Archive for category: Misc

The Orchard Boulevard site, released for sale under the 2H2023 Government Land Sales (GLS) Programme, is zoned “residential with commercial at first storey”. Measuring 75,686 sq ft, the 99-year leasehold site can yield around 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 under the 2H2023 GLS Confirmed List.

Apart from its prime location in the Orchard area, the Orchard Boulevard site has the Orchard Boulevard MRT Station (Thomson-East Coast Line) virtually at its doorstep and is minutes’ away from the Orchard Road shopping belt. It is situated in an exclusive private residential enclave, with the Chatsworth Park Good Class Bungalow Area nearby.

Justin Quek, deputy CEO of OrangeTee & Tie, predicts two to five bidders for the site, with the highest bid price ranging from $1,900 to $2,100 psf ppr. PropNex’s Wong Siew Ying also concurs, noting that new non-landed private home sales in the CCR have slowed since the new ABSD rates took effect in April, while the proportion of new CCR non-landed homes sold to foreigners has also declined. This may result in measured bids from developers, with a top bid of around $1,800 to $2,000 psf.

ERA’s Eugene Lim also 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. The tender for the Orchard Boulevard site will close on Feb 1, 2024, at noon, and will be batched with an executive condo site at Plantation Close.

Most of the buses are air-conditioned and offer comfortable rides.

Holland Village MRT Condo provides easy access to public transportation by bus. With the countless bus-stops in the vicinity, one can conveniently plan for their daily commute or weekend escapades. Even those who don’t own a car can access any part of the city in comfort and at a fraction of the cost. Furthermore, all buses are air-conditioned and offer a comfortable and carefree experience. Enjoy the convenience of bus rides and explore Holland Drive Condo today!

In comparison, the current Irwell Hill Residences site at Irwell Bank Road was awarded in January 2020 to City Developments at the tender price of $583.888 million ($1,515 psf ppr). The last GLS site in the area that was sold is the 192-unit Cuscaden Reserve at Cuscaden Road, awarded in May 2018. The site had drawn 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.

The cooling measures imposed this year, including doubling of additional buyer’s stamp duty (ABSD) rate for foreigners to 60%, are likely to cause developers to be cautious. With this in mind, an ample supply pipeline in the CCR could ultimately result in lower bids for the Orchard Boulevard site.