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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. Although this second tender received fewer bids than the earlier exercise (five versus seven), the participation levels and price points reflect confidence in the site’s strategic attributes. 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.

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.

Freehold Shophouses Remain Top Pick in 1H2025 Market

A total of 38 caveated shophouse transactions were recorded in 1H2025, moderating slightly from 44 in the same period last year. Freehold shophouses continued to dominate investor preference, making up 76.3% of transactions District 8 emerged as the most active, clocking 12 transactions, underpinned by its central location, cultural vibrancy, and high footfall from locals and tourists. Looking ahead, demand for conservation shophouses is expected to stay resilient despite ongoing global trade uncertainties. Their limited supply, heritage charm, and strategic locations continue to support their long-term investment value. Shophouses offer flexibility of use, from lifestyle retail and boutique offices to F&B concepts—making them attractive legacy assets.