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.
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.