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Straits Times
13-05-2025
- Business
- Straits Times
URA puts up second Chuan Grove site for sale; firm bids expected amid steady demand in the area
The 14,514.3 sq m site, which is on a 99-year lease, can accommodate 505 new condominium units. PHOTO: SCREENGRAB FROM GOOGLE MAPS URA puts up second Chuan Grove site for sale; firm bids expected amid steady demand in the area SINGAPORE – A second Chuan Grove residential site has been released for sale under the 2025 Government Land Sales (GLS) programme. The 14,514.3 sq m site, which is on a 99-year lease, can accommodate 505 new condominium units. It is expected to attract firm interest amid steady demand for housing in the area. The release of this plot follows the December 2024 tender launch for a similarly sized adjacent site in the Lorong Chuan area. That tender, expected to yield an estimated 555 units, closes on July 8. Strong sales The two Chuan Grove plots are on the market after a launch in the area recorded strong sales in November 2024. Kingsford Development moved nearly 700 of the 916 units at its Chuan Park project over the launch weekend, making for a 76 per cent take-up rate at an average price of $2,579 per sq ft. OrangeTee & Tie chief executive Justin Quek said: 'With only 168 units left as of March 2025, based on URA monthly developers' sale data, there will be limited new housing options, which may translate to higher demand for future private land sites.' Market watchers expect the latest plot to draw three to six bidders, and a top bid of between $1,000 and $1,350 per sq ft per plot ratio (psf ppr). In 2022, Kingsford acquired the old Chuan Park condo in a collective sale for $890 million, at about $1,256 psf ppr. Before the November 2024 launch of Chuan Park, the last new project in District 19 was Bartley Vue in 2019, noted ERA Singapore chief executive Marcus Chu. Taking in the two sites now being tendered by the Government, 'including Chuan Park, the estate will likely see almost 2,000 units launched in two years', he said. Still, the project would be of relatively lower risk, given the low level of unsold units in the area, said Huttons Asia chief executive Mark Yip. He pointed out that the outside central region (OCR) has 4,361 unsold units in the market as at the first quarter of 2025 – the lowest number since the fourth quarter of 2022. 'With an annual average sales of 3,019 units in the OCR in the last five years, this unsold supply can be easily absorbed by the market in slightly more than a year,' Mr Yip said. OrangeTee's Mr Quek expects demand in the Lorong Chuan area to be supported by home owners looking to upgrade from Housing Board flats or downsize from landed properties. He noted a 'large catchment' of HDB upgraders in the nearby areas of Serangoon, Bishan and Ang Mo Kio, as well as many landed homes in Serangoon Gardens and Lorong Chuan. Desirable location The location is also desirable, thanks to its proximity to educational institutions and Lorong Chuan MRT station, said chief research officer Nicholas Mak. 'The current economic outlook, which would affect property market sentiment, is murky due to the ever-changing tariff stance of the US Trump administration. But by the time this new condominium is ready to be launched in 2027, there could be more clarity on the economic front.' The tender for the Chuan Grove site closes on Sept 4. THE BUSINESS TIMES Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
13-05-2025
- Business
- Business Times
URA puts up second Chuan Grove site for sale; firm bids expected amid steady demand in the area
[SINGAPORE] A second Chuan Grove residential site has been released for sale, under the 2025 government land sales (GLS) programme. The 14,514.3 square metre (sq m) site, which can accommodate 505 new 99-year leasehold condominium units, is expected to see firm interest amid steady demand for housing in the area. The latest plot released comes after an adjacent similar-sized site in the Lorong Chuan area was launched for tender last December. The tender for the first Chuan Grove site, to yield an estimated 555 units, closes on Jul 8. Strong sales The two Chuan Grove plots are also on the market after a new launch in the area saw strong sales last November. Kingsford Development moved nearly 700 of the 916 units at its Chuan Park project over the launch weekend, making for a 76 per cent take-up rate at an average price of S$2,579 per square foot (psf). OrangeTee & Tie's chief executive Justin Quek said: 'With only 168 units left as of March 2025, based on URA monthly developers sale data, there will be limited new housing options, which may translate to higher demand for future private land sites.' Market watchers expect the latest plot to draw three to six bidders, and a top bid of between S$1,000 and S$1,350 per square foot per plot ratio (psf ppr). A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In 2022, Kingsford acquired the old Chuan Park condo in a collective sale for $890 million, at about S$1,256 psf ppr. Before the November 2024 launch of Chuan Park, the last new project in District 19 was Bartley Vue in 2019, noted ERA Singapore's chief executive Marcus Chu. Taking in the two sites now being tendered by the government, 'including Chuan Park, the estate will likely see almost 2,000 units launched in two years,' said Chu. Still, the project would be of relatively lower risk given the low level of unsold units in the area, said Huttons Asia's chief executive Mark Yip. Yip noted that the outside central region (OCR) has 4,361 unsold units in the market as of the first quarter of 2025 – marking the lowest level since the fourth quarter of 2022. 'With an annual average sales of 3,019 units in the OCR in the last five years, this unsold supply can be easily absorbed by the market in slightly more than a year,' explained Yip. OrangeTee's Quek expects demand in the Lorong Chuan area to be supported by homeowners looking to either upgrade from current Housing and Development Board (HDB) flats or downsize from landed properties. He noted a 'large catchment' of HDB upgraders in the nearby areas of Serangoon, Bishan and Ang Mo Kio, as well as many landed homes in Serangoon Gardens and Lorong Chuan. The location is also desirable, thanks to its proximity to educational institutions and the Lorong Chuan MRT station, said chief research officer Nicholas Mak. 'Although the current economic outlook, which would affect property market sentiment, is murky due to the ever-changing tariff stance of the US Trump administration, by the time this new condominium is ready to be launched in 2027, there could be more clarity on the economic front,' added Mak. The tender for the Chuan Grove site closes on Sep 4.
