The tender for the Government Land Sales site at Orchard Boulevard closed on 29 October with five bids. The highest came from a joint venture of Intrepid Investments, a Hong Leong Holdings subsidiary, and TID Residential, Hong Leong's partnership with Mitsui Fudosan. It bid $181.9 million, or $1,755 per square foot per plot ratio (psf ppr). The Edge Singapore reports that this was about 8.3% above the next bid, from GRC Development.
Roov has added the site to its GLS tracker and ran the land price through its launch-price model. The model's answer is close to what UpperHouse, the condo next door, sells for today.
The site
• Land: 3,438 sqm, 99-year leasehold, in District 10 between Cuscaden Road and Orchard Boulevard. • Floor area: plot ratio 2.8, up to 9,627 sqm of gross floor area. • Homes: about 110, by URA's estimate. Huttons calls it the smallest GLS site in the prime region. • Transport: Orchard Boulevard MRT on the Thomson–East Coast Line is a short walk away, and Orchard station is one stop on.
Because the site is so small, the total price is small for a prime plot: under $200 million, against $542 million for Peck Hay Road and $751 million for River Valley Green (Parcel C) in June. Five bids for a prime site this year is a good turnout. Marina Gardens Lane drew one bid in October, and Holland Plain one in May.
Where $1,755 psf ppr sits
PropNex ranks it as the third-highest land rate for a purely residential GLS site in the prime region since 2018. Only two sites were dearer: Peck Hay Road at $1,865 psf ppr in June and Bukit Timah Road at $1,820 in November 2025. It is also just above River Valley Green (Parcel C), sold for $1,730 in June.
If you are new to psf ppr, our guide to land bids and launch prices explains how a land price turns into the price buyers pay. In short, it is the cost of the land for each square foot of floor area the developer may build.
What Roov's model says it will launch at
On Roov's land model, $1,755 psf ppr gives a break-even cost of about $2,890 psf. With a 20% developer margin, the indicative launch price is about $3,450 psf. Analysts quoted by The Edge Singapore put it between about $3,400 and $3,600 psf, so the model sits in the middle of their range.
By Roov's estimate, the site's roughly 98,000 sq ft of sellable area across 110 homes works out to an average of about 900 sq ft. At $3,450 psf, an average home would cost about $3.1 million. Use our stamp duty calculator to see what the duty alone comes to at that price, and our affordability check to see what loan it needs.
The test next door: UpperHouse
UpperHouse at Orchard Boulevard sits on the last GLS site sold on this road. UOL and Singapore Land bought it in February 2024 for $1,617 psf ppr. Roov's model puts a launch on that land at about $3,240 psf.
UpperHouse has done better than that. It launched in July 2025, and Roov's records hold 250 new-sale caveats for its 301 homes, about 83% sold. The median across all of them is about $3,330 psf. The handful sold since July 2026 have a median of about $3,560 psf.
That is the case for the new bid. The developer is not betting that prices will rise. At $1,755 psf ppr, the model's $3,450 psf launch price is at or below what buyers are already paying next door. The risk lies elsewhere. UpperHouse's remaining units, the more than 1,700 prime-region homes PropNex counts on government sites already sold but not yet launched, and a second Dunearn Road plot now on the Reserve List will all compete for the same buyers. We covered that supply queue in two new Reserve List sites.
Why small suits this market
A developer that buys a GLS site gets a remission of most of the 40% developer ABSD, but only if it finishes the project and sells every unit within five years. With 1,000 units, that clock forces discounts near the end. With 110, it is a lighter load, and a boutique block can be priced for buyers who want few neighbours rather than for speed.
The buyer pool is narrower, though. Newmark points out that foreign buyers, who make up more of the prime market than elsewhere, often prefer the freehold projects around Cuscaden and Nassim. A 99-year boutique block depends mainly on Singaporeans and new permanent residents.
So, for you
If you are looking to buy in the prime districts, this site will not launch for a while. The award has to be confirmed, then comes design approval, so a launch in 2027 or later is likely. Expect pricing of about $3,400 to $3,600 psf when it comes. Until then, UpperHouse's remaining units and resales nearby are the real alternatives, and you can track their prices in Roov's market tool. Our guide to buying a new launch condo covers the payment schedule and what to check.
If you own near Orchard or Cuscaden, a developer has just paid near-record land prices to build here. That puts a floor under new-launch prices in the area. It does not lift resale prices on its own, but it does show developers still back the location. We set out why land prices have climbed for a decade in from $833 to $1,465 psf ppr, and why prime launches are heading towards $3,500 psf in this earlier piece.
Roov's GLS tracker now lists the Orchard Boulevard site with its map, land price and implied launch price. It will be updated when URA confirms the award.
Weighing a prime-district purchase, or wondering what your Orchard-area home is worth against these numbers? Roov's agent can run them with you. Get in touch.