A site at Orchard Boulevard, zoned “residential with commercial at first storey”, has been released for sale under the 2H2023 Government Land Sales Programme. It measures 75,686 sq ft and can yield about 280 residential units and commercial space spanning 5,382 sq ft. This is the first new GLS site to be offered in the area since 2018 and the tender for the site will close on Feb 1, 2024, at noon.
The 2H 2023 Government Land Sales Programme has released a 75,686 sq ft site at Orchard Boulevard for sale. Zoned “residential with commercial at first storey”, the site has a 99-year leasehold tenure and is located in the exclusive private residential enclave of the Orchard locality. According to the Urban Redevelopment Authority (URA), the site has the potential to yield about 280 residential units and 5,382 sq ft of commercial space.
This GLS site launch marks the first tender in the area since 2018. Eugene Lim, Key Executive Officer at ERA Singapore, noted that the most recent plot opened for tender in the same vicinity is the current 192-unit Cuscaden Reserve at Cuscaden Road. In January, the Irwell Hill Residences site at nearby Irwell Bank Road was awarded to City Developments at the tender price of $583.888 million ($1,515 psf ppr).
Wong Siew Ying, Head of Research & Content at PropNex Realty, attests that the Orchard Boulevard site is the most appealing plot under the 2H 2023 GLS Confirmed List. She points out the property’s close vicinity to the Orchard Boulevard MRT Station and the renowned Orchard Road shopping belt.
Justin Quek, Deputy CEO of OrangeTee & Tie, commented on the scarcity of GLS sites available in the Core Central Region. He noted that the current launch will attract developers who wish to buy land in the prime location without going through an en bloc sale. As for the likely bid price, Quek estimates it will be “manageable” given the plot size.
The new cooling measures imposed this year have impacted the demand for CCR residential properties. This current supply pipeline, together with the sharp dip in foreign property buyers, leads Wong and Quek to anticipate measured bids from developers. Wong predicts the site will attract between three to four bidders with a top bid of around $2,000 psf, while Quek foresees two to five bidders at a top bid price of between $1,900 to $2,100 psf ppr.
The Woodlands Condo also features modern facilities and amenities such as swimming pools, a gym, and landscaped gardens. The condo offers spacious and comfortable units with plenty of storage space. In addition, Champions Way Condo also has a 24-hour security system ensuring the safety and security of all residents. It is a great place for those who want to live near a good infrastructure and in a comfortable environment.
Lim from ERA Singapore predicts around five bidders and a bid price of between $520 million to $550 million. This works out to $2,000 to $2,200 psf ppr.
The Orchard Boulevard site is batched together with an executive condo site at Plantation Close, which will be launched in November.
It is expected that the availability of a GLS site such as Orchard Boulevard, in a prime residential area, will spur competition among developers and yield impressive bids. Remaining mindful of the current market conditions, final bids are likely to be lower than its predecessor’s in the area. Regardless, the attractiveness of the location is expected to draw in both domestic and international buyers for the finished units.