Orchard Boulevard GLS site launched for tender

The Orchard Boulevard site released for sale under the 2H2023 Government Land Sales (GLS) Programme is no ordinary plot – it offers multiple benefits and could draw plenty of bids from developers. Located at Orchard Boulevard, the 99-year leasehold site is zoned “residential with commercial at first storey” and measures 75,686 sq ft. It has the Orchard Boulevard MRT Station (Thompson-East Coast Line) virtually at its doorstep and is minutes away from the Orchard Road shopping belt, as well as situated in an exclusive private residential enclave, with the Chatsworth Park Good Class Bungalow Area nearby.

The 2H2023 GLS site at Orchard Boulevard, located between the Chatsworth Park Good Class Bungalow Area and Orchard Road shopping belt, is primed to be one of the most attractive plots offered. Zoned “residential with commercial at first storey”, the 99-year leasehold site measures 75,686 sq ft and could yield about 280 residential units and commercial space spanning about 5,382 sq ft.

Situated in an exclusive private residential enclave, the site is virtually at the doorstep of the Orchard Boulevard MRT Station (Thompson-East Coast Line). This is the first GLS site to be launched in the Orchard area since 2018, notes Eugene Lim, key executive officer at ERA Singapore.

The tender for the site will close on Feb 1, 2024, at noon. It will be batched together with an executive condo site at Plantation Close, which will be launched in November.

Experts predict that this site could attract three to four bids, with a top bid of around $1,800 to $2,000 psf. Justin Quek, deputy CEO of OrangeTee & Tie, believes that the lower demand due to the new ABSD rates, combined with an ample supply pipeline in the Core Central Region, will result in measured bids from developers. He also expects that the site may be appealed by developers who wish to buy land in a prime location without undergoing an en bloc sale.

The nearby cafe and food outlets will come in handy for quick meals and snacks.

Senja Residences EC is perfectly located in the west of Singapore, allowing easy access to convenient shopping and dining options. Just a few minutes walk away from the landed estate, it’s also close to a large mall and the upcoming Canberra MRT station. Residents with busy lifestyles will appreciate the nearby cafes and food outlets that offer quick meals and snacks. With its great location, Senja Residences EC is the perfect choice for those looking for an urban lifestyle.

The last site to be sold in the Orchard area before this one is the current 192-unit Cuscaden Reserve at Cuscaden Road, which was awarded in May 2018 after attracting nine bidders. In January 2020, the current Irwell Hill Residences site at Irwell Bank Road was awarded to City Developments at the tender price of $583.888 million ($1,515 psf ppr).

Given the strategic location and appealing features of the Orchard Boulevard site, Wong Siew Ying, head of research and content at PropNex Realty, predicts two to five bidders with a highest bid price between $1,900 and $2,100 psf ppr. Lim, for his part, anticipates around five bidders for the site, with a bid price of around $520 million to $550 million, which works out to $2,000 to $2,200 psf ppr.

Making a smart bid for the plot may be the way to go for developers who hope to make a mark in the Orchard area.