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For Sing, is the first billion land purchase and almost 2.8b GDV project (on 65-35).
Probably the GDV equivalent of more than 2 x North Gaia over the same project period.
Probably the GDV equivalent of more than 2 x North Gaia over the same project period.
https://www.theedgesingapore.com/news/property/sing-holdings-sunway-jv-awarded-second-site-chuan-grove-paying-nearly-13-billion-total
Rare coverage of the same news by The Edge
Rare coverage of the same news by The Edge
Sing Holdings highlighting its ability to take on a big project of more than $1b land cost.
AWARD OF TENDER FOR SECOND LAND PARCEL AT CHUAN GROVE
The Board of Directors (the &ldquo Board&rdquo ) of Sing Holdings Limited (the &ldquo Company&rdquo ) refers to the announcement dated 4 September 2025 titled " Tender for Second Land Parcel at Chuan Grove" . The Board is pleased to announce that Sing Holdings Residential Pte. Ltd. and Sunway Developments Pte. Ltd. (collectively, the &ldquo Joint Venture&rdquo ) have been awarded the second land parcel at Chuan Grove by the Urban Redevelopment Authority on 10 September 2025. Together with their joint venture company, Chuan Grove Pte. Ltd., which has been appointed as the approved developer for the first land parcel that was awarded on 17 July 2025, the Joint Venture now has two adjacent land parcels at Chuan Grove. 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. The total purchase price of the two land parcels is S$1,327,510,000 which is about S$1,355 per square foot of total gross floor area of 91,038 square metres (979,924 square feet).
BY ORDER OF THE BOARD
Lee Sze Hao
Chief Executive Officer
10 September 2025
AWARD OF TENDER FOR SECOND LAND PARCEL AT CHUAN GROVE
The Board of Directors (the &ldquo Board&rdquo ) of Sing Holdings Limited (the &ldquo Company&rdquo ) refers to the announcement dated 4 September 2025 titled " Tender for Second Land Parcel at Chuan Grove" . The Board is pleased to announce that Sing Holdings Residential Pte. Ltd. and Sunway Developments Pte. Ltd. (collectively, the &ldquo Joint Venture&rdquo ) have been awarded the second land parcel at Chuan Grove by the Urban Redevelopment Authority on 10 September 2025. Together with their joint venture company, Chuan Grove Pte. Ltd., which has been appointed as the approved developer for the first land parcel that was awarded on 17 July 2025, the Joint Venture now has two adjacent land parcels at Chuan Grove. 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. The total purchase price of the two land parcels is S$1,327,510,000 which is about S$1,355 per square foot of total gross floor area of 91,038 square metres (979,924 square feet).
BY ORDER OF THE BOARD
Lee Sze Hao
Chief Executive Officer
10 September 2025
TAN888 ( Date: 10-Sep-2025 19:31) Posted:
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Yes slowly moving up
$0.45 sellers finally cleared today.
HLIB hasn' t taken into account the amalgamation economies of scale for the 2 plots and had only provided net profit projections for each plot separately. Based on their combined projections, Sing Holdings' share of profit is conservatively 44c.
https://www.nst.com.my/property/2025/09/1271820/sunways-chuan-grove-singapore-set-unlock-rm43bil-gdv-says-hlib
KUALA LUMPUR: Sunway Bhd' s upcoming Chuan Grove residential project in Singapore is expected to deliver a gross development value (GDV) of RM4.3 billion, according to Hong Leong Investment Bank (HLIB Research).
The firm estimates the development could launch at S$2,800 per sq ft or higher &ndash about 10.4 per cent above Chuan Park' s recent pricing &ndash translating into a projected GDV of S$1.31 billion.
" Based on our estimated selling price of S$2,800 psf, the projected GDV could be around S$1.31 billion.
" Market appetite in this location has already been demonstrated by the strong turnout of 5,000 visitors at Chuan Park' s sales gallery on its first preview day, underscoring the latent demand pool.
" The robust performance of Chuan Park reinforces market confidence and feasibility of the upcoming Chuan Grove development," HLIB Research said in a report.
The government land sale tender for Chuan Grove closed on September 4. A joint venture between Sunway and Sing Holdings was the top bidder, among four others, with an offer of S$623.9 million (or S$1,331 psf), representing a 2.9 per cent premium over the second-highest bid.
