URA Tender Award for Orchard Boulevard Results : UOL Group and Singapore Land Group has been awarded the Orchard Boulevard Government Land Sale Site ! This is according to the latest URA pressure release dated 21st Feb 2024.
Details of the awarded sites and the successful tenderer is provided below:
| LOCATION | ALLOWABLE DEVELOPMENT | SITE AREA | MAXIMUM PERMISSIBLE GROSS FLOOR AREA (GFA) | SUCCESSFUL TENDERER | TENDERED PRICE ($PSM of GFA) |
| Orchard Boulevard | Residential with Commercial at 1st Storey | 7,031.4 m2 | 24,610 m2 | United Venture Development (No.7) Pte. Ltd. | $428,280,980.00 ($17,402.72) |
Overview of the Orchard Boulevard GLS Site Acquisition
The Winning Bid
UOL Group and Singapore Land Group, through their joint venture, secured the Orchard Boulevard Government Land Sales (GLS) site with a competitive bid of $428.28 million, equivalent to $1,617 per square foot per plot ratio (psf ppr). This bid outshone three other submissions, marking a significant investment in one of Singapore’s most prestigious districts.
Strategic Significance of the Acquisition
The acquisition represents a strategic move for both UOL Group and Singapore Land Group, enabling them to replenish their land banks for future residential developments in Singapore. The site, spanning 75,657 square feet, is designated for ‘Residential with Commercial at 1st storey’, promising a blend of luxury living spaces and commercial amenities.
This is very interesting development as we await the development of 21 Anderson site too which is relatively close to this winning site too.
Comparison with Previous GLS Sites
The Cuscaden Road GLS Site
The awarded bid for the Orchard Boulevard site is notably 32% lower than the $2,377 psf ppr paid for the Cuscaden Road GLS site six years prior. The Cuscaden Road site, which received nine bids in 2018, has been developed into Cuscaden Reserve, a 192-unit luxury residential project.
Marina Gardens Crescent GLS Site
The award follows the rejection of a sole bid by a GuocoLand-led consortium for the Marina Gardens Crescent GLS site. The bid was considered too low by the Urban Redevelopment Authority (URA), highlighting the competitive and selective nature of GLS site tenders in prime locations.
Market Impact and Future Developments
Expected Launch Price
Market analysts, including EdgeProp, estimate that the selling price for the new development on the Orchard Boulevard site could start from $2,917 psf. This estimation reflects the premium nature of the development and its desirable location, potentially setting new benchmarks for luxury residential properties in Singapore.
Comparison with Nearby Developments
The comparison with the nearby Cuscaden Road site, which has already been developed into a luxury residential project, underscores the evolving dynamics of Singapore’s property market. The difference in bid prices reflects market conditions and the strategic approaches of developers in securing prime land for development.
FAQs
What is the significance of the Orchard Boulevard GLS site acquisition?
The acquisition allows UOL Group and Singapore Land Group to expand their land bank in a prime location, indicating confidence in the luxury residential market in Singapore.
How does the awarded bid compare to previous GLS sites?
The bid is 32% less than what was paid for the Cuscaden Road site, showing a strategic valuation in a competitive market.
