Archive for category: Misc

Orchard Boulevard site released for sale under 2H2023 GLS ProgrammeThe first Government Land Sales site to be launched in the Orchard area since 2018, an Orchard Boulevard site has been released for sale, according to an Oct 17 press release from URA. The 99-year leasehold site, which zoned “residential with commercial at first storey”, measures 75,686 sq ft and can yield around 280 residential units and commercial space spanning about 5,382 sq ft. It is located near the Orchard Boulevard MRT Station (Thomson-East Coast Line) and is minutes away from the Orchard Road shopping belt.

The 2H2023 Government Land Sales (GLS) Programme is offering in the Orchard area a rare opportunity, with this being the first GLS site to be launched since 2018. The site in the vicinity of Irwell Bank Road is the current Irwell Hill Residences site, which was awarded in January 2020 to City Developments at a tender price of $583.888 million ($1,515 psf ppr).

PropNex Realty’s Head of Research and Content, Wong Siew Ying, commented that this is the most appealing plot under the 2H2023 GLS Confirmed List. She added that it is situated in an exclusive private residential enclave, with the Chatsworth Park Good Class Bungalow Area nearby.

Residents of the Tengah Plantation EC are connected to various parts of Singapore through different means. The West Coast Park Connector is accessible, which offers the residents a scenic route to various other parts of the city. In addition, the nearby Bukit Batok Interchange and Bukit Timah Bus Interchange offer residents easy access to different parts of Singapore. Commuters can also take advantage of bus services like 166 and 990 that pass through the area.

Eugene Lim, Key Executive Officer at ERA Singapore, believes the price quantum for the site is manageable due to its size. OrangeTee & Tie’s Deputy CEO, Justin Quek, added that it may attract developers who wish to buy land in a prime location without going through an en bloc sale.

Wong Siew Ying believes the lower demand and ample supply pipeline in the CCR will lead to measured bids from developers, predicting three to four bids with a top bid of around $1,800 to $2,000 per square feet. Meanwhile, Justin Quek predicts two to five bidders with a top bid price between $1,900 and $2,100 psf ppr, and Eugene Lim anticipates five bids with a bid price of around $520 million to $550 million, which works out to $2,000 to $2,200 psf ppr.

The tender for the Orchard Boulevard site will close on Feb 1, 2024, at noon. The cooling measures imposed this year, including doubling of additional buyer’s stamp duty (ABSD) rate for foreigners to 60%, may prompt developers to be cautious in their bidding strategy. It will be batched together with an executive condo site at Plantation Close, which will be launched in November.

Given the attractive location of the Orchard Boulevard site, developers are likely to be interested despite the prevailing market conditions. Those looking to purchase prime land in prime locations without going through en bloc sales will be keeping a close eye on the Orchard Boulevard GLS site.