The tender for a prime residential development site at Orchard Boulevard attracted five different bidders when it closed on Oct 29. Although one of the smallest government land sale (GLS) sites launched this year, it has attracted one of the highest land prices in the Core Central Region (CCR).
The top bid came from a joint venture comprising Hong Leong Holdings and TID, which submitted a $181.86 million bid price for the 37,006 sq ft site. That works out to a land rate of $1,755 psf per plot ratio (ppr).
In close second is the $167.85 million bid from GRC Development, whose bid price is just 7.7% less than the joint submission from Hong Leong and TID.
By comparison, the $139.9 million bid submitted by a consortium of developers - namely, Macly Group, Roxy Development Partners, Greatsun Capital, Scree Innovation and Lin Bing Cheng - is 23% less than the top bid price.
The Orchard Boulevard GLS site is one of the last few undeveloped prime residential sites in this part of Orchard Road. It is next to Boulevard 88 and Cuscaden Residences. Although the site is relatively elongated compared to more regularly-shaped plots, it should enable developers to design blocks that are spaced further apart for maximum privacy.
It is also close to previous GLS sites in that vicinity, such as one next to Orchard Boulevard MRT station on the Thomson-East Coast Line (TEL) that was awarded to UOL Group in 2024. That site has since been launched as Upperhouse at Orchard Boulevard.
The newest GLS site has a gross plot ratio of 2.8 and a maximum permissible gross floor area (GFA) of 103,624 sq ft. This means that the new development can yield no more than 110 residential units. Moreover, there is a height limit of 20 storeys.
| Name of tenderer | Price ($) | Price ($psf ppr) |
| Hong Leong Holdings and TID (a JV between Hong Leong Group and Mitsui Fudosan) | $181,861,924 | $1,755 |
| GRC Development | $167,850,000 | $1,619 |
| BBR Development, Mindarie Holding and Quarz Capital Group | $160,720,925 | $1,551 |
| Wincove Investment | $152,388,888 | $1,470 |
| Macly Group, Roxy Development Partners, Greatsun Capital, Scree Innovation and Lin Bing Cheng | $139,900,000 | $1,350 |
The highest bid price is within the expected range that most market analysts had forecasted this site would attract, with several indicating a likely top bid of $1,650 to $2,050 psf ppr before the close of the tender.
Crucially, the bid price by Hong Leong and TID is 8.5% more than what UOL Group paid for its Orchard Boulevard GLS site two years ago. Its winning bid of $428.28 million works out to $1,617 psf ppr.
The 301-unit Upperhouse first hit the market in July 2025 and moved more than half of its units (53%) during its opening sales weekend, setting an average selling price of $3,350 psf.
Nicholas Mak, Chief Research Officer at Mogul.sg, also notes that the latest Orchard Boulevard GLS site is near the Cuscaden Road GLS site acquired by SC Global in May 2018. The luxury property developer was awarded the site after submitting the winning bid of $409.99 million ($2,377.23 psf ppr).
This site was subsequently developed into the 192-unit Cuscaden Reserve, which was completed in 2022 and achieved an average selling price of $3,248 psf.
But Mak also acknowledges that sentiment and market conditions back in 2018 were more buoyant compared to where they stand today. “Hence, a more comparable GLS land tender price to the (latest Orchard Boulevard GLS site) would be those of the two GLS residential sites located near Newton MRT station that were sold in the past 12 months at $1,820 psf ppr and $1,865 psf ppr.”
He is referring to the Peck Hay Road GLS site that was awarded to City Developments Ltd (CDL), after it submitted the top bid of $542.4 million ($1,865 psf ppr) in June this year.
Another nearby site at Bukit Timah Road was also sold to HH Investment, after it sent in the top bid of $566.29 million ($1,820 psf ppr) in a tender that closed in November 2025.
The strong developer participation for the latest Orchard Boulevard GLS site is also an indication that developers still consider the prime district address as highly sought after by buyers, says Mark Yip, CEO of Huttons Asia.
“While the site is further from primary schools, the recent change in the Primary 1 Phase 2C registration allows buyers to apply for schools in Bukit Timah and Newton beyond 2km," says Yip.
