{"id":87410,"date":"2025-07-08T18:52:16","date_gmt":"2025-07-08T10:52:16","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=87410"},"modified":"2025-07-08T18:52:17","modified_gmt":"2025-07-08T10:52:17","slug":"chuan-grove-gls-tender-result-1376-psf-ppr","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/chuan-grove-gls-tender-result-1376-psf-ppr\/","title":{"rendered":"S$1,376 psf ppr top bid at Chuan Grove GLS site shows developer confidence in Lorong Chuan"},"content":{"rendered":"
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The first Government Land Sales (GLS) site tender at Chuan Grove closed on July 8 with a strong showing, attracting seven bids and a notably bullish top offer. A joint venture between Sing Holdings and Sunway Developments emerged as the highest bidder, submitting S$703.6 million, or S$1,376 psf per plot ratio (psf ppr), a level that landed at the upper end of analyst expectations.<\/p>\n\n\n\n

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Chuan Grove GLS tender result (Source: URA)<\/figcaption><\/figure>\n\n\n\n

This top bid was 7.3% above the next best offer of S$1,282 psf ppr from City Developments Ltd (CDL), with Sim Lian Group just S$500,000 behind CDL at S$1,281 psf ppr.<\/p>\n\n\n\n

Developers are circling Serangoon Gardens with renewed interest<\/h2>\n\n\n\n

The Chuan Grove GLS plot<\/a>, located in District 19 just off Lorong Chuan, is one of two adjacent 99-year leasehold sites released under the GLS programme. The tendered site spans about 170,409 sqft, with a potential yield of 555 new homes and enjoys a strategic location 400m from Lorong Chuan MRT Station, part of the Circle Line.<\/p>\n\n\n\n

This is the first GLS site around Lorong Chuan MRT in over 15 years, since Hong Leong Group secured a parcel in Serangoon Avenue 3 back in 2009 (now developed into The Scala<\/a>). That project was launched at an average of S$1,150 psf in 2010. A lot has changed since then.<\/p>\n\n\n\n

The current bid of S$1,376 psf ppr reflects developer confidence in both the site\u2019s connectivity and the strong performance of surrounding projects. It\u2019s also in line with the momentum seen in recent GLS tenders. In fact, it’s comparable to the S$1,388 psf ppr top bid for Bayshore in March, and just shy of the S$1,410 psf ppr that Dunearn Road attracted in June<\/a>, both considered hotly contested suburban or prime plots.<\/p>\n\n\n\n

Chuan Park\u2019s strong sales likely boosted confidence<\/h2>\n\n\n\n

What likely fuelled the confidence is the recent success of Chuan Park<\/a>, a 916-unit project by Kingsford Development nearby. Launched in November 2024, the development saw 76% of units snapped up during launch weekend at an average price of S$2,579 psf. As of July 2025, 84% of the project has been sold at an average of S$2,585 psf, according to URA caveats.<\/p>\n\n\n\n

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Chuan Park impressively sold 76% of its 916 units on November 10, 2024, during the launch weekend.<\/figcaption><\/figure>\n\n\n\n

Considering Kingsford acquired the old Chuan Park site in a 2023 collective sale at about S$1,256 psf ppr, it\u2019s no surprise that developers bidding for Chuan Grove are targeting a similar pricing trajectory.<\/p>\n\n\n\n

It also explains why Kingsford itself joined the tender, submitting a bid of S$1,251 psf ppr, while other major players like Coli Singapore, Hong Leong-TID, and CK Asset Holdings threw their hats into the ring too \u2014 the latter with the lowest bid of S$1,001 psf ppr.<\/p>\n\n\n\n

Second plot shows a clearer pipeline for Lorong Chuan<\/h2>\n\n\n\n

While this first Chuan Grove parcel has closed, a second, slightly smaller site next door is currently up for tender and will close on September 4. The second Chuan Park site was launched under the 1H2025 GLS Programme, expected to yield about 505 new units. This brings the total number of homes across the two sites to over 1,000 units.<\/p>\n\n\n\n

This concentrated supply may sound like a lot, but analysts suggest otherwise. With only 4,361 unsold private units in the Outside Central Region (OCR) as of Q1 2025 (the lowest since 2022), demand remains healthy. Annual average OCR new home sales have hovered around 3,000 units, meaning the current supply could be absorbed in just over a year.<\/p>\n\n\n\n

A ready pool of HDB upgraders and downsizers<\/h2>\n\n\n\n

Market watchers also believe demand in this pocket of District 19 is well-supported by buyers looking to upgrade or right-size. With established HDB estates like Serangoon, Bishan, and Ang Mo Kio nearby, plus a significant number of landed homes in Serangoon Gardens, there\u2019s a large pool of potential buyers.<\/p>\n\n\n\n

Lorong Chuan is also favoured for its school proximity, transport links, and mature neighbourhood feel. The MRT station is just one stop from Bishan (NSL\/CCL interchange) and Serangoon (NEL\/CCL interchange), boosting its regional accessibility.<\/p>\n\n\n\n