2 Prime Residential Sites Have Just Been Released In Orchard And Marina South — Here’s What Developers Could Pay

Over the past year or so, the government has increased the number of development sites throughout the central region, and developers have been eager to add the most well-located sites to their development landbank.

Before 2025, it was rare to see a government land sale (GLS) site in the Core Central Region (CCR) turn up on the Confirmed List. But this year, the government will launch five new residential sites in the CCR, out of a total of 14 residential development sites in the GLs programme, points out Nicholas Mak, chief research officer at Mogul.sg.

This means that one third of the private residential development sites launched by the government will be in the CCR, significantly reducing the overall rarity of such prime residential sites.

On Aug 13, the government launched the public tender of two of these sites: a 64,663 sq ft plot at Marina Gardens Lane, as well as a much smaller 37,006 sq ft site along Orchard Boulevard. The site at Marina Gardens Lane is actually in the Rest of Central Region (RCR), but sits within the central region and next to the Central Business District (CBD).

The level of developer’s participation in these two tenders, as well as the bid prices put forward for them, will be closely scrutinised at the close of the tender. Here’s what you need to know about the significance of these GLS sites.

Orchard Boulevard

This is the third GLS site in the Orchard Boulevard area that the government has released in the last few years.

The newest plot is at the junction of Tomlinson Road and Orchard Boulevard, and it is close to some of the most prestigious residential projects in the Orchard Road area. Familiar luxury developments here include Four Seasons Park, Boulevard 88, Cuscaden Residences, Park Nova, and 3 Orchard-By-The-Park.

It was a joint venture (JV) — comprising Singapore luxury developer SC Global and two Hong Kong property groups, Far East Consortium and New World Development – who came out on top for a GLS site along Cuscaden Road in 2018. The JV put in the top bid of $410 million for the 61,597 sq ft site, which worked out to a land rate of $2,377 psf per plot ratio (ppr).

That eye-watering price smashed all records for a residential GLS site at the time, as well as all initial price expectations by market watchers, who had predicted that the winning bid might range from $1,800 psf ppr to $2,300 psf ppr.

The site would eventually be developed into the 192-unit Cuscaden Reserve. The 28-storey luxury residential development was completed in 2022. Initially, launch prices were a staggering $3,300 psf to $2,830 psf when it first hit the market.

But the project was relaunched at lower prices in 2024. We covered the development’s second foray into the market, when prices slipped to around $2,800 psf, or a roughly 20% discount compared to its initial selling price.

The next time another GLS site along Orchard Boulevard was put up for sale by the government was in October 2023. It was eventually awarded to a JV comprising UOL Group and Singapore Land Group (SingLand), who put in the top bid of $428.28 million for the 75,686 sq ft site. That price works out to $$1,616 psf ppr.

That site was keenly watched because it had been six years since the Cuscaden Road GLS site was awarded. Moreover, the calculus of the area had changed with the impending completion of the Thomson-East Coast Line. It was next to the new Orchard Boulevard MRT station, which was operational in November 2022.

UOL and SingLand would eventually launch the site as the 301-unit Upperhouse at Orchard Boulevard, which launched for sale in July 2025. It recorded a good take up rate, moving just over half (53.8%) of its units over its opening sales weekend, and set an average selling price of $3,350 psf.

The newest GLS site means that we might see another new condo along this prestigious stretch of road. But it is also the smallest site compared to the previous two plots, with the new development capable of fitting no more than 110 units. This would certainly make it a boutique condo, with the average unit size of 936 sq ft a far cry from the luxury of space that buyers in this area would find acceptable.

Alternatively, the new development might go larger and build units of at least 1,614 sq ft. This would result in fewer units but might go someway in offering a more luxurious development, says Mak of Mogul.

He also points out that the average launch prices of 99-year leasehold condominiums in the CCR range from $2,950 psf to $3,266 psf, according to transactions lodged over the past 12 months.

However, the property prices at Orchard Boulevard are a notch higher, with the median transacted prices of the newer 99-year leasehold condominiums in the Orchard Boulevard area ranging from $3,226 psf to $3,503psf, says Mak.

It is typical for luxury units in this part of Orchard Road to fetch prices in excess of $4,000 psf. Units in Park Nova, the luxury freehold project that neighbours the GLS site, sees most of its units transact at the median price of $5,073 psf.

He reckons that the new Orchard Boulevard GLS site could see as few as two bids, and up to five bids from developers. With bids ranging from $1,750 to $1,880 psf ppr, which is about $181.3 million to $194.8 million.

Strong sales at Upperhouse at Orchard Boulevard could bolster the confidence of developers. The luxury project has sold 82% of its 301 units at an average price of $3,400 psf since it hit the market in July 2025.

Marina Gardens Lane

Meanwhile, the second GLS site at Marina South was also launched on Aug 13. This site at Marina Gardens Lane is not in the CCR and is instead in an RCR listed district.

Now, another site at Marina Gardens Crescent is available on the Reserve List, but a developer needs to trigger it for sale before the public tender can be launched. An initial public tender only attracted one bid – $984 psf ppr from GuocoLand – but it was deemed too low and rejected by URA in 2024.

Thus, the first GLS site to break ground was a ‘Residential with Commercial at 1st storey’ site that was awarded to a Kingsford Group-led consortium in July 2023. The developers had put in the winning bid of $1.034 billion, or $1,402 psf ppr.

That site has since been launched as the 937-unit One Marina Gardens, which entered the market in June 2026. It sold 38% of its total units during its opening sales weekend, and set an average selling price of $2,953 psf.

The government has big plans for the Marina South precinct, with an extensive master plan that envisions this CBD-adjacent district as a new mixed-use neighbourhood that also encompasses Gardens by the Bay, Marina Barrage and the future Marina South Coastal Park. It’s also one part of the coastal Greater Southern Waterfront.

The sales performance of One Marina Gardens offers a useful demand signal to developers, says Wong Siew Ying, Head of Research and Content, PropNex. She adds that the project’s initial take up rate of 38% was a respectable start amid global trade-tension headwinds at the time.

“Take-up has since climbed to 70.5% (661 of 937 units) as per caveats lodged up till 4 August 2026, with the overall average price at $2,969 psf, reflecting that prices had held relatively steady as the project sold through,” she says.

Overall, she believes that the manageable size of this GLS site could widen the tender participation to more developers, including mid-size ones, seeking a foothold in this developing precinct. Its location is a strong pull, being across from Gardens by the Bay, and within walking distance to the upcoming Marina South MRT station on the Thomson-East Coast Line (TEL).

“Meanwhile, its proximity to the Marina Bay Financial Centre, CBD, and Marina Bay Sands also places future residents at the doorstep of a major employment node and one of Singapore’s marquee lifestyle and tourism destinations,” says Wong.