Orchard Boulevard site may draw up to 5 bidders amidst CCR demand

Site can yield about 110 private homes on a 3,438-square-metre plot.

The Urban Redevelopment Authority has released the Orchard Boulevard residential site for sale under the Government Land Sales (GLS) Programme for the second half, with analysts expecting up to five bidders amidst Core Central Region (CCR) demand.

The site, located about a five-minute walk from Orchard Boulevard MRT station, spans 3,438 square metres (sq m) and can yield about 110 residential units. It has a maximum gross floor area of 9,627 sq m and a 99-year lease.

Mark Yip, CEO of Huttons Asia, expects the site to draw up to five bidders, with a top bid of $1,650 to $1,750 per square foot per plot ratio (psf ppr).

Wong Siew Ying, Head of Research and Content at PropNex, said the site could give developers exposure to the prime Orchard area with one of the smaller capital outlays amongst recent CCR GLS sites.

PropNex estimates a top bid of $1,950 to $2,050 psf ppr, which would put the land price at about $202.1m to $212.4m.

“This could be seen as a manageable capital outlay for a prime residential site near Orchard Road, and could be attractive to mid-sized and boutique players,” Wong said.

Wong said the site may attract four to five bids in The second half, when the GLS Confirmed List carries only two CCR sites: Orchard Boulevard and Holland Plain.

“The recent sales take-up of CCR launches showed that the demand momentum is strong,” Yip said.

He added that the level of unsold units in the CCR stood at 5,504 in the second quarter, the lowest since reaching 8,419 units in the first quarter of 2025.

Wong said nearby UpperHouse has sold 82% of its 301 units at an average price of $3,400 psf since its launch in July 2025, with Yip noting that the project is more than 80% sold.

However, the successful tenderer must locate all car parking spaces at the basement levels, which could lead to higher construction costs than surface or above-ground parking structures, Wong said.

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Huttons Asia

PropNex

Urban Redevelopment Authority

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