Hong Leong and TID Top the Orchard Boulevard Tender at S$181.86 Million, or S$1,755 psf ppr
A 99-year private housing site on Orchard Boulevard drew five bids at the state tender that closed on 29 October. The top bid of S$181.86 million, or S$1,755 per square foot per plot ratio (psf ppr), came from Intrepid Investments and TID Residential, both linked to Hong Leong Holdings, with TID also partly owned by Mitsui Fudosan. The 37,006 sq ft site could yield about 110 homes.
Top Bid, psf ppr
Bids Received
Above Second Bid
Estimated Homes
The Bids
| Bidder | Bid | psf ppr |
|---|---|---|
| Intrepid Investments and TID Residential (Hong Leong group, Mitsui Fudosan) | S$181.86m | S$1,755 |
| GRC Development (Global Resource Construction) | S$167.85m | S$1,620 |
| BBR Development, Mindarie Holding (Volare Group), Quarz Capital Group | S$160.72m | S$1,551 |
| Wincove Investment (Wing Tai) | S$152.39m | S$1,471 |
| Macly Group, Roxy Development Partners, Greatsun Capital, Scree Innovation (Kimly) and Lin Bing Cheng | S$139.90m | S$1,350 |
Provisional tender results. Source: URA.
How It Compares
Analysts had expected two to eight bids and a top price between S$1,650 and S$1,950 psf ppr, so the result landed near the lower end of the range. The nearest comparable is the Upperhouse at Orchard Boulevard site, which drew four bids in February 2024 and went to UOL and Singapore Land for S$1,617 psf ppr. The Cuscaden Reserve site drew nine bids in 2018 at S$2,377 psf ppr. In June this year, Peck Hay Road and River Valley Green (Parcel C) sold for S$1,865 and S$1,730 psf ppr, with four bids each.
Consultants read the five bids as healthy interest in a rare vacant residential plot in District 10, near Orchard Boulevard MRT station. The spread between bids may also reflect caution about upcoming supply. Five prime-region government sites sold since last November, at Bukit Timah Road, Peck Hay Road, River Valley Green, Holland Plain and Dunearn Road, could together yield more than 1,700 private homes in the Core Central Region.
What Buyers Are Paying Nearby
A PropNex analysis of URA data showed 249 of Upperhouse’s 301 units, or 83 per cent, sold at an average of S$3,405 psf since its July 2025 launch. The 28 units sold this year averaged S$3,599 psf. Analysts expect a project on the new site to launch at between S$3,400 and S$3,800 psf.
Frequently Asked Questions
Who won the Orchard Boulevard tender?
The top bid came from Intrepid Investments and TID Residential, part of the Hong Leong group, at S$181.86 million or S$1,755 psf ppr. The award is subject to URA.
How many homes can the site yield?
About 110 private homes on a site of 37,006 sq ft.
What price might the new project launch at?
Analysts expect between S$3,400 and S$3,800 psf.
How did the bid compare with analyst forecasts?
It was near the lower end of the S$1,650 to S$1,950 psf ppr range analysts expected.
Buying or selling in the prime districts?
I can compare upcoming launches with resale options in Districts 9, 10 and 11.