A joint venture between SGX-listed Sing Holdings and Sunway Developments has been awarded its second land parcel at Chuan Grove following a government tender.
The joint venture, held in a 65:35 proportion, had on Sept 4 emerged as the top bidder with an offer of $623.9 million, which translates to a land rate of $1,331 psf per plot ratio.
The tender was awarded by the Urban Redevelopment Authority on Sept 10.
The same JV had on July 17 been awarded an adjacent site after paying the top bid of $703.6 million or $1,376 psf ppr. Six other bidders took part.
This means the JV will be paying a total of $1,327,510,000, which works out to $1,355 psf of total gross floor area of 91,038 sqm, or 979,924 sq ft.
"Subject to regulatory approvals and if timelines allow, the Joint Venture would like to amalgamate the two land parcels and undertake a single residential development thereon of around 1,055 units across five blocks of up to 27 storeys with communal facilities," says Sing Holdings, whose CEO is Lee Sze Hao.
See also: UOL to sell KINEX mall for $375 million
Sing Holdings shares closed at 45 cents on Sept 10, up 1.12% for the day and up 36.36% year to date.
