Pricing fundamentals
What does One Chuan Grove's land bid mean for buyers?
The joint venture of Sing Holdings and Sunway Developments won both Chuan Grove sites in 2025 — S$703.6M for the first parcel, S$623.9M for the second. Those figures, and what they imply for future unit prices, are explained here with URA's own releases quoted.
By Melvin Tan, CEA R026686A, ERA Realty Network Pte Ltd · Last updated 10 November 2026
What is a GLS land award?
The Government Land Sales programme releases state-owned land to developers by sealed competitive tender, and URA publishes each award as a press release. For One Chuan Grove's first parcel — released 3 December 2024, tenders closed 8 July 2025 — URA's award release of 17 July 2025 names Sing Holdings Residential and Sunway Developments as winning bidder at S$703,600,000, equivalent to S$14,814 per sq m of gross floor area. The second parcel — released 13 May 2025, closed 4 September 2025 — went to the same joint venture for S$623,910,000, about S$14,329 per sq m of GFA, per URA's award release of 10 September 2025. Dividing either figure by 10.7639 gives the familiar per-square-foot number: roughly S$1,376 and S$1,331 psf per plot ratio.
Why is land cost per plot ratio different from cost per foot?
Plot ratio is the number of floors of saleable area a site is allowed to stack over its footprint; the first parcel was planned for about 555 homes and the second about 505. If a site's "land rate" were measured per ground-floor foot only, a tower would look absurdly cheap. Psf per plot ratio spreads the land price across every permitted floor — it is the developer's land cost per sellable floor foot, which all future unit prices must clear.
How do these two sites compare with other recent GLS awards?
URA's own award releases put the two Chuan Grove parcels among the priciest land of the current cycle. Only Tanjong Rhu Road and Dover Drive, awarded in 2026, came in above about S$1,400 psf per plot ratio. Figures below are converted from each release's per-sqm-GFA figure; every source link carries the official numbers.
| Site | Winning bid | ≈psf per plot ratio | Source |
|---|---|---|---|
| S$703.6M | S$14,814 per sqm GFA (≈S$1,376 psf ppr) | Sing Holdings/Sunway | URA pr25-39 |
| S$623.9M | S$14,329 per sqm GFA (≈S$1,331 psf ppr) | Sing Holdings/Sunway | URA pr25-46 |
| S$427.0M | S$10,359 per sqm GFA (≈S$962 psf ppr) | ABR/LWH/Macly/RP Ventures | URA pr26-07 |
| S$709.3M | S$15,662 per sqm GFA (≈S$1,455 psf ppr) | CDL Constellation/Bedrock | URA pr26-09 |
| S$657.1M | S$13,753 per sqm GFA (≈S$1,278 psf ppr) | GuocoLand/Intrepid/TID | URA pr26-15 |
| S$951.0M | S$16,751 per sqm GFA (≈S$1,556 psf ppr) | CNQC/Forsea/Jianan | URA pr26-25 |
Two caveats before quoting any of this. First, these are award releases — the dates a site was released for tender predate the award, and a site released for application rather than tender (Dairy Farm Walk's arrangement) works differently again; the worth-waiting guide covers how One Chuan Grove's own timelines are described.
What does that chain buy you?
Not a purchase price; that is only set once a price list exists. But it tells you two useful things. First, developers paid more per buildable foot for this land than for any comparable 2026 award — they are betting Serangoon demand absorbs entry prices well above the estates around it. Second, the competing supply pipeline is real: across these six sites, URA's releases between them account for more than 2,300 potential new homes, so this project does not launch into an empty field. The wait-versus-buy guide weighs that against completed options in the same corridor.