Commentary on Orchard Boulevard GLS opening

The tender for the Government Land Sale (GLS) site at Orchard Boulevard was launched today. The plot in District 10 covers approximately 3,438 sqm and has a maximum gross floor area of 9,627 sqm. The site can yield approximately 110 condominium units. The tender will close at 12 noon on 29 October 2026.

“This site could pique developers’ interest, as the most recent launch in the same district - UPPERHOUSE at Orchard Boulevard - has sold 82.1% of its units in around a year. This strong take-up rate for a CCR project, which normally sees more gradual take-up, signifies firm buyer demand in the area,” said Marcus Chu, Chief Executive Officer (CEO), ERA Singapore.

“The smaller overall size and lower price point create a more attractive entry into the CCR market, potentially encouraging developers to more actively bid for the site as they look to replenish their luxury condominium pipeline,” adds Chu.

The previous Orchard Boulevard GLS site attracted four bids when it closed in February 2024. It was awarded the same month for $428.3 million, or $1,617 psf ppr. The strong level of bidding interest for that site suggests that the subject site could also attract strong participation from developers.

Location Attributes

A principal factor driving demand for this GLS site is its closeness to Orchard Road's commercial and retail area. As Singapore's top shopping destination, Orchard Road provides a dense array of retail outlets, restaurants, and lifestyle services, attracting buyers interested in a highly accessible urban environment. The presence of numerous international retail brands, dining venues, and nearby Grade A office buildings is also likely to boost leasing interest from expatriates, enhancing the project's attractiveness to investors.

The site offers excellent connectivity, being within a 10-minute walk of Orchard Boulevard MRT station (Thomson-East Coast Line). This station is only one stop from Orchard Interchange station (North-South and Thomson-East Coast lines), and the CBD is about a 15-minute commute away.

Families with school-age children will also appreciate being within a 2 km radius of several popular schools, including Alexandra Primary School, Anglo-Chinese School (Junior), Anglo-Chinese School (Barker Road), River Valley Primary School, and Singapore Chinese Girls' School (Primary and Secondary).

"The excellent locational attributes of the future development will appeal to multiple buyer segments. Affluent local owner-occupiers will be drawn to its prestigious Orchard address, while investors will value its proximity to Orchard Road and the CBD, which supports rental demand," added Chu.

Closing thoughts

Singapore's prime residential market continues to benefit from resilient buyer demand and a limited supply of such sites. The subject site is expected to attract keen interest from developers with the foresight to look beyond near-term market volatility.

Singapore's prime residential market has historically demonstrated resilience across market cycles. Given the rarity of GLS sites in the Orchard Planning Area, we expect active participation from developers, with bid prices ranging from $1,650 psf ppr to $1,700 psf ppr.