The site is expected to be officially awarded to the winning developer within one to two weeks. The Urban Redevelopment Authority (URA) reserves the right to reject the highest or any tender.
Following the award of the tender and approval by the URA, the two parties will establish a joint venture company in
Singapore, with Sing Holdings holding a 65 per cent stake and Sunway the remaining 35 per cent.
HLIB Research expects the first project from Chuan Grove to launch sometime between the second half of 2026 (2H26) and 1H27.
It added that the net profit margin of a private residential project ranges from low to mid teens.
" Assuming a 10 per cent net margin and a four-year recognition timeline, the share of profit per annum is estimated to be around RM37.9 million, likely to be recognised over FY27-30," it added.
The firm maintained its ' Buy' call on the stock with a target price of RM6.
https://www.nst.com.my/property/2025/09/1271820/sunways-chuan-grove-singapore-set-unlock-rm43bil-gdv-says-hlib
Sunway' s Chuan Grove in Singapore set to unlock RM4.3bil GDV, says HLIB
KUALA LUMPUR: Sunway Bhd' s upcoming Chuan Grove residential project in Singapore is expected to deliver a gross development value (GDV) of RM4.3 billion, according to Hong Leong Investment Bank (HLIB Research).
The firm estimates the development could launch at S$2,800 per sq ft or higher &ndash about 10.4 per cent above Chuan Park' s recent pricing &ndash translating into a projected GDV of S$1.31 billion.
" Based on our estimated selling price of S$2,800 psf, the projected GDV could be around S$1.31 billion.
" Market appetite in this location has already been demonstrated by the strong turnout of 5,000 visitors at Chuan Park' s sales gallery on its first preview day, underscoring the latent demand pool.
" The robust performance of Chuan Park reinforces market confidence and feasibility of the upcoming Chuan Grove development," HLIB Research said in a report.
The government land sale tender for Chuan Grove closed on September 4. A joint venture between Sunway and Sing Holdings was the top bidder, among four others, with an offer of S$623.9 million (or S$1,331 psf), representing a 2.9 per cent premium over the second-highest bid.
The site is expected to be officially awarded to the winning developer within one to two weeks. The Urban Redevelopment Authority (URA) reserves the right to reject the highest or any tender.
Following the award of the tender and approval by the URA, the two parties will establish a joint venture company in
Singapore, with Sing Holdings holding a 65 per cent stake and Sunway the remaining 35 per cent.
HLIB Research expects the first project from Chuan Grove to launch sometime between the second half of 2026 (2H26) and 1H27.
It added that the net profit margin of a private residential project ranges from low to mid teens.
" Assuming a 10 per cent net margin and a four-year recognition timeline, the share of profit per annum is estimated to be around RM37.9 million, likely to be recognised over FY27-30," it added.
The firm maintained its ' Buy' call on the stock with a target price of RM6.
Putting aside profits from the usual rental income, biztech sales, impairments and opex,
Project profits have been transformed:
FY21 to FY25: NG (approx. $0.38 over 5 years - $0.075 per annum on average)
FY26 to FY29: Chuan Grove 1+2 (approx. $0.72 over 4 years - $0.18 per annum on average)
Re-ratings should be on the cards.
Project profits have been transformed:
FY21 to FY25: NG (approx. $0.38 over 5 years - $0.075 per annum on average)
FY26 to FY29: Chuan Grove 1+2 (approx. $0.72 over 4 years - $0.18 per annum on average)
Re-ratings should be on the cards.
stockinvestor ( Date: 07-Sep-2025 08:48) Posted:
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The RNAV and NAV (FY2025) has increased significantly since 2017, resulting in an increase in the discount. At Friday' s closing price of $0.44, the stock is trading at 0.23x (77% discount) to your RNAV of $1.90.
TAN888 ( Date: 05-Sep-2025 22:53) Posted:
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They have a track record of paying more than 1c when projects TOP. They are likely to pay at least 2 to 3c (I sure hope it will be more!) for FY2025 from North Gaia' s TOP in July. They would have been in a position to pay out a lot more if they didn' t win any land bids but now it seems prudent to retain the bulk of profits from North Gaia to reinvest into their largest project ever.
Alignment ( Date: 06-Sep-2025 11:24) Posted:
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If the company is just going to pay a fixed amount of 1 cent a year as dividend, it really does not matter what the discount to NAV is. It would then be just like a bond and trade depending on the market interest rate.
