The Urban Redevelopment Authority (URA) has announced the tender launch of two government land sales sites at Orchard Boulevard and Marina Gardens Lane, potentially yielding 500 private residential units. PropNex’s Head of Research and Content, Wong Siew Ying, anticipates strong interest from developers due to the strategic locations and manageable plot sizes.
The Marina Gardens Lane site, located in the Rest of Central Region, offers an estimated 390 new homes and 150 square metres of commercial space.
This site is the third and smallest parcel in the Marina South precinct, which could attract a wider range of developers, including mid-sized firms. It is strategically positioned near Gardens by the Bay and the upcoming Marina South MRT station, enhancing its appeal.
Wong projects four to six bids for this site, with top bids expected between $1,550 and $1,650 per square foot per plot ratio (psf ppr).
Meanwhile, the Orchard Boulevard site, near Orchard Road, could yield 110 new homes on a 0.34-hectare plot. With a maximum permissible gross floor area of 9,627 square metres, the site offers a potentially low capital outlay for developers.
Wong estimates a top bid land rate of $1,950 to $2,050 psf ppr, translating to a land price of approximately $202.1 million to $212.4 million. The site’s proximity to Orchard Boulevard MRT station and nearby retail options enhances its attractiveness. Wong anticipates four to five bids for this site.
Both sites are expected to draw significant interest, providing developers with opportunities to expand their presence in prime locations.
