Orchard Boulevard GLS Site Awarded

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Today 21st Feb 2024, URA has announced that the Orchard Boulevard GLS Site Awarded to United Venture Development.

The site at Orchard Boulevard was launched for tender on 17 October 2023. The tender for the site closed on 1 February 2024. The site was offered for sale on a 99-year lease term.

Details of the awarded sites and the successful tenderer is provided below:

($PSM of GFA)
 Orchard BoulevardResidential with Commercial at 1st Storey7,031.4 m2 24,610 m2United Venture Development (No.7) Pte. Ltd. $428,280,980.00

The Winning Bid

UOL Group and Singapore Land Group have secured the Orchard Boulevard Government Land Sales (GLS) site through their joint venture, United Venture Development (No.7) Pte. Ltd., with a landmark bid of $428.28 million. This translates to an impressive $17,402.72 per square meter of the maximum permissible gross floor area (GFA), demonstrating a significant investment in one of Singapore’s most prestigious districts.

Strategic Significance of the Acquisition

This strategic acquisition not only enables UOL Group and Singapore Land Group to bolster their land banks but also signifies their commitment to developing luxury living spaces complemented by commercial amenities on the first storey. Spanning a site area of 7,031.4 m^2 with a maximum GFA of 24,610 m^2, this development promises to be a blend of high-end residential units and vibrant commercial spaces.

Orchard Boulevard GLS Site Awarded : Comparison with Previous GLS Sites

The Cuscaden Road GLS Site

The bid for the Orchard Boulevard site is notably 32% lower than the $2,377 psf ppr paid for the nearby Cuscaden Road GLS site six years ago, which has since been developed into Cuscaden Reserve, a 192-unit luxury residential project. This comparison highlights the strategic market valuation employed by the developers in a competitive market environment.

Marina Gardens Crescent GLS Site

This acquisition comes in the wake of the Urban Redevelopment Authority’s rejection of a sole bid by a GuocoLand-led consortium for the Marina Gardens Crescent GLS site, underscoring the selective nature of GLS site tenders in prime locations and the importance of strategic bidding.

Market Impact and Future Developments

Expected Launch Price

With estimates suggesting that the selling price for the new development could start from $2,917 psf, the Orchard Boulevard site is set to redefine luxury living in Singapore. This anticipated price point reflects the premium nature of the development and its coveted location, potentially establishing new benchmarks for luxury residential properties in Singapore.

Comparison with Nearby Developments

The comparison with the developed Cuscaden Reserve provides insight into the evolving dynamics of Singapore’s luxury property market. The strategic valuation differences between these sites reflect the nuanced approaches developers take to secure prime land for development, signaling confidence in the luxury residential market.


What is the significance of the Orchard Boulevard GLS site acquisition?

The acquisition by UOL Group and Singapore Land Group marks a significant investment in Singapore’s luxury residential sector, expanding their land bank in a prime location and setting the stage for high-end residential and commercial development.

How does the awarded bid compare to previous GLS sites?

The bid for the Orchard Boulevard site is 32% lower than the previous bid for the Cuscaden Road site, reflecting a strategic approach to valuation in a highly competitive market.

What can be expected from the new development on the Orchard Boulevard site?

The development is anticipated to be a luxury residential project with commercial amenities on the first storey, likely setting a new standard for luxury living in Singapore.

In the meantime, 32 Gilstead continues to be a large format development that will be designed by top designers and architects and would be a home for you and your family.

Schedule a showroom visit with us and we will invite you when the show flat is ready !

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