The Government Land Sales (GLS) tender for a residential site at Orchard Boulevard closed on 29 October 2026, attracting five bids. A joint venture between Intrepid Investments (Hong Leong Holdings) and TID Residential (Hong Leong-Mitsui Fudosan) submitted the highest bid of S$181.86 million, translating to S$1,755 per square foot per plot ratio (psf ppr).
The 99-year leasehold site spans about 3,438 sqm (37,006 sqft) and has a maximum gross floor area (GFA) of 9,627 sqm (103,624 sqft). It could yield around 110 private residential units in the Core Central Region (CCR).
Be the first to know about the upcoming Orchard Boulevard condo!
Orchard Boulevard GLS site draws five bids
| Rank | Tenderer | Bid Price | Land Rate (psf ppr) |
|---|---|---|---|
| 1 | Hong Leong Holdings and TID | S$181,861,924 | S$1,755 |
| 2 | GRC Development | S$167,850,000 | S$1,620 |
| 3 | BBR Holdings, Mindarie Holding and Quarz Capital Group | S$160,720,925 | S$1,551 |
| 4 | Wing Tai Holdings | S$152,388,888 | S$1,471 |
| 5 | Macly Group, Roxy-Pacific Holdings, Greatsun Capital, Scree Innovation and Lin Bing Cheng | S$139,900,000 | S$1,350 |
The highest bid was 8.3% above the second-highest offer of S$1,620 psf ppr from GRC Development, the property development arm of SingHaiyi Group. At the other end, a consortium comprising Macly Group, Roxy-Pacific Holdings and its partners submitted the lowest bid of S$1,350 psf ppr, about 30% below the top offer.
The five bids indicate continued developer interest in prime residential land. However, the wide gap between the highest and lowest offers suggests that developers had different views on the site’s pricing potential and the risks involved in building a relatively small luxury development.
Among the highest land rates for pure residential sites
The S$1,755 psf ppr land rate ranks among the highest for a pure residential GLS site in the CCR since 2018. It is the third-highest, behind the Peck Hay Road site, which was awarded at S$1,865 psf ppr in June 2026, and the Bukit Timah Road plot, which fetched S$1,820 psf ppr in November 2025.
The result also marks an increase of 8.5% over the S$1,617 psf ppr paid by UOL Group and Singapore Land Group (SingLand) for a neighbouring site in February 2024. That plot is now being developed as UpperHouse at Orchard Boulevard, a 301-unit luxury condominium launched in July 2025.
UpperHouse’s sales performance may have helped support the winning bid. Based on URA Realis caveat data, the development had sold 249 units, or about 83% of its inventory, at an average price of S$3,405 psf. It also achieved an average selling price of S$3,599 psf for the 28 units transacted in 2026.
The figures suggest that demand for luxury homes in the immediate vicinity has held up despite the high entry prices. This may have given the successful bidder greater confidence in the price it could potentially achieve for a new project.
However, the difference between the five bids points to a more measured assessment among other developers. One factor behind the spread could be the pipeline of prime residential projects that have yet to enter the market.
Several CCR GLS sites have been awarded since November 2025, including plots along Bukit Timah Road, Dunearn Road, Holland Plain, Peck Hay Road and River Valley Green (Parcel C). Collectively, these sites could potentially add around 1,700 private homes to the CCR.
Orchard Boulevard site benefits from prime location and MRT access
The site is located near the junction of Orchard Road and Tomlinson Road, placing it within one of Singapore’s most established luxury residential neighbourhoods. Nearby developments include Cuscaden Residences, Park Nova and Boulevard 88, which have helped shape the area’s premium residential profile.
Residents of the future development would also have access to Orchard Road’s shopping, dining and lifestyle amenities. The site is less than 400m from Orchard Boulevard MRT station on the Thomson-East Coast Line (TEL), while Orchard MRT station, an interchange between the TEL and North-South Line, is about 550m away.
The connectivity gives residents convenient access to both the Orchard shopping belt and other parts of Singapore. Its District 10 address may also appeal to buyers who value proximity to the city centre without giving up the residential character of the surrounding neighbourhood.
Further changes to the area could add to its appeal over time. Orchard Road is undergoing rejuvenation, while the redevelopment of the former Tanglin Shopping Centre is expected to introduce an arts and culture hub alongside an office tower and commercial podium. These projects could broaden the range of activities and amenities available in the vicinity.
Be the first to know about the upcoming Orchard Boulevard condo!
Upcoming development could launch above S$3,400 psf
Based on the winning land rate of S$1,755 psf ppr, the future development could be priced at an average of more than S$3,400 psf, according to market analysts. The estimate reflects the high land cost and the pricing achieved by nearby UpperHouse at Orchard Boulevard.
That would place the project firmly in the luxury segment, where buyers are likely to weigh location, unit sizes, privacy and development quality alongside price. Potential demand could come from owners looking to right-size within the prime districts, owner-occupiers seeking a home near Orchard Road, and long-term investors attracted by the area’s established rental market.
Stay updated with the latest news and insights on Singapore’s new launch market here.
The post Hong Leong-TID JV top bids Orchard Boulevard GLS site at S$1,755 psf ppr appeared first on .
