SINGAPORE - The Urban Redevelopment Authority (URA) has released a site in Orchard Boulevard for sale.

The confirmed list site falls under its second half of 2023 government land sales (GLS) programme.

The 99-year site, which spans 7,031.5 sq m with a gross plot ratio of 3.5, is zoned for residential use with commercial on the first storey.

It has a maximum gross floor area of 24,611 sq m – 500 sq m is expected to be for commercial use – and a maximum building height of 164m Singapore height datum.

The Orchard Boulevard plot is the first GLS site released in the Orchard area since May 2018.

It is beside the Orchard Boulevard MRT station on the recently opened Thomson-East Coast Line.

URA expects the plot to house around 280 units, part of the 5,160 residential units to be made available via the GLS programme’s confirmed list for the second half of 2023.

“With the H2 2023 supply, the confirmed list supply of around 9,250 units for the whole of 2023 will be at its highest level in a decade,” URA said.

Mr Eugene Lim, key executive officer at ERA Singapore, said the GLS site launch will draw interest from developers, although it will be “somewhat subdued amid the current economic climate”.

The small plot size and number of units, however, would make the development palatable for developers.

The future development may be well received by local buyers too, provided the price and size of the proposed units are suitable for them.

Mr Lim said: “With the slew of cooling measures imposed earlier this year where the additional buyer’s stamp duty (ABSD) rate was doubled for foreigners, the demand for such houses could be tapered towards local demand instead.” THE BUSINESS TIMES