Mainboard listed property development group UOL Group and Singapore Land Group (SingLand) have been awarded a government land sales (GLS) site at Orchard Boulevard.

The site was awarded to United Venture Development (No.7), an 80:20 joint venture company between UOL Venture Investments, a wholly owned subsidiary of UOL Group, and SingLand Residential Development, a wholly owned subsidiary of SingLand.

The developers submitted the highest of four bids for the 75,657 sq ft site along Orchard Boulevard. The joint venture’s winning bid was $428.28 million ($1,617 psf per plot ratio) at the close of the tender on Feb 1.

While UOL and SingLand have yet to announce details of the future development, the site has been zoned ‘Residential with Commercial at 1st storey’. The developers say that the acquisition of the site will enable them to replenish their landbank for residential development in Singapore.

EdgeProp estimates that the likely selling price of the new development could start from $2,917 psf. However, this could be higher depending on the type of luxury development that is expected to be built.

The awarded bid price is 32% less than the $2,377 psf ppr paid for the nearby Cuscaden Road GLS site six years ago. At the time, the Cuscaden Road GLS site received nine bids back in 2018. It was awarded to a joint venture comprising SC Global Developments, New World Development, and Far East Consortium. The site has been developed into the 192-unit luxury project Cuscaden Reserve.

The award of the Orchard Boulevard GLS site comes after URA rejected the sole bid submitted by a GuocoLand-led consortium for a different GLS site at Marina Gardens Crescent. The consortium, comprising GuocoLand, Hong Leong Holdings, and TID, had submitted a bid price of $770.46 million ($984 psf ppr) for the 1.73-ha white site. URA announced on Feb 8 that it had rejected the sole bid for Marina Gardens Crescent as it was “assessed to be too low”.