CCR condos that are comparable to the latest Orchard Boulevard GLS site
| Residential project | Location | Land tenure | Median price (S$psf) | No. of units sold |
| Cuscaden Reserve | Cuscaden Road | 99 years | $3,226 | 3 |
| Dunearn House | Dunearn Road | 99 years | $3,107 | 240 |
| River Green | River Valley Green | 99 years | $3,453 | 18 |
| River Modern | River Valley Green | 99 years | $3,231 | 434 |
| Upperhouse at Orchard Boulevard | Orchard Boulevard | 99 years | $3,508 | 28 |
Meanwhile, Wong Shanting, Head of Research at Newmark, observes that, compared with earlier GLS tenders this year, some developers are adopting a more cautious view of achievable selling prices amid expected demand for new CCR condos.
“The lower top land rate points to more measured pricing expectations compared with the earlier tenders at Peck Hay Road and Bukit Timah Road. At $1,755 psf ppr, the top bid is below the $1,865 psf ppr achieved at Peck Hay Road and $1,820 psf ppr at Bukit Timah Road," says Wong.
However, other market watchers hold the view that the bid prices are reflective of current market conditions and show that developers are cognisant of the upcoming pipeline of new launch projects.
Marcus Chu, CEO of ERA Singapore, says that the highest bid of $1,755 psf ppr is broadly in line with the $1,730 psf ppr land rate for River Valley Green (Parcel C) awarded in June. He believes that this indicates continued developer confidence in well-located sites within Singapore’s prime districts.
GLS residential sites in CCR sold in the past 12 months
| GLS site location | Tender closing date | Site area (sq ft) | Top tender bid ($) | Land rate ($psf ppr) | Estimated No. of units |
| Bukit Timah Road (near Newton MRT) | 11-Nov-25 | 63,498.4 | $566,291,712 | $1,819.98 | 340 |
| Dunearn Road (2nd parcel) | 28-Apr-26 | 205,008.2 | $532,999,999 | $1,624.91 | 335 |
| Holland Plain | 7-May-26 | 169,175.1 | $454,000,000 | $1,490.86 | 280 |
| Peck Hay Road (near Newton MRT) | 11-Jun-26 | 59,346.8 | $542,400,000 | $1,865.15 | 315 |
| River Valley Green (Parcel C) | 18-Jun-26 | 123,957.1 | $750,569,199 | $1,730.02 | 470 |
Further to his point, Chu also cites relatively recent new launches in the CCR, like River Green, River Modern, and even Upperhouse at Orchard Boulevard, as a testament that there is sustained demand for new CCR condos.
He adds that the future development on this Orchard Boulevard site could appeal to both owner-occupiers seeking a prime address and investors seeking stable rental income.
Separately, some market analysts like Wong of Newmark expect that selling prices at the upcoming project could start from $3,500 psf based on the highest bid price. Others, like Mak of Mogul, think that it could reach higher - ranging from $3,500 to $3,800 psf - which would surpass the median price range of comparable new high-end private housing units.
Why were these developers keen to acquire this site?
The relatively enthusiastic response to this GLS tender reflects developers’ confidence in the area, likely backed by the strong sales momentum that Upperhouse has achieved so far.
In addition, this site is a rare opportunity to develop a new private residential project in one of Singapore's prime residential locations in the Core Central Region (CCR), close to the Orchard shopping belt and Orchard Boulevard MRT on the Thomson-East Coast Line.
More market watchers agree that its appeal lies in a combination of its central location in an established luxury residential neighbourhood, proximity to luxury retail and lifestyle options along Orchard Road, and overall accessibility.
The site is also close to Newton, which is slated for redevelopment under the URA Draft Master Plan 2025 and earmarked for about 5,000 private homes, which could have a positive spillover effect in terms of price growth for some developments along Orchard Road.
Mohan Sandrasegeran, head of research & data analytics at SRI, posits that from the developers' point of view, the project’s smaller scale likely minimises the overall development risks. He adds: "It also presents a considered density that could cater to market demands without overextending the resources and capacities of the developers."
One additional consideration is that the tender conditions require car parking to be located in the basement. That could increase construction costs and influence the amount a developer is willing to pay.
But other plans could affect prime residential prices in Orchard Road
Overall, the wider Orchard Road area is undergoing gradual transformation, with some of the changes being commercial and mixed-use transformations.
Adding to the mix is the Orchard Road Rejuvenation Initiative (ORRI), a top-down effort by the government to support industry-led efforts to enhance the precinct’s retail and visitor experience.
With the entire shopping and residential belt getting reshaped, it is no wonder that it is generating an expectation that demand for prime CCR luxury homes is expected to pick up in the coming years.
0 Comments