Back in 2017, Sing Holdings hit $0.51 (about 30% disc. on RNAV of approx. 0.80 from Parc Botannia)
This time , Sing Holdings? RNAV could be $1.90 from NG and Chuan Grove. At the following discounts from RNAV:
30% - $1.33
40% - $1.14
50% - $0.95
Food for thought here?
This time , Sing Holdings? RNAV could be $1.90 from NG and Chuan Grove. At the following discounts from RNAV:
30% - $1.33
40% - $1.14
50% - $0.95
Food for thought here?
https://www.businesstimes.com.sg/property/sing-holdings-sunway-jv-tops-bids-second-chuan-grove-site-eyes-amalgamation
The updated link quotes Mr Lee Sze Hao and Tay of Knight Frank:
Lee Sze Hao, chief executive officer of mainboard-listed Sing Holdings, said that from the outset, the joint venture with Sunway had been keen to acquire both plots. &ldquo If we are awarded this second Chuan Grove site, we would like to amalgamate it with the earlier one, subject to regulatory approvals and the timeline required to obtain such approvals.&rdquo
He added: &ldquo We would like to develop a single project with a total of 1,055 units across five blocks of up to 27 storeys, on the combined site. This would create synergies in design, including providing more facilities in the common areas.&rdquo
Leonard Tay, research head at Knight Frank Singapore, said: &ldquo The possibility of an upsized Chuan Grove project could attract potential buyers, such as retirees who wish to right-size from the landed areas in Serangoon and in Ang Mo Kio Avenue 1 (Tai Hwan and Mei Hwan areas).&rdquo
Tay of Knight Frank noted that Serangoon and Bishan MRT stations are just a stop away from the two Chuan Grove plots, providing access to the Circle, North-East and North-South lines and boosting the two sites&rsquo inherent locational strengths.
In a similar vein, Wong of Propnex said: &ldquo Commercial offerings can be found at the NTP+ mall next to the Chuan Grove sites, as well as in Bishan town and Serangoon Central.&rdquo
Tay estimated that selling prices at launch for a project on the amalgamated Chuan Grove pair of sites, could average between S$2,900 psf and S$3,000 psf.
The updated link quotes Mr Lee Sze Hao and Tay of Knight Frank:
Upsized project
Lee Sze Hao, chief executive officer of mainboard-listed Sing Holdings, said that from the outset, the joint venture with Sunway had been keen to acquire both plots. &ldquo If we are awarded this second Chuan Grove site, we would like to amalgamate it with the earlier one, subject to regulatory approvals and the timeline required to obtain such approvals.&rdquo
He added: &ldquo We would like to develop a single project with a total of 1,055 units across five blocks of up to 27 storeys, on the combined site. This would create synergies in design, including providing more facilities in the common areas.&rdquo
Leonard Tay, research head at Knight Frank Singapore, said: &ldquo The possibility of an upsized Chuan Grove project could attract potential buyers, such as retirees who wish to right-size from the landed areas in Serangoon and in Ang Mo Kio Avenue 1 (Tai Hwan and Mei Hwan areas).&rdquo
Tay of Knight Frank noted that Serangoon and Bishan MRT stations are just a stop away from the two Chuan Grove plots, providing access to the Circle, North-East and North-South lines and boosting the two sites&rsquo inherent locational strengths.
In a similar vein, Wong of Propnex said: &ldquo Commercial offerings can be found at the NTP+ mall next to the Chuan Grove sites, as well as in Bishan town and Serangoon Central.&rdquo
Tay estimated that selling prices at launch for a project on the amalgamated Chuan Grove pair of sites, could average between S$2,900 psf and S$3,000 psf.
TAN888 ( Date: 04-Sep-2025 17:40) Posted:
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https://www.edgeprop.sg/property-news/sing-holdings-sunway-developments-jv-submits-highest-bid-second-chuan-grove-gls-site-1331-psf-ppr
TAN888 ( Date: 04-Sep-2025 17:40) Posted:
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The most promising event in Sing?s history has just taken place.
Very strong outlook and earnings visibility for next 3 years.
Very strong outlook and earnings visibility for next 3 years.
stockinvestor ( Date: 04-Sep-2025 17:27) Posted:
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Sing Holdings/Sunway wins 2nd plot at 1331.16psf. This will bring down their land price psf and also have economies of scale.
