Commentary on URA tender closing at Chuan Grove (2) residential site

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

Amid strong take-up at recent new launches and better-than-expected economic performance, the tender for Chuan Grove (2) (505 units) which closed today (4 Sep) saw healthy participation, drawing 5 bids and a top bid of $1,331 psf ppr submitted by Sing Holdings Ltd. and Sunway Developments, relatively in line with market expectations. 

Interest in today’s tender, however, pales in comparison to recent suburban private residential GLS sites of comparable size at Lakeside Drive (575 units) and Bayshore Road (515 units) which drew 6 and 8 bids respectively. The bid price and number of bids also pales in comparison to the adjacent site at Chuan Grove, which drew 7 bids and was awarded on 17 Jul 2025, also to top bidders Sing Holdings Ltd. and Sunway Developments for $1,376 psf ppr, 3.4% higher than the top bid price at Chuan Grove (2). If awarded today’s plot as well, the developers could choose to amalgamate both sites to form a mega-project of over 1,000 units, subject to approval from the relevant authorities. 

The lower bid price for Chuan Grove (2) could be due to its slightly irregular shape and position further from the MRT and main road. Developers could have also factored in competition from the earlier Chuan Grove site, but there is apparent demand for more housing in the location. Nearby launch, Chuan Park (916 units) saw robust take-up over its launch weekend in Nov 2024, moving 696 units (76%) at an average price of $2,537 psf. To date, 779 units (85%) have been sold at a median price of $2,592 psf.

The site remains within walking distance to Lorong Chuan MRT and is in a tested location with attractive attributes – within 1km to several primary schools, next to the Australian International School. There could also be pent-up demand from potential downgraders at the nearby Mei Hwan and Braddell Heights landed estate and potential upgraders from Serangoon, Ang Mo Kio, and Toa Payoh HDB estates.

Project Name	Units sold in 2024-YTD 2025	Median price in 2024 to YTD2025	Tenure	Completion year
CARDIFF RESIDENCE	12	1,640	99 yrs from 04/11/2011	2014
CHILTERN PARK	20	1,464	99 yrs from 01/03/1991	1995
CHUAN PARK	779	2,592	99 yrs from 25/07/2024	Uncompleted
THE CHUAN	8	2,118	999 yrs from 21/06/1877	2007
THE SCALA	29	1,880	99 yrs from 06/01/2010	2013
THE SPRINGBLOOM	16	1,584	99 yrs from 01/03/1995	1999

Source: CBRE Research, realis, data downloaded as of 3 Sep 2025.

99y-leasehold non-landed resale projects in the vicinity include Chiltern Park, Cardiff Residence, The Scala and The SpringBloom which traded at median prices of $1,464 psf for the oldest (completed in 1995) to $1,880 psf for The Scala (completed in 2013). 

At an average bid price of $1,354 psf ppr for the 2 Chuan Grove sites, the joint developers could look to launch a project at an average price of $2,750-2,850 psf.