Commentary on Orchard Boulevard GLS Closing

The top bid of $1,755 psf ppr submitted for the Orchard Boulevard GLS site highlights developers’ continued interest in well-located sites in the Core Central Region. Its Orchard address, access to two MRT lines, and proximity to established retail and dining amenities give the site distinctive appeal.

“The highest bid of $1,755 psf ppr is broadly in line with the $1,730 psf ppr land rate for River Valley Green (Parcel C), awarded in June. This indicates continued developer confidence in well-located sites within Singapore’s prime districts and suggests that the CCR continues to attract resilient demand,” said Marcus Chu, Chief Executive Officer, ERA Singapore.

“The active participation in the site could be due to its smaller overall size and lower development risk, which could have encouraged more developers to bid for the site as they look to replenish their pipeline of CCR condominiums,” added Chu.

Buyer Demand
“Recent sales at UPPERHOUSE at Orchard Boulevard, River Green and River Modern indicate sustained demand for new CCR condominiums. The Orchard Boulevard site could appeal to both owner-occupiers seeking a prime address and investors seeking stable rental income.”

UPPERHOUSE at Orchard Boulevard sits on the site awarded in February 2024. Since then, no GLS sites in the vicinity have been launched for tender until the subject site.

In February 2024, the tender for the UPPERHOUSE at the Orchard Boulevard site closed with four bids. The winning bid of $428.3 million ($1,617 psf ppr) was submitted by UOL Group and Singapore Land Group.

Since its launch in July 2025, 301-unit UPPERHOUSE at Orchard Boulevard has achieved an 83.1% take-up rate, indicating continued healthy demand for CCR condominiums.

Location Attributes
“Plans to add more recreational and green spaces around Orchard Road could broaden the area’s appeal beyond shopping. Over time, these enhancements may strengthen its appeal to buyers seeking a central address with a more varied lifestyle,” said Chu.

The Orchard Boulevard site is located in District 10 and the Orchard Planning Area. Its proximity to Singapore’s main shopping belt and financial district makes it highly attractive to tenants who value a central location. As a result, the future development is expected to appeal to investors seeking stable rental income.

“Another key feature of the site is its proximity to both Orchard and Orchard Boulevard MRT stations, providing future residents with easy access to the Thomson-East Coast and North-South lines. Owner-occupiers are expected to be drawn to the project’s central location in a prime district, as well as to its proximity to public transport nodes and numerous malls,” added Chu.

Outlook
Sites in central locations with unique locational attributes and strong transport links are still expected to attract ongoing developer interest, fuelled by a resilient Singapore economy, strong household balance sheets, 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%. MTI also announced that Singapore’s economy grew 5.4% y-o-y in 3Q 2026, up from 4.5% y-o-y in 3Q 2025.

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For media queries, please contact:
Eugene Syn
PR Manager
eugene.syn@era.com.sg