TAN888 ( Date: 02-Sep-2025 17:59) Posted:
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Volume is still low but 2 days in a row that $0.415 was not done and trades only took place at $0.42 and $0.425.
TAN888 ( Date: 02-Sep-2025 17:59) Posted:
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Great! Sorry I missed that out :)
Sing Holdings is indeed mentioned in the article
https://www.theedgesingapore.com/capital/brokers-calls/sing-investments-finance-advanced-holdings-koyo-intl-deeply-undervalued
Tiruchelvam&rsquo s second valuation method is to determine whether a company&rsquo s net working capital, which includes receivables and inventories, exceeds its market capitalisation.
&ldquo This suggests that even in the event of liquidation, the shareholders could recover well above current prices from short-term assets alone,&rdquo he writes.
He sees that several listed small- to mid-caps trade at market cap to net working capital ratios of 0.63 to 0.91 times, implying strong balance sheet support and meaningful downside protection. These include Baker Technology, Cordlife Group, Gallant Venture, Koyo International, Sing Holdings and AP Oil International.
The analyst&rsquo s third metric, market capitalisation to net-net, is &ldquo one of the strictest measures&rdquo of value, which entails current assets minus total liabilities.
Tiruchelvam notes that this method assumes fixed assets and intangibles are worthless and focuses only on current assets net of all liabilities.
He writes: &ldquo Companies trading at or below this level are considered deeply undervalued. There are potential liquidation gains even in worst-case scenarios.&rdquo
In this space, he once again identifies Sing Holdings, AP Oil International and Koyo International, as a large share of their market caps is backed by liquid assets after liabilities. This offers strong balance sheet resilience and margin of safety.
Tiruchelvam writes: &ldquo These elevated ratios suggest ample liquidity and a strong margin of safety. It positions itself for potential re-rating as markets begin valuing underlying business fundamentals beyond liquid assets.&rdquo
&ldquo By contrast, firms with ratios above 1.0 trade below their net-net value may carry hidden risks from long-term liabilities,&rdquo he adds.
https://www.theedgesingapore.com/capital/brokers-calls/sing-investments-finance-advanced-holdings-koyo-intl-deeply-undervalued
Market cap to net working capital
Tiruchelvam&rsquo s second valuation method is to determine whether a company&rsquo s net working capital, which includes receivables and inventories, exceeds its market capitalisation.
&ldquo This suggests that even in the event of liquidation, the shareholders could recover well above current prices from short-term assets alone,&rdquo he writes.
He sees that several listed small- to mid-caps trade at market cap to net working capital ratios of 0.63 to 0.91 times, implying strong balance sheet support and meaningful downside protection. These include Baker Technology, Cordlife Group, Gallant Venture, Koyo International, Sing Holdings and AP Oil International.
Market capitalisation to net-net
The analyst&rsquo s third metric, market capitalisation to net-net, is &ldquo one of the strictest measures&rdquo of value, which entails current assets minus total liabilities.
Tiruchelvam notes that this method assumes fixed assets and intangibles are worthless and focuses only on current assets net of all liabilities.
He writes: &ldquo Companies trading at or below this level are considered deeply undervalued. There are potential liquidation gains even in worst-case scenarios.&rdquo
In this space, he once again identifies Sing Holdings, AP Oil International and Koyo International, as a large share of their market caps is backed by liquid assets after liabilities. This offers strong balance sheet resilience and margin of safety.
Tiruchelvam writes: &ldquo These elevated ratios suggest ample liquidity and a strong margin of safety. It positions itself for potential re-rating as markets begin valuing underlying business fundamentals beyond liquid assets.&rdquo
&ldquo By contrast, firms with ratios above 1.0 trade below their net-net value may carry hidden risks from long-term liabilities,&rdquo he adds.
TAN888 ( Date: 01-Sep-2025 20:58) Posted:
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$0.415 cleared. Today' s battle between buyers and sellers is mostly at $0.420.
TAN888 ( Date: 01-Sep-2025 20:58) Posted:
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Seems like the article might be on Sing Inv.
Nevertheless, sister stock - a reflection of the potential and good stewardship of Sing Group.
Nevertheless, sister stock - a reflection of the potential and good stewardship of Sing Group.