Commentary on URA tender closing of Orchard Boulevard (2)

By Tricia Song (宋明蔚), Head of Research, Singapore and Southeast Asia, CBRE

Amid expectations of higher interest rates and more lukewarm take-up at recent new launches, the tender for the small pure residential site at Orchard Boulevard (2) (110 units) saw healthy developer participation with 5 bids, though the top bid price of $181.86 mil ($1,755 psf ppr) is at the lower bound of our expectations. Nonetheless, this is still one of the highest land rates for prime Core Central Region (CCR) locations in recent years, reflecting developer confidence in prime well-located projects. 

The top bid was submitted by a tie-up between Hong Leong Holdings and Mitsui Fudosan Co., outbidding the second-placed GRC Development (former Chip Eng Seng Construction and OKH Global)’s $1,620 psf ppr by 8.4%. The lowest bid of $1,350 psf ppr was submitted by a consortium comprising Macly Group, Roxy-Pacific Holdings, Lin Bing Cheng of LWH Holdings, Kimly Group and HLBC.

Located within the Tanglin neighbourhood in the prime Orchard enclave, Orchard Boulevard (2) is the second plot to be launched along Orchard Boulevard. The first plot was a larger residential with commercial at 1st storey site located in front of Orchard Boulevard MRT station. It received 4 bids and was awarded to a tie-up between UOL Group and Singapore Land Group for $1,617 psf ppr in Feb 2024 and would house Upperhouse at Orchard Boulevard (301 units) slated to complete in 2029.

Prior to that, a nearby site at Cuscaden Road drew 9 bids and was awarded to a consortium comprising SC Global Developments, New World Development and Far East Consortium for $2,377 psf ppr in May 2018 and now houses Cuscaden Reserve (192 units).

Other more recent CCR comparables include Peck Hay Road (315 units) in Newton, which received 4 bids and was awarded to a tie-up between CDL and Hong Leong Holdings for $1,865 psf ppr in Jun 2026. River Valley Green Parcel C (470 units) also received 4 bids and was awarded to a tie-up between Sunway MCL and CSC Land Group for $1,730 psf ppr in Jun 2026.

Comparable in terms of size, the RCR plot at Lorong Puntong / Sin Ming Avenue (140 units) received 7 bids and was awarded to Malaysian developer Eco World Development Group Berhad for $1,612 psf ppr in Sep 2026.

The top bid of $1,755 psf ppr for today’s site is 8.5% higher than the $1,617 psf ppr paid for the first Orchard Boulevard site in Feb 2024, reflective of developer confidence in the location but 5.9% below the $1,865 psf ppr for Peck Hay Road in Jun 2026.

Key draws of the site include:

• A prestigious Orchard Boulevard address,
• Walking distance to Orchard Boulevard MRT (about 300m) and Orchard MRT (about 500m)
• Ample retail and lifestyle amenities at the Orchard Road shopping belt and surrounding luxury hotels
• Limited new supply in the Orchard Road enclave with Upperhouse at Orchard Boulevard substantially sold

Upperhouse at Orchard Boulevard (301 units), located on the first Orchard Boulevard site, reportedly sold 162 units or 54% of its total units at an average price of $3,350 psf over its launch weekend in Jul 2025. It has transacted 28 units in 2026-to-date at a median price of $3,508 psf, bringing total take-up to 83%.

Completed in 2023, Cuscaden Reserve (192 units) sold 3 units so far in 2026 at a median price of $3,226 psf. Nearby freehold project Boulevard 88 saw 9 transactions at a median price of $4,030 psf in 2026.

Nearby 99y-leasehold comparables

Project	No. of units sold in 2026 YTD	Median price sold in 2026 YTD	Tenure	Year completed	Total no. of units in project
BOULEVARD 88	9	$4,030	Freehold	2023	154
CUSCADEN RESERVE	3	$3,226	99 yrs from 14/08/2018	2023	192
Uncompleted projects
UPPERHOUSE AT ORCHARD BOULEVARD	28	$3,508	99 yrs from 20/05/2024	Uncompleted	301

Source: CBRE Research, realis, data downloaded as of 28 Oct 2026. 

At a top bid price of $1,755 psf ppr, we expect the joint developers could look to launch at an average price of $3,450 – 3,550 psf.