SRI - Singapore Realtors Inc.

11 Sep 2025

Chencharu Close GLS Tender Hits $980 psf ppr, Sembawang Road EC tops bid at $692 psf ppr

Two significant land parcels Chencharu Close (mixed-use) and Sembawang Road (Executive Condominium, EC) both of which drew developer interest and signalled continued confidence in Singapore’s residential market despite current cooling measures.

For Chencharu Close, the top bid of $1.01 billion ($980 psf ppr) came from Evia Real Estate, Gamuda Singapore, and H108 Pte. Ltd., outpacing the second-highest offer by nearly 20%. The consortium, having previously collaborated on OLA and Gem Residences, is experienced in delivering large-scale residential projects. This site, envisioned as a mixed-use development with residential units, commercial space, a bus interchange, and a hawker centre, will be the first of its kind in the Chencharu Estate. The strategic location near Khatib MRT enhances accessibility and is expected to draw steady residential and retail demand.

Meanwhile, the EC site at Sembawang Road was awarded to Oriental Pacific Development (JBE Holdings) at $197.8 million ($692 psf ppr). This represents one of the lowest land bid prices for ECs in recent years, yet the competition remained healthy with four bids received, broadly in line with the average participation rate for EC parcels. JBE Holdings is experienced in the EC segment, having delivered Piermont Grand previously, and their return to the market signals sustained confidence in the hybrid public-private housing model.

The Sembawang Road site is expected to yield about 265 units. Its location near Canberra MRT station, Canberra Plaza, schools, and parks ensures strong appeal among upgraders and young families.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

05 Sep 2025

Chuan Grove (1H2025) Tender Sees Top Bid of $1,331 psf ppr by Sing Holdings–Sunway JV

A total of five bidders participated in this round, with Sing Holdings Residential Pte. Ltd. and Sunway Developments Pte. Ltd. once again emerging as the top bidder. The joint venture submitted a bid of $623.9 million, or $1,331 psf ppr, edging out the second-highest offer by just 2.9%. A close margin that highlights their strong commitment and competitive stance in acquiring key sites within this precinct.

Having previously secured the earlier Chuan Grove plot with a $703.6 million bid or $1,376 psf ppr, the repeat participation by Sing Holdings and Sunway reflects a deliberate strategy to consolidate their presence in the Chuan Grove area. Their approach signals long-term confidence in the precinct’s growth potential. By acquiring both parcels, the developers are well-positioned to unlock operational synergies across planning, construction, and marketing, while also creating a more cohesive identity for future residential developments in the neighbourhood.

Market momentum from recent new launches and a more stable interest rate environment have collectively uplifted developer sentiment. This has created a conducive setting for land acquisition as developers look to replenish their pipelines with projects in vibrant suburban regions.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

28 Aug 2025

Singapore Office Market Review 1H2025: Prices, Rentals and Outlook

The strata office market displayed encouraging growth in the first half of 2025. Transaction volume rose from 160 deals in 1H2024 to 189 deals in 1H2025, reflecting an 18.1% year-on-year increase. This upward trend shows firm investor confidence in strata-titled spaces, with buyers continuing to seek bite-sized investments in city-fringe and decentralised areas. Limited new strata supply and long-term capital preservation strategies also played a part in strengthening commitment from investors.

The outlook suggests the office market is shifting towards a more balanced state. The island-wide vacancy rate declined to 11.4% in 2Q2025, down from 11.7% in the previous quarter, pointing to healthier demand dynamics. Tenants continue to right-size, consolidate, or upgrade into better-quality spaces, particularly newer Grade A developments. The narrowing vacancy rate is a positive sign for landlords managing high-specification assets, as rental stability could be sustained.

Sentiment is cautiously optimistic. The Department of Statistics’ Business Expectations Survey indicates firms in the services sector expect conditions to improve from July to December 2025. This aligns with Singapore’s economy, which expanded by 4.4% year-on-year in 2Q2025, up from 4.1% in the first quarter. Growth was broad-based, with manufacturing, construction, wholesale and retail trade, finance, transport, and storage contributing.

Occupiers remain focused on efficiency, sustainability, and talent attraction. Combined with Singapore’s political stability, pro-business environment, and infrastructure, these factors strengthen its role as a regional hub. In summary, stable macroeconomic fundamentals, improving sentiment, and tightening supply support a steady leasing environment. The office market is expected to remain resilient, especially in the Core CBD and decentralised nodes, where long-term structural trends continue to drive demand.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg