Orchard Boulevard GLS site launched for tender

The Orchard Boulevard site is the first Government land sale (GLS) plot to be launched in the Orchard area since 2018. The site, which is zoned for residential development with commercial space at the first storey, measures 75,686 sq ft and has the potential to yield about 280 residential units and 5,382 sq ft of commercial space. Its 99-year leasehold tenure and its close proximity to the Orchard Boulevard MRT Station, the Orchard Road shopping belt, and the Chatsworth Park Good Class Bungalow Area make the site highly desirable.

The newly launched Zion Road Condo is designed with the utmost attention to detail and intelligence. From the interior architecture, to the external structure and even the landscaping, this is truly a Great World City symbol of luxury. Residents can enjoy amenities such as swimming pools, playgrounds and clubhouses, all housed in lush greenery around the property, giving a serene, tranquil atmosphere that is uncommon in the city. With its modern and sophisticated amenities, Zion Road Condo is the perfect residence for those seeking an upscale city living experience.

Eugene Lim, Key Executive Officer at ERA Singapore, notes that the plot is likely to attract strong interest, with three to four bids predicted, with a top bid of around $1,800 to $2,000 psf. Justin Quek, Deputy CEO of OrangeTee & Tie, expects similar interest, predicting two to five bidders with a highest bid price between $1,900 and $2,100 psf ppr.

However, the various cooling measures imposed this year, such as the doubling of the additional buyer’s stamp duty for foreigners to 60%, may prompt developers to be more mindful of land costs. This, combined with the ample supply pipeline in the Core Central Region and reduced demand from foreign buyers, are likely to result in measured bids from developers.

Wong Siew Ying, head of research and content at PropNex Realty expects the tender for the site to attract three to four bidders, with a top bid of around $1,800 to $2,000 psf. OrangeTee & Tie’s Quek, on the other hand, anticipates five bids with a bid price of between $520 million to $550 million, which works out to $2,000 to $2,200 psf ppr. The tender for the site will close on Feb 1, 2024, at noon.

This Orchard Boulevard site is the first GLS Confirmed List site to be launched in the Orchard area in the last three years. With its desirable location and attractive site size, it is sure to draw strong interest from developers when it is released for sale. Developments within a 500-metres radius of the site are located in a private residential enclave, making this an even more attractive investment option.