The recent Government Land Sales (GLS) tender for the Chuan Grove site has attracted a top bid of $1,376 per square foot per plot ratio (psf ppr) from Sing Holdings Residential Pte. Ltd. and Sunway Developments Pte. Ltd. This bid marks the second highest for a land parcel in the Outside Central Region (OCR), indicating robust developer confidence in the area. According to Mark Yip, CEO of Huttons Asia, the strong demand is evident as Chuan Park, the only project launched in the vicinity, has sold more than 83% of its units, leaving only 148 units unsold as of 8 July 2025.
Since the Bayshore Road GLS tender in March 2025, there has been an increase in participation and firmer bid prices for land. The Chuan Grove tender saw seven bids, reflecting a competitive interest in the site. The high number of bidders could be attributed to the declining unsold stock in the OCR, which stands at 4,361 units in Q1 2025, the lowest since Q4 2022. Additionally, the Chuan Grove site benefits from its proximity to Lorong Chuan MRT station and St Gabriel’s Primary School, making it an attractive location for developers.
The trend of increasing participation in GLS tenders suggests a positive outlook for the property market in these areas, with developers keen to secure prime locations amidst a backdrop of limited unsold inventory. As the market continues to evolve, the outcomes of these tenders could influence future developments and pricing strategies in the region.
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