KUALA LUMPUR, Sept 8, 2025 — Malaysia’s Sunway Berhad and Singapore’s Sing Holdings have jointly emerged as the top bidder for a prized Government Land Sale (GLS) site at Chuan Grove, signifying a significant push into Singapore’s robust property sector. The Urban Redevelopment Authority (URA) is expected to formally award the 99-year leasehold site to the consortium, which submitted the highest offer of SGD 703.6 million—equivalent to approximately RM 2.33 billion—or SGD 1,376 per square foot per plot ratio (psf ppr).
The joint venture—Sunway’s subsidiary Sunway Developments Pte Ltd alongside Sing Holdings Residential Pte Ltd—will be structured with a 65% stake held by Sing Holdings and 35% by Sunway. The project promises to deliver around 555 residential units across 511,232 sq ft of gross floor area.
Analysts from Hong Leong Investment Bank (HLIB) estimate the project’s gross development value (GDV) could reach SGD 1.4 billion (roughly RM 4.7 billion), assuming a conventional land cost-to-GDV ratio of 50%. Meanwhile, CGS International projects a similar GDV range of SGD 1.1 to 1.5 billion, with attractive pre-tax margins in the low teens based on assumed selling prices averaging SGD 2,700 psf.
This marks a significant milestone for Sunway, as it deepens its Singapore footprint with its first project in partnership with Sing Holdings. It joins Sunway’s growing portfolio of Singapore ventures, including private condominiums like The Continuum and Terra Hills, as well as executive condominiums like Novo Place (launched in late 2024) and Otto Place (slated for a 2025 launch.
HLIB anticipates positive earnings contributions from the Chuan Grove development beginning in fiscal year 2026, projecting an annual share of profit for Sunway of RM 40.4 million (reflecting approximately 0.65 sen in earnings per share) over a four-year recognition window spanning 2027 to 2030. In light of this, HLIB has maintained its “BUY” call on Sunway stock with an unchanged target price of RM 5.90.
The strategic location of the Chuan Grove site—within 400 meters of the Lorong Chuan MRT station and surrounded by established amenities and schools—further reinforces its investment appeal. Singapore’s residential market momentum, evidenced by strong demand and pricing in adjacent launches, lends additional confidence to the project’s potential.
