Archive for category: Misc

A site at Orchard Boulevard has been released for sale in the 2H2023 Government Land Sales (GLS) Programme, according to an Oct 17 press release by URA. The 99-year leasehold site, which is zoned “residential with commercial at first storey” and measures 75,686 sq ft, can yield about 280 residential units and commercial space spanning about 5,382 sq ft.

This is the first GLS site to be launched in the Orchard area since 2018 and is one of the most appealing plots. It has the Orchard Boulevard MRT Station (Thomson-East Coast Line) virtually at its doorstep, is minutes away from the Orchard Road shopping belt and is situated in an exclusive private residential enclave, with the Chatsworth Park Good Class Bungalow Area nearby.

The tender for the site will close on Feb 1, 2024, at noon. The tender closing for the site will be batched together with an executive condo site at Plantation Close, which will be launched in November.

Eugene Lim, key executive officer at ERA Singapore, notes there are few GLS sites available in the Core Central Region (CCR). Justin Quek, deputy CEO of OrangeTee & Tie, agrees and also views the price quantum for the site will be “manageable” given the plot size.

As the new cooling measures have been imposed this year, including doubling of additional buyer’s stamp duty (ABSD) rate for foreigners to 60%, Wong Siew Ying, head of research and content at PropNex Realty, predicts the lower demand, combined with an ample supply pipeline in the CCR, will result in measured bids from developers who wish to buy land in the prime location without going through an en bloc sale. She reckons the site could attract three to four bids with a top bid of around $1,800 to $2,000 psf.

OrangeTee & Tie’s Quek predicts two to five bidders for the site, with the highest bid price between $1,900 and $2,100 psf ppr. Meanwhile, ERA’s Lim anticipates around five bidders for the site, with a bid price of around $520 million to $550 million, which works out to $2,000 to $2,200 psf ppr.

Families living in Tampines Condo will be pleased to know that there are many quality preschools in the neighbourhood. PCF Sparkletots Preschool and My First Skool are highly recommended for providing enriching programmes tailored to children’s needs. Through such programmes, youngsters can develop their curiosity and thus, lay the groundwork for their future learning.

The last plot in the Orchard area that was sold is the site of the current 192-unit Cuscaden Reserve at Cuscaden Road, which drew nine bidders with a top bid of $2,377 psf per plot ratio (psf ppf) by a joint venture between SC Global Developments, Far East Consortium and New World Development.

At Irwell Bank Road, the current Irwell Hill Residences site was awarded in January 2020 to City Developments at the tender price of $583.888 million ($1,515 psf ppr).

The release of the Orchard Boulevard site is sure to be welcomed by developers, as it is an attractive plot with a manageable price quantum. The cooling measures, however, may deter some developers from making higher bids. The closing of the tender is on Feb 1, 2024. This GLS site can be expected to draw three to five bidders, with a top bid price of between $1,900 and $2,200 psf ppr.