Exciting news unfolds in the heart of Singapore’s prime real estate as the Orchard Boulevard site makes a dazzling return to the market. The Urban Redevelopment Authority (URA) recently announced the release of this coveted location as part of the 2H2023 Government Land Sales (GLS) Programme.
The Orchard Boulevard site offers an exquisite opportunity. This 99-year leasehold property, spanning a generous 75,686 sq ft, is zoned for a “residential with commercial at the first storey” and has the potential to yield approximately 280 residential units. Furthermore, it boasts commercial space covering about 5,382 sq ft.
Eugene Lim, CEO of ERA Singapore, emphasizes the significance of this release, highlighting that this marks the first GLS site to grace the Orchard area since 2018. The last plot in this prestigious district, now home to the 192-unit Cuscaden Reserve at Cuscaden Road, was awarded in May 2018. It drew a flurry of nine bidders, with a top offer of $2,377 per sq ft per plot ratio (psf ppf) from a joint venture involving SC Global Developments, Far East Consortium, and New World Development.
In the broader vicinity, at Irwell Bank Road, the Irwell Hill Residences site was awarded in January 2020 to City Developments for a tender price of $583.888 million ($1,515 psf per plot ratio).
A Prized Opportunity in an Exclusive Locale
The Orchard Boulevard site ranks among the most coveted plots within the 2H2023 GLS Confirmed List. According to Wong Siew Ying, Head of Research and Content at PropNex Realty, its appeal lies in its strategic location. With the Orchard Boulevard MRT Station (Thomson-East Coast Line) practically at its doorstep and the Orchard Road shopping mecca just minutes away, it is situated within an exclusive private residential enclave. The neighboring Chatsworth Park Good Class Bungalow Area further elevates its desirability.
Justin Quek, Deputy CEO of OrangeTee & Tie, recognizes the scarcity of GLS sites available in the Core Central Region (CCR). The current launch is likely to attract developers keen on acquiring prime land without having to go through an en bloc sale. He believes the price quantum for the site will be “manageable” given its plot size. He also cautions that the cooling measures introduced this year, including the doubling of the additional buyer’s stamp duty (ABSD) rate for foreigners to 60%, may lead developers to approach with prudence.
Measured Expectations and Bid Anticipation
Expectations within the industry are measured but hopeful. PropNex’s Wong predicts that lower demand coupled with an abundant supply pipeline in the CCR will likely result in cautious bidding. She anticipates that the site could attract three to four bids, with a top bid in the range of $1,800 to $2,000 per sq ft per plot ratio (psf ppr).
OrangeTee & Tie’s Quek foresees two to five bidders vying for the site, with the highest bid projected to fall between $1,900 and $2,100 psf ppr.
On the other hand, ERA’s Lim remains more optimistic, envisioning around five bidders and a bid price ranging from $520 million to $550 million. This equates to $2,000 to $2,200 psf ppr.
Time to Seize the Moment
The tender for the Orchard Boulevard site is set to close on February 1, 2024, at noon. Furthermore, it will be batched together with an executive condo site at Plantation Close, set for launch in November. For investors, developers, and stakeholders seeking to harness the allure of prime Singapore real estate, the Orchard Boulevard opportunity beckons.
Don’t miss out on this exciting opportunity in the heart of Orchard. Reach out to us today to stay updated and discover the endless potential of this prime site.
Summary with Highlights:
- Orchard Boulevard site, released under the 2H2023 GLS Programme, offers prime development potential.
- The site's strategic location includes proximity to Orchard Road, Orchard Boulevard MRT, and exclusive residential enclaves.
- Scarcity of GLS sites in the Core Central Region makes this launch particularly appealing to developers.
- Cooling measures may lead to measured bids, but the price quantum is expected to be manageable.
- Industry experts anticipate three to five bidders, with a bid price in the range of $1,800 to $2,200 psf ppr.
- The tender for the Orchard Boulevard site closes on February 1, 2024, offering a unique window for investment.
This is a prime opportunity for property investors and developers. To stay updated and make the most of this exciting offer, reach out to us today. We’re here to guide you through this remarkable venture.