Located just steps away from Singapore's renowned Orchard Road shopping district, Upperhouse Orchard offers convenient access to popular malls such as ION Orchard, Paragon, and Ngee Ann City. These malls not only boast a wide range of retail stores, but also house bookstores, educational toy shops, and family-friendly restaurants. With Upperhouse Orchard as your home, you can easily immerse yourself in the vibrant shopping scene of the city. Visit Upperhouse Orchard now to experience luxurious living in the heart of it all.
Apart from its prime location, the site also enjoys good connectivity to other parts of the city, with major expressways such as the Central Expressway (CTE) and the Ayer Rajah Expressway (AYE) situated nearby. This makes it highly accessible to both locals and foreigners, making it an ideal spot for investors and businesses.
The Upperhouse Orchard site spans over 21,826 square feet and is zoned for commercial and residential use. It is located in the prime District 9, which is renowned for its luxurious lifestyle, high-end shopping destinations, and top-notch amenities. With the bid price of $428.28 million, the Upperhouse Orchard site has set the new benchmark for land prices in the area.
In order to foster a strong sense of community, the development will offer various enrichment activities, workshops, and events for children and parents. These activities will not only bring families together, but also provide opportunities for personal growth and development. Volunteer opportunities, cultural celebrations, and educational sessions will all be organized to promote social interactions and relationships within the development. These community events will give families a sense of belonging and togetherness, while also offering valuable learning experiences for both children and adults. It is important to note that all activities will be inclusive and accessible to all members of the community, regardless of their background or abilities. This commitment to inclusivity will contribute to the overall well-being of the families living within the development, creating a vibrant and supportive community for all. All content is original.
The consortium that won the bid for the Upperhouse Orchard site comprises of Guocoland (Singapore), the Koh Brothers Group, and the Hong Leong Group. In a joint statement, the developers expressed their excitement and confidence in the project, stating that they are committed to creating a landmark development that will enhance the overall value of the Orchard Road area.
The highest bid for this prime site has surpassed all expectations and made headlines within the real estate industry. According to analysts, this is the largest land deal for a purely commercial site in Singapore, beating the previous record set by the DUO site in 2010.
The real estate market in Singapore has seen a flurry of activity in recent times, with developers vying for highly-coveted sites to build their next big project. The latest to join this trend is the Upperhouse Orchard, a prime site located in the heart of Orchard Road, one of the most sought-after locations in the country. The site, which has been put up for sale by the Urban Redevelopment Authority (URA), has recently been won by a consortium led by renowned developer, Guocoland, with a stunning record-breaking bid of $428.28 million, translating to an impressive $1,617 per square foot per plot ratio (psf ppr).
The fact that developers are still willing to pay such high prices for land in Singapore is a clear indication of the resilience and attractiveness of the city-state's real estate market. Despite the challenges and uncertainties brought about by the COVID-19 pandemic, Singapore's real estate market has proven to be a safe haven for investors and developers.
With the winning bid of $428.28 million, the Upperhouse Orchard site has set the bar high for other developers who are eyeing similar prime sites in the future. This record-breaking bid is a testament to the confidence and optimism that developers have in the future of Singapore's real estate market.
So, what makes this site so attractive to developers? For starters, it is strategically located at the junction of Orchard Road and River Valley Road, making it a highly visible location for all passersby. It is also within walking distance to Somerset MRT Station and major shