Hong Leong-TID Leads Orchard Boulevard Land Tender With S$181.86 Million Bid
Five bids came in for an Orchard Boulevard plot that can yield about 110 homes, with the top offer at S$1,755 psf ppr.
Hong Leong Holdings unit Intrepid Investments and TID Residential offered S$181.86 million for an Orchard Boulevard residential plot, setting the highest land price among five bids received at the tender’s close on Thursday, Oct 29. Their offer of S$1,755 per square foot per plot ratio (psf ppr) puts the site among the higher-priced prime residential plots sold in recent years, while the bidding spread points to competing views on its prospects.
The 37,006 sq ft site is expected to accommodate about 110 private homes. Its Orchard Boulevard address, proximity to the Orchard Boulevard MRT station on the Thomson-East Coast line and relatively modest scale were seen as factors that could draw a range of developers. A smaller project can limit the total financial commitment compared with a larger residential scheme, even when the land rate is high.
Five offers, with a wide spread
The second-highest offer was S$167.85 million, or S$1,620 psf ppr, from a wholly owned unit of Global Resource Construction (GRC Group). That placed the top bid 8.3 per cent above the next offer. GRC Group is listed on the Singapore Exchange mainboard and operates in construction, civil engineering and sustainable infrastructure solutions. It is largely controlled by Tang Organization, formerly Chip Eng Seng Corporation, which is wholly owned by Gordon and Celine Tang.
The lowest bid, at S$1,350 psf ppr, came from a consortium including Macly Group, Roxy Development Partners and Kimly Construction. The gap between that offer and the winning bid was 30 per cent. BBR Development, Quarz Capital Group and a unit of Switzerland-based Volare Group offered S$160.72 million, or S$1,551 psf ppr. A Wing Tai unit bid S$152.39 million, equivalent to nearly S$1,471 psf ppr.
Analysts surveyed by The Business Times had forecast two to eight offers, making the five bids consistent with their expected range. Their estimates for the top land rate ran from S$1,650 psf ppr to S$1,950 psf ppr. The winning offer sat closer to the lower end of that range. That result suggests developers saw value in the location, but the price also reflects a measured assessment of the sales prospects for a new project.
Prime location meets launch competition
CBRE head of research for Singapore and South-east Asia Tricia Song described the land rate as one of the highest in recent years for a prime Core Central Region (CCR) location. She said it reflected developer confidence in well-located projects. Mogul.sg chief research officer Nicholas Mak pointed to the scarcity of available residential land in the Orchard Boulevard area, calling the plot one of the few vacant sites there available for sale.
Scarcity helps explain the interest, but it doesn’t remove the commercial risk. A developer considering the site would need to weigh the cost of land against construction and financing expenses, then judge how buyers might respond to the eventual homes. The tender arrived amid subdued responses to some recent private residential launches and expectations of higher interest rates, factors that can affect both project economics and buyer demand.
Potential competition is another consideration. Five prime residential plots sold through land tenders since last November have yet to launch their projects. The sites, at Bukit Timah Road beside the Newton MRT interchange, Peck Hay Road, River Valley Green (Parcel C), Holland Plain and Dunearn Road, could provide more than 1,700 new private homes in the CCR, according to PropNex head of research and content Wong Siew Ying.
Wong said the five bids showed healthy interest in the Orchard Boulevard plot, while the range of offers may also signal concern about upcoming launch supply. That distinction matters: a site can attract several bidders because of its location and still leave developers cautious about the prices they are prepared to pay.
Comparable land rates and buyer activity
The nearest comparable 99-year residential plot in the area is being developed as Upperhouse at Orchard Boulevard. It is zoned for residential use with commercial space on the first storey and sits in front of Orchard Boulevard MRT station. Its tender closed in 2024 with four offers; a UOL Group and Singapore Land tie-up secured it at S$1,617 psf ppr.
Earlier, the residential site now occupied by Cuscaden Reserve received nine offers in 2018 and sold at S$2,377 psf ppr. More recent CCR comparisons include Peck Hay Road and River Valley Green (Parcel C), which each drew four bids at tender closings in June. They sold at S$1,865 psf ppr and S$1,730 psf ppr, respectively. The Orchard Boulevard winning bid is below those two figures, although land prices alone don’t determine the economics of projects with different sites, layouts and costs.
Sales at Upperhouse offer a nearby reference point for potential demand. PropNex analysis of Urban Redevelopment Authority data downloaded on Thursday found that 83 per cent, or 249, of its 301 units had sold since its July 2025 launch, at an average S$3,405 per square foot. Of the sold units, 28 changed hands this year at an average S$3,599 per square foot.
Analysts expect a project on the newly tendered plot to launch at an average price between S$3,400 and S$3,800 per square foot. That remains an estimate rather than a settled price. The eventual proposition will depend on how the developer balances the S$1,755 psf ppr land cost with project expenses and the volume of competing CCR launches. The tender points to continuing developer interest in Orchard, while the spread of offers and pipeline of new homes leave the next test with buyers.
