The tender for the Chuan Grove (2) residential site, which closed on 4 September, attracted five bids, with the highest bid of $1,331 per square foot per plot ratio (psf ppr) submitted by Sing Holdings Ltd. and Sunway Developments. This bid aligns with market expectations, according to Tricia Song, CBRE Head of Research, Southeast Asia. However, the interest was less robust compared to similar sites at Lakeside Drive and Bayshore Road, which received six and eight bids, respectively.
The adjacent Chuan Grove site, awarded on 17 July 2025 to the same top bidders for $1,376 psf ppr, saw seven bids, 3.4% higher than Chuan Grove (2). If Sing Holdings Ltd. and Sunway Developments secure the Chuan Grove (2) site, they may amalgamate both plots into a mega-project of over 1,000 units, pending approval.
The lower bid price for Chuan Grove (2) may be attributed to its irregular shape and distance from the MRT and main road. Despite this, there is demand for housing in the area. The nearby Chuan Park, launched in November 2024, sold 696 units (76%) over its launch weekend at an average price of $2,537 psf. To date, 779 units (85%) have been sold at a median price of $2,592 psf.
Chuan Grove (2) remains attractive due to its proximity to Lorong Chuan MRT and several primary schools. The site could appeal to potential downgraders from nearby landed estates and upgraders from Serangoon, Ang Mo Kio, and Toa Payoh HDB estates. The joint developers may launch a project at an average price of $2,750-2,850 psf.
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