The Orchard Boulevard land tender is in, and it came in at the lower end of what analysts expected. Five bids were submitted when the tender closed on 29 October 2026. The top offer, S$181.86 million or S$1,755 per square foot per plot ratio (psf ppr), came from a partnership between Hong Leong Holdings unit Intrepid Investments and TID Residential, according to The Business Times. The figures are provisional results.
We previewed the tender in our earlier post on what to watch when it closed. Here is what the result actually shows.
The five bids
| Rank | Bidder | Bid (S$ million) | S$ psf ppr |
|---|---|---|---|
| 1 | Intrepid Investments (Hong Leong Holdings) and TID Residential | 181.86 | 1,755 |
| 2 | GRC Development | 167.85 | 1,620 |
| 3 | BBR Development, Mindarie Holding and Quarz Capital Group | 160.72 | 1,551 |
| 4 | Wincove Investment (Wing Tai) | 152.39 | 1,471 |
| 5 | Macly Group, Roxy Development Partners, Greatsun Capital, Scree Innovation and Lin Bing Cheng | 139.90 | 1,350 |
The top bid was 8.3% above the second-highest offer and about 30% above the lowest. The 99-year leasehold site covers 37,006 sq ft and can yield about 110 private homes, per the Business Times. 99.co notes that the wide gap between the highest and lowest offers suggests developers took different views of the site's pricing potential and the risks of building a relatively small luxury project.
How it compares
- Next door, in 2024: the neighbouring plot, now being built as Upperhouse at Orchard Boulevard, went for S$1,617 psf ppr after four bids. The new top bid is 8.5% higher, according to 99.co.
- Other recent CCR sites: CBRE's Tricia Song pointed to the Peck Hay Road plot (S$1,865 psf ppr) and River Valley Green Parcel C (S$1,730 psf ppr), both sold in June 2026 with four bids each.
- Analyst forecasts: analysts polled by the Business Times expected two to eight bids and a top bid of S$1,650 to S$1,950 psf ppr. The turnout was within range; the top bid sat closer to the lower end.
Song said: "Nonetheless, this is still one of the highest land rates for prime Core Central Region (CCR) locations in recent years, reflecting developer confidence in prime well-located projects." She also noted that the tender closed amid lukewarm responses to some recent private residential launches and expectations of higher interest rates.
Why the bids were spread out
PropNex head of research and content Wong Siew Ying said the five bids point to healthy interest, but the spread may reflect concerns about upcoming launch supply. She noted that five prime sites sold since November 2025 have yet to launch: Bukit Timah Road, Peck Hay Road, River Valley Green (Parcel C), Holland Plain and Dunearn Road. Together they could offer more than 1,700 new private homes in the CCR.
On the demand side, a PropNex analysis of URA data found that 249 of Upperhouse's 301 units, or 83%, have been sold at an average of S$3,405 psf since its July 2025 launch. The 28 units sold this year averaged S$3,599 psf. Mogul.sg chief research officer Nicholas Mak described the plot as "one of the few vacant residential sites in the Orchard Boulevard area available for sale."
What it means for buyers
- Expect high pricing, years from now. Analysts quoted by the Business Times expect the future project to launch at an average of S$3,400 to S$3,800 psf. Nothing will be on sale for some time, and the developer will set the final pricing.
- Few choices near Orchard Boulevard. With one site on offer for about 110 homes and Upperhouse mostly sold, new-launch options at this address are limited.
- Read the spread, not only the top line. A S$405 gap between the highest and lowest bid shows developers are not in full agreement on how much a small prime project can earn. Buyers should treat early price forecasts as estimates.
- Completed homes are available now. Buyers who prefer not to wait for construction can look at what is already built. Our District 10 condo guide compares the main projects.
If you would rather own a completed freehold home in the same district than wait for a new project, 21 Anderson has two homes left as at 23 September 2026: a 3,197 sq ft ground-floor 2-bedroom with a guide price of S$10 million and a 4,489 sq ft 4-bedroom at S$25 million. See the available units, or WhatsApp us on +65 8866 9422 to arrange a private viewing.
This article is for general information only and is not financial or investment advice. Figures are as reported by the sources below at the time of writing; tender results are provisional and may change.
