Orchard Boulevard – Government Land Sale (GLS) Site Analysis
Research30 Oct 20265 min read
The tender for the Government Land Sales (GLS) site at Orchard Boulevard closed on 29 October 2026. A total of five bids were received, with the top bid of $181.9 million ($1,755 psf ppr) submitted by Hong Leong Group and TID Residential Pte Ltd.
Table 1: Closing Bids for Orchard Boulevard GLS Site
S/N | Name of Tenderer | Tendered Sale Price ($) | Tendered Sale Price in $PSF of GFA ($ PSF PPR) |
1 | Hong Leong Holdings and TID | $181.9 million | $1,755 psf ppr |
2 | Global Resource Construction | $167.9 million | $1,620 psf ppr |
3 | BBR Holdings, Mindarie Holding and Quartz Capital Group | $160.7 million | $1,551 psf ppr |
4 | Wing Tai Holdings | $152.4 million | $1,471 psf ppr |
5 | Macly Group, Roxy-Pacific Holdings, Kimly Group, HLBC and Ling Bing Cheng | $139.9 million | $1,350 psf ppr |
Source: URA, ERA Research and Market Intelligence
Location Analysis
Located in the Orchard Planning Area, the Orchard Boulevard GLS site enjoys excellent connectivity. It is within walking distance of both Orchard Boulevard MRT and Orchard MRT stations. This provides residents with easy access to both the Thomson-East Coast Line (TEL) and North-South Line (NSL), which provides future residents with seamless connections to the Central Business District (CBD) and other parts of Singapore.
Residents can also enjoy a wide array of lifestyle amenities. These includes renowned shopping and dining destinations such as ION Orchard, Wheelock Place, Ngee Ann City and Tanglin Mall.
The site is also well-connected to major expressways. These include the Central Expressway (CTE), providing easy access to the northern regions of Singapore. It is also connected to the Ayer Rajah Expressway (AYE), offering convenient access to the western and southern parts of the island.
Site Details
| Location | Orchard Boulevard (D10) |
| Region | Core Central Region (CCR) |
| Planning Area | Orchard |
| Site Area | 3,438 sqm |
| Gross Plot Ratio | 2.8 |
| Land Use Zoning | Residential (Non-Landed) |
| Maximum Gross Floor Area (GFA) | 9,627 sqm |
| Estimated Housing Units | 110 units |
Source: URA, ERA Research and Market Intelligence
Image 1: Map of Orchard Boulevard GLS site
Source: URA, ERA Research and Market Intelligence
Potential buyers’ profile
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, and easy access to numerous lifestyle offerings, while investors will value its proximity to Orchard Road and the CBD, which supports rental demand.
Supply and outlook
The most recent GLS site in the vicinity was awarded in February 2024. It has since been developed as UPPERHOUSE at Orchard Boulevard. The 301-unit condominium achieved a take-up rate of 54% when it was launched in July 2025. Since then, take up rate has increased to 83.1%, underscoring sustained buyer demand for new residential developments in the Orchard Boulevard area.
The appeal of Core Central Region (CCR) assets is likely to strengthen as investors are anticipating a recovery in the CCR projects. Compared to the period between 2016 and 2020, the price premium commanded by CCR developments over those in the Rest of Central Region (RCR) and Outside Central Region (OCR) has narrowed considerably. As RCR and OCR home prices continue to rise, the relative pricing gap between market segments has compressed, making CCR properties appear increasingly attractive on a value basis. This has been further supported by a lower interest rate environment and a growing presence of local and Permanent Resident (PR) buyers in the CCR market.
Chart 1: New Sale Median Price Across All Market Segments (Non-Landed)
The strong performance of recent launches such as River Green and River Modern provides further evidence of the healthy demand observed within the CCR market.
Table 2: Recent New Launches in Orchard Boulevard
Project Name | Location | Launch Date | Total no. of units | No. of units sold | Take-up rate | Median Unit Price YTD 2026 ($PSF) |
UPPERHOUSE at Orchard Boulevard | Orchard Boulevard | Jul-25 | 301 | 250 | 83.1% | $3,508 |
River Green | River Valley Green | Aug-25 | 524 | 498 | 95% | $3,453 |
River Modern | River Valley Green | Mar-26 | 455 | 434 | 95.4% | $3,231 |
Source: URA Realis (as of 29 October 2026), ERA Research and Market Intelligence
Transforming Orchard Road
Recently, URA unveiled plans to further transform Orchard Road. The aim is to turn this area into a lifestyle destination that goes beyond traditional retail offerings, including a wider range of recreation spaces.
Under the proposed rejuvenation plans, Orchard Road, Dhoby Ghaut and Istana Park will be better integrated to create a destination park. This will also transform Orchard Road into a more family-friendly and lifestyle-oriented precinct. As a result, Orchard Road is expected to become a more vibrant precinct that extends beyond its traditional shopping destination.
The enhanced green spaces are envisioned to cater to visitors of all ages. This will feature dedicated activity zones, community gathering spaces and event venues. These spaces are intended to encourage greater interaction and engagement.
For prospective buyers, these enhancements could further elevate the appeal of living near Orchard Road. Residents will benefit from the improved connectivity and greater access to retail options. With the expanded recreational amenities, this could also strengthen the precinct’s long-term livability, making it especially appealing for buyers seeking the prestige of a prime address.
Upcoming launches
Over the past few years, more CCR sites have been released under the GLS program, reflecting the government's intention to inject a steady pipeline of prime residential land into the market. This helps support more supply of housing in the prime districts and provides buyers with a wider variety of housing options in the years ahead.
Table 3: CCR GLS launches from 2025 and 2026
Location | Est. no. of resi. units | Launch Date | Closed and Awarded |
Bukit Timah Road | 340 | Aug-25 | Nov-25 |
Holland Plain | 280 | Feb-26 | May-26 |
River Valley Green Parcel C | 470 | Apr-26 | June-26 |
Peck Hay Road | 315 | Apr-26 | June-26 |
Orchard Boulevard | 110 | Aug-26 | - |
Holland Plain | 610 | Dec-26 | - |
Source: URA, ERA Research and Market Intelligence
Conclusion
Sites in central locations with unique locational attributes and strong transport links are still expected to attract interest from developers, which is fueled by the resilient Singapore economy, strong household balance sheet and a low interest rate environment.
In August, the Ministry of Trade and Industry (MTI) upgraded Singapore’s 2026 GDP growth forecast to 4.5%–5.5% y-o-y, up from its earlier estimate of 2%–4%. Additionally, MTI just announced that Singapore’s economy grew by 5.4% y-o-y in 3Q 2026, higher than the 4.5% y-o-y increase in 3Q 2025.
