Orchard Boulevard GLS Site Secures Leading Bid of $1,616 psf ppr from UOL and Singapore Land

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The land tender for a site located along Orchard Boulevard concluded on 1st February 2024, with a total of four bids received.

The top bid came in at $428.28 million, equivalent to $1,616 per square foot per plot ratio (psf ppr). It was put up by a joint venture that comprises UOL Group and SingLand.

This bid was only 2.46 per cent more than the runner-up bid from Allgreen Properties ($1,578 psf ppr).

The 75,686 square feet site has a land tenure of 99-year leasehold and is designated for private residential homes with commercial units on the first floor.

With a maximum gross floor area (GFA) of 264,911 square feet, it has the potential to yield 280 private residential units.

UOL Group expressed plans to develop a 36-storey tall luxury condominium to capitalise on the location’s panoramic views.

One analyst views this as the strongest bid for a site located within the Core Central Region (CCR) in Singapore and the Orchard Road area over the last 5 years.

This is attributed to developers’ increased confidence within the CCR, influenced by successful results that were achieved at Watten House.

Watten House condo is a 180-unit freehold development in District 11 and it was launched for sale in November 2023.

As of 1st February 2024, it has sold a total of 120 units (take-up rate of 67 per cent) at a median psf price of $3,241.

This future new launch condo on Orchard Boulevard will be connected directly to the nearby Orchard Boulevard MRT Station and is strategically located within close walking distance of many well-known prime malls and luxury hotels.

The last site sold under the GLS programme in the vicinity was in April 2018, just across the road.

The winning bid was $410 million (or equivalent to $2,377 psf ppr) and it came from a consortium that consists of SC Global, New World Development, and Far East Consortium.

Cuscaden Reserve condo
Cuscaden Reserve

This site now houses the completed Cuscaden Reserve with 192 private homes in total. To date, a total of 12 units have been sold at an average price of $3,625 psf.

UOL and SingLand’s recent bid for the Orchard Boulevard land parcel at $1,617 psf ppr is notably 32 per cent lower than the site of Cuscaden Reserve 6 years ago, reflecting increased development risks and additional buyer’s stamp duty (ABSD) considerations in the current property market.

UOL’s prior development, Orchard Bel-Air, sits adjacent to the subject GLS site and the Orchard Boulevard MRT Station, having been relaunched for a collective sale in January 2023 with no buyers found.

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