Hong Leong-Mitsui joint venture wins Orchard Boulevard site with S$175.5m top bid
A joint venture between Hong Leong Holdings and Mitsui Fudosan has won a 99-year leasehold residential site at Orchard Boulevard with a top bid of S$175.5 million, or S$1,755 psf per plot ratio. The bid was 8.3 per cent higher than the second-highest offer and represents the third-highest land rate
A joint venture between Intrepid Investments, a unit of Hong Leong Holdings, and TID, which is backed by Hong Leong Group and Japan’s Mitsui Fudosan, has submitted the top bid of S$175.5 million for a 99-year leasehold residential site at Orchard Boulevard. The bid, announced by the Urban Redevelopment Authority on 30 Oct 2026, works out to S$1,755 per square foot (S$18,890.82 per square metre) per plot ratio for the 3,438-square-metre site.
The winning offer was 8.3 per cent higher than the second-highest S$167.85 million bid from Global Resource Construction, the Singapore-listed construction arm of property developer SingHaiyi Group. The tender, launched in August, attracted a total of five bids, with the remaining offers ranging from S$1,350 to S$1,551 per square foot per plot ratio.
The site, located near the Orchard Road premier shopping belt and surrounded by luxury residential developments, has a maximum gross floor area of 9,627 square metres and can generate about 110 units. Wong Siew Yieng, head of research and content at real estate agency PropNex, said the gap between bids reflected differing views among developers on the site’s value and upcoming supply in the Core Central Region (CCR).
“Developers are likely to have weighed the several prime GLS sites sold since November 2025 that have yet to be launched,” she told EdgeProp Singapore. The winning offer represented the third-highest land rate for a pure residential government land sale plot in the CCR since 2018, she added.
Analysts polled by The Business Times forecast an average launch price of S$3,400 to S$3,800 per square foot for the project on the Orchard Boulevard site. Hong Leong Holdings is linked to Singapore billionaire Kwek Leng Beng, whose family shares a fortune estimated at US$16.1 billion and who ranked second on Forbes’ list of Singapore’s wealthiest people in September 2026.
