Huttons Asia’s CEO, Mark Yip, has highlighted the potential of the Chuan Grove site, the second Government Land Sales (GLS) site released in the past five months. Located just a five-minute walk from Lorong Chuan MRT station, the site is expected to draw interest due to its proximity to the Australian International School and St Gabriel’s Primary School, offering a pool of potential tenants for investors.
The Outside Central Region (OCR) currently has the lowest number of unsold units since the fourth quarter of 2022, with only 4,361 units available as of the first quarter of 2025. Given the annual average sales of 3,019 units in the OCR over the past five years, Yip believes the unsold supply can be absorbed within just over a year. In the Lorong Chuan area alone, around 700 units remain unsold, assuming the earlier Chuan Grove parcel is sold.
Despite global tariff uncertainties, Yip considers the Chuan Grove site a lower-risk investment due to the limited unsold units both locally and islandwide. He anticipates up to three bidders for the site, with a top bid ranging between $900 and $1,000 (£700 and £780) per square foot per plot ratio (psf ppr).
The strategic location and current market conditions suggest that the Chuan Grove site will attract significant interest from developers, potentially impacting the area’s property landscape in the near future.
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