Sing Holdings-Sunway JV Bests Four Competing Bids for Singapore Residential Site

A joint venture of local builder Sing Holdings and Malaysia’s Sunway Group entered the top bid of S$623.9 million ($483.9 million) for a residential site in northeastern Singapore, according to the Urban Redevelopment Authority.

China’s state-backed COLI placed the runner-up bid of S$606.1 million for the second Chuan Grove site in the Serangoon area, the URA announced after the tender’s closing on Thursday. The remaining bidders were two tie-ups led by private developers Sim Lian Group and Kwek Leng Beng’s Hong Leong Holdings, as well as Japura Development, a unit linked to Li Ka-shing’s CK Asset Holdings.

The highest bid translates to S$1,331 ($1,032) per square foot of accommodation for the plot, which can yield 505 homes. The same Sing-Sunway tandem was awarded the adjoining first Chuan Grove site in July for S$1,376 per square foot over six competing bids, with that larger parcel capable of furnishing 555 homes.

“From the middle of this year, we observe that GLS land tenders have consistently garnered five bids or more with relatively firm top bid prices — reflecting optimism in the market and as developers seek to replenish their land inventory amid a pick-up in buyer sentiment,” said Wong Siew Ying, head of research and content at local agency PropNex.

Location Drives Interest

The factors driving developer confidence in Chuan Grove include the two sites’ location opposite the Australian International School and within walking distance of Lorong Chuan MRT station on the Circle Line, according to PropNex.

“The robust sales at the nearby Chuan Park have also lifted developers’ confidence in the private housing demand in that area,” Wong said.

The 916-unit Chuan Park, a joint venture of Kingsford Development and Metallurgy Corporation of China, sold 76 percent of its units at an average price of S$2,579 per square foot during its launch weekend last November. The project has shifted 779 units so far, PropNex said, citing caveats lodged through 22 August 2025.

Chuan Park was the first private condo launch in the neighbourhood in 14 years and has benefited from pent-up demand for new private homes in the area, Wong said.

The tender decision for the second Chuan Grove site is expected to be announced at a later date.

Consolidation Strategy

Sing and Sunway’s repeat performance signals a conscious strategy to consolidate their presence in Chuan Grove and reflects long-term confidence in the precinct’s growth potential, according to local property agency SRI.

“By expanding their land bank within the same locality, the joint venture is well-positioned to unlock operational synergies across planning, construction, and marketing, while also creating a more cohesive identity for their future developments in the neighbourhood,” said SRI research head Mohan Sandrasegeran.

The Chuan Grove projects are potentially to be launched around the third or fourth quarter of 2026, said SRI, which anticipates pricing in the range of S$2,700 to S$2,800 per square foot.