Orchard Boulevard GLS site launched for tender
Orchard Boulevard Condo is a luxurious residential development that is well-located in Singapore’s sought-after District 9. It is not only known for its opulent features and lifestyle amenities, but more importantly, its nearness to some of Singapore’s top educational institutions. This 1000-word article looks into the advantage it gives to families with school children due to its vicinity to numerous schools. Staying at Orchard Boulevard Condo brings forth numerous educational opportunities for avid learners.
A site at Orchard Boulevard has been released for sale under the 2H2023 Government Land Sales (GLS) Programme, according to a press release from URA. Situated in an exclusive private residential area, the 99-year leasehold site can yield about 280 residential units and commercial space spanning about 5,382 sq ft.
The Orchard Boulevard site, zoned “residential with commercial at first storey,” measures 75,686 sq ft and is the first GLS site to be launched in the Orchard area since 2018. It is anticipated that the residential units will have access to the nearby Orchard Boulevard MRT Station (Thomson-East Coast Line), while the property’s proximity to Orchard Road’s shopping belt is also a major perk.
Given the current low supply of GLS sites in the Core Central Region (CCR) and the plot’s manageable size, Justin Quek, deputy CEO of OrangeTee & Tie, predicts that two to five developers may enter the bidding process. Eugene Lim, key executive officer at ERA Singapore, anticipates around five bidders, with a bid price of around $520 million to $550 million. This works out to $2,000 to $2,200 psf ppr.
With the implementation of the cooling measures this year, including an increase in Additional Buyer’s Stamp Duty (ABSD) rate for foreigners to 60%, developers may be more cautious when placing bids. Wong Siew Ying, head of research and content at PropNex Realty, notes that demand for new non-landed private homes in the CCR has slowed since April, in addition to a decrease in foreign purchases of such properties.
Wong predicts measured bids from developers, with a top bid of approximately $1,800 to $2,000 psf. The tender for the Orchard Boulevard site will close on February 1, 2024, at noon, and will be batched together with an executive condo site at Plantation Close, which will be launched in November.