Huttons’ comments on Orchard Boulevard and Plantation Close (EC) GLS tenders

2 February 2024

The Orchard Boulevard GLS site attracted a top bid of $1,617 psf ppr from United Venture Development. There were a total of 4 bidders.

This is the strongest bid for land in the CCR and Orchard Road area in the past 5 years. It reflects developers’ growing confidence in the CCR, buoyed by the strong results and prices achieved at Watten House. Local buyers have shown their willingness to pay for a well-designed home at an attractive location.

As this site is in the central area with no cap on the maximum number of dwelling units, there may be a good mix of 1- and 2-bedroom types targeting investors and singles.

Tenants will be attracted to the central location, proximity to Orchard Road, Singapore Botanic Gardens and direct access to Orchard Boulevard MRT station. Local buyers will be attracted to the prestigious address where plenty of luxury condos and Good Class Bungalows are located.

The Plantation Close (EC) site attracted 4 bidders.

The top bid of $701 psf ppr is similar to an earlier tender in June 2023 for an adjacent EC site which was awarded to a tie-up between Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd.

If Hoi Hup and Sunway are awarded this site, there is a possibility they may create a mega EC project by amalgamating the two sites subject to authorities’ approval.

Demand for ECs have been strong and the latest EC launch, Lumina Grand sold 270 units on the first weekend. Many Singaporeans recognise that ECs offer similar condo facilities at an attractive entry price. There are less than 500 unsold EC units in the market as of 1 Feb 2024.

Furthermore this site is a short walk to the future Tengah Park MRT station on the Jurong Region Line which will bring residents to the second CBD at Jurong East in less than 10 mins. The popular Princess Elizabeth Primary School is less than 1km away.