Chuan Grove site draws 7 bids, with top offer of S$1,376 psf ppr from Sing Holdings-Sunway joint venture

[SINGAPORE] A joint venture between Sing Holdings and Sunway Developments placed the top bid for a 99-year leasehold private housing site in Chuan Grove, beating out six other bidders at the close of the government tender on Tuesday (Jul 8).

The S$703.6 million bid works out to S$1,376 per square foot per plot ratio (psf ppr), which is on the higher end of predictions by analysts polled earlier by The Business Times. At this rate, the 550-unit project on the Chuan Grove site could be launched at prices starting at S$2,700 psf. 

Noting that this was the first tender closing following fresh anti-speculative curbs announced on Jul 4, Ismail Gafoor, PropNex’s chief executive officer, said: “Developers’ appetite for land appears unaffected by the latest policy measures, reflecting their confidence in the resilience and depth of demand in the property market.”