC.
He noted that the $1,376 psf ppr bid for the suburban site was only 2.4 per cent lower than the Dunearn Road prime district parcel, which was awarded on July 3 at $1,410 psf ppr.
ERA Singapore CEO Marcus Chu said: 'With the site's desirable location and excellent connectivity, the developer likely anticipated healthy demand, giving them the confidence to place a strong bid.'
Developers' appetite for land did not cool despite the announcement of the extension of the seller's stamp duty (SSD) holding period to four years and heightened SSD rates from July 4, PropNex Realty CEO Ismail Gafoor noted.
He said this signals healthy land-banking interest and developers' optimism that the site will mostly appeal to genuine home buyers, who are less affected by the revised SSD framework.
This plot, which can yield 555 private homes, is the larger of two Chuan Grove GLS sites slated for sale. Even with impending supply from
an adjacent plot, which can offer 505 new units , developer interest did not cool for the larger site, Mr Gafoor added.
The state tender for the second Chuan Grove plot will close in September.
Strong take-up at nearby launch Chuan Park encouraged developers to bid more confidently for the Chuan Grove site, said Ms Tricia Song, head of research for South-east Asia at CBRE.
Chuan Park moved 696 of its 916 units – 76 per cent – at an average price of $2,537 psf on its launch weekend in November 2024. To date, 766 units, or 84 per cent, have been sold at a median price of $2,591 psf, CBRE said.
Given the low unsold inventory in the area, there could still be ample demand from HDB upgraders, or potential downgraders from landed estates in Serangoon, Bishan and Ang Mo Kio nearby, Ms Song said.
The number of unsold units in the suburbs stood at 4,361 in the first quarter of 2025, the lowest since the fourth quarter of 2022, Huttons Asia CEO Mark Yip noted.
Knight Frank research head Leonard Tay said that there have been no new condo launches in Lorong Chuan since the 468-unit The Scala hit the market in 2010.
Hong Leong Group beat 14 other bidders to be awarded the GLS parcel on which The Scala sits in Serangoon Avenue 3 for $221 million or $529 psf ppr in October 2009.
Among its attributes, the Chuan Grove site is located near Lorong Chuan MRT station, as well as Serangoon and Bishan MRT stations, and near the NTP+ mall in New Tech Park, Bishan's Junction 8 and Serangoon's Nex.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
2 hours ago
- Straits Times
UK's Starmer to convene cabinet meeting, most likely to discuss Gaza
Find out what's new on ST website and app. Britain's Prime Minister Keir Starmer speaks to Prime Minister Narendra Modi of India (not pictured) as they meet for bilateral talks at Chequers near Aylesbury, England, Thursday, July 24, 2025. Kin Cheung/Pool via REUTERS/File Photo LONDON - British Prime Minister Keir Starmer will convene a cabinet meeting next week, a government source said on Sunday, most likely to discuss the situation in Gaza after coming under growing pressure to recognise a Palestinian state. The Financial Times, which initially reported the story, said ministers, currently in a summer recess until September 1, would reconvene to discuss Gaza. Starmer's office did not immediately reply to a Reuters request for comment. The recall comes after Starmer said on Friday the British government would recognise a Palestinian state only as part of a negotiated peace deal, disappointing many in his Labour Party who want him to follow France in taking swifter action. President Emmanuel Macron said on Thursday France would recognise a Palestinian state, a plan that drew strong condemnation from Israel and the United States, after similar moves from Spain, Norway and Ireland last year. More than 220 members of parliament in the UK, mostly Labour members representing about a third of the House of Commons, wrote to Starmer on Friday urging him to recognise a Palestinian state. Successive British governments have said they will formally recognise a Palestinian state when the time is right, without setting a timetable or specifying the necessary conditions. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 Starmer's approach has been complicated by the arrival in Scotland on Friday of U.S. President Donald Trump, with whom he has built warm relations. In foreign policy terms, Britain has rarely diverged from the United States. Israel has been facing growing international criticism, which Prime Minister Benjamin Netanyahu's government rejects, over the humanitarian crisis in Gaza. REUTERS
Straits Times
5 hours ago
- Straits Times
US, China to resume tariff talks in effort to extend truce by 90 days
Find out what's new on ST website and app. US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng will lead tariff talks on July 28, in Stockholm. STOCKHOLM – Senior US and Chinese negotiators will meet in Stockholm on July 28 to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. The South China Morning Post reported on July 27 that the two sides are expected to agree to extend the truce by three more months. China is facing an Aug 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100 per cent. The Stockholm talks, led by US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng, take place a day after European Union chief Ursula von der Leyen meets Mr Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15 per cent baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Mr Trump and Chinese President Xi Jinping to meet later in 2025. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 So far, the talks have not delved into broader economic issues. These include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of US-China trade talks,' said Mr Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Deals, deals, deals Mr Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines , into deals accepting higher US tariffs of 15 to 20 per cent. He said there was a 50-50 chance that the US and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Mr Trump's top trade officials, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the US-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. Trump-Xi meeting? In the background of the talks is speculation about a possible meeting between Mr Trump and Mr Xi in late October. Mr Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Mr Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Ms Wendy Cutler, vice-president at the Asia Society Policy Institute. Mr Bessent has already said he wants to work out an extension of the Aug 12 deadline to prevent tariffs snapping back to 145 per cent on the US side and 125 per cent on the Chinese side. Still, China will likely request a reduction of multi-layered US tariffs totaling 55 per cent on most goods and further easing of US high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the US trade deficit with China, which reached US$295.5 billion (S$379 billion) in 2024. China is currently facing a 20 per cent tariff related to the US fentanyl crisis, a 10 per cent reciprocal tariff, and 25 per cent duties on most industrial goods imposed during Mr Trump's first term. Mr Bessent has also said he would discuss with Mr He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Mr Michael Froman, a former US trade representative during former president Barack Obama's administration, said such a shift has been a goal of US policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Mr Froman, now president of the Council on Foreign Relations think-tank. REUTERS
Straits Times
6 hours ago
- Straits Times
US says tariff deadline of Aug 1 is firm, no extensions
Find out what's new on ST website and app. US Commerce Secretary Howard Lutnick says the US will no longer offer grace periods after Aug 1. WASHINGTON – The US deadline of Aug 1 for imposing tariffs on its trading partners is firm and there will be no extensions, Commerce Secretary Howard Lutnick said on July 27. 'So, no extensions, no more grace periods. Aug 1, the tariffs are set. They'll go into place. Customs will start collecting the money, and off we go,' Mr Lutnick told Fox News on Sunday. After the levies kick in, President Donald Trump – who was negotiating on July 27 in Scotland with European Union officials – is still willing to keep talking, Mr Lutnick said. Of the Europeans, he said, 'you know they're hoping they make a deal, and it's up to President Trump, who's the leader of this negotiating table. We set the table'. So far, five countries have struck deals with the Trump administration ahead of the Aug 1 deadline as it tries to overhaul the global system of largely free trade by slapping tariffs on countries that the United States deems as engaging in unfair practices. These five are Britain, Vietnam, Indonesia, the Philippines and Japan. The levies they accepted are often higher than the new base rate of 10 per cent that the US has applied to most countries since April. Top stories Swipe. Select. Stay informed. Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Singapore Car that fell into Tanjong Katong Road South sinkhole removed; road remains closed for repairs Asia Singapore-only car washes will get business licences revoked, says Johor govt Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Singapore Younger generation must inherit and strengthen Singapore's multiculturalism: David Neo Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 But they are far below the levels the Trump administration threatened to impose if no deal were reached. AFP
