Chuan Grove GLS site is the first Government Land Sales (GLS) site in Chuan Grove since 2009 received 7 bids from well known developers with the top offer of S$1,376 psf ppr submitted by Sing Holdings-Sunway joint venture signalling optimism about the Lorong Chuan location.
The S$703.6 million bid works out to S$1,376 per square foot per plot ratio (psf ppr), which is on the higher end of predictions by analysts polled earlier by The Business Times. At this rate, the 550-unit project on the Chuan Grove site could be launched at prices starting at S$2,700 psf.
This is the higher end of predictions by analysts polled earlier by The Business Times after Kingsford Development sold nearly 76% of its new condo project Chuan Park where buyers snapped up 700 of the total 916 units over the launch weekend in Nov last year, which is an adjacent site to the Chuan Grove GLS in the Lorong Chuan estate.
At this bid price, the 550-unit project on the Chuan Grove site could be launched at prices starting at S$2,700 psf onwards. Currently, buyers can still snatch a good deal for the higher floor units at the nearby new launch condo: Chuan Park.
The S$703.6 million bid for the suburban plot is just a shade under the S$1,410 psf ppr price paid for a prime Dunearn Road parcel tendered in June.
Last year saw amazing results at the new condo launch at Chuan Park where developer Kingsford Group sold 76% out of 916 units at Chuan Park on a preview weekend at an average price of $2,579 psf ranging from two-bedroom to five bedroom units with Singaporeans comprising about 93% of the total number of homebuyers, while permanent residents and foreigners accounted for the remaining 7%.
About 92% of the units transacted were two- and three-bedroom units and the transacted prices across all units sold ranged from $1.6 million (for 2 bedroom units) to $4.3 million (for 5 bedroom unit).
"This strong result is believed to be due to the huge pent up demand in D19 after 14 years of pent up demand since the previous launch leading to the overwhelming demand from prospective buyers within District 19 and surrounding districts." said Associate Group Director Kiwi Lim from PropNex Realty.
High bids also expected for another Chuan Grove site put up for sale in May by URA
After last December’s launch for tender for a Chuan Grove land plot which closed on 8 July yesterday, a second Chuan Grove residential site has also been released for sale in May under this year's government land sales (GLS) programme.
The 14,514.3 square metre (sq m) site, which is on a 99-year lease, can accommodate 505 new condominium units. It is expected to attract firm interest amid steady demand for housing in the area.
Can you guess what the highest bid will be for this 2nd GLS land parcel in Chuan Grove?
Would you like to know about the recently launched Chuan Park condo which is nearly 84% sold? Click to enjoy VVIP prices and book a slot to view our showflat.
RSS Feed
