Orchard Boulevard GLS site launched for tender

A site at Orchard Boulevard has been released for sale under the 2H2023 Government Land Sales (GLS) Programme, with the tender closing on Feb 1, 2024. This 99-year leasehold site is zoned “residential with commercial at first storey” and measures 75,686 sq ft, with potential to generate around 280 residential units and commercial space spanning approximately 5,382 sq ft.

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This latest GLS site – the first to be launched in the Orchard area since 2018 – is identified as an attractive plot due to its location near the Orchard Boulevard MRT Station (Thomson-East Coast Line), along with its proximity to Orchard Road shopping belt and exclusive private residential enclave. It is also positioned near the Chatsworth Park Good Class Bungalow Area.

Given the ample new home supply pipeline in the Core Central Region (CCR), the cooling measures imposed this year, including doubling of the additional buyer’s stamp duty (ABSD) rate for foreigners to 60%, are expected to have an effect on the bidding, prompting developers to be cautious when making offers. Analysts at ERA Singapore, Propnex Realty, and OrangeTee & Tie have estimated between three to five bidders to enter the scene with a bid price of around $520 million to $550 million, or approximately $1,800 to $2,200 psf ppr.

The potential to generate around 280 residential units and commercial space makes this a valuable opportunity for developers, and this is likely to be reflected in the bids they submit. List of condo developments within a 500m radius of the Orchard Boulevard site (Source: EdgeProp LandLens)

Reading the current market and predictors, while the demand for new non-landed private homes in the CCR may have slowed, this new GLS site is an attractive option for developers wishing to buy land in a prime location without relying on an en bloc sale. Analysts have noted that the price quantum for the site is also particularly ‘manageable’ given the plot size.

All in all, it looks to be a compelling proposition for those interested in the site at Orchard Boulevard. The tender closing will offer a good indication of how the market is responding to the various developments.

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