PETALING JAYA: Sunway Bhd
is set to expand its presence in Singapore’s property market after emerging as the top bidder for a government land sale site at Chuan Grove, marking its second successful acquisition in the area within two months.
According to Hong Leong Investment Bank (HLIB) Research, a joint venture (JV) between Sunway and Sing Holdings offered S$623.9mil or S$1,331 per sq ft per plot ratio (psf ppr), for the residential site.
The price represented a 2.9% premium over the next highest bid, underscoring the JV’s determination to secure a strategic land bank adjacent to its earlier acquisition in July.
“Strategically, securing two adjacent sites gives the JV significant flexibility in launch timing while avoiding direct price competition,” HLIB Research said in a report to clients yesterday.
The research house noted that the 99-year leasehold parcel spans 14,514.3 sq m, with a maximum gross floor area of 43,543 sq m, enabling the development of 505 units
The plan, subject to regulatory approval, is to amalgamate both parcels into a single project comprising 1,055 units across five blocks of up to 27 storeys.
Sing Holdings chief executive Lee Sze Hao said the JV had “from the onset keen to acquire both plots” to create synergies in design and common facilities.
The site is in a prime location, being within 400m of Lorong Chuan Mass Rapid Transit station, adjacent to the NTP+ mall, and surrounded by several schools.
HLIB Research is expecting the first project launch from Chuan Grove to be between the second half of 2026 and the first half of 2027.
The research house said the Chuan Grove site could be launched at S$2,800 per sq ft or higher, about a 10.4% premium over Chuan Park’s average selling price.
“Market appetite in this location has already been demonstrated by the strong turnout of 5,000 visitors at Chuan Park’s sales gallery on its first preview day, underscoring the latent demand pool,” it pointed out.
For Sunway, the win had significantly replenished its Singapore pipeline.
The conglomerate has six ongoing and pipeline projects in the city-state, including private condominiums The Continuum, Terra Hills, and the Tampines site as well as executive condominiums Novo Place and Otto Place.
With Otto Place’s launch in July 2025, Sunway has four concurrent projects in Singapore – the highest in its history.
HLIB Research estimated the Chuan Grove project to generate a gross development value of S$1.31bil, with Sunway’s effective share at RM1.52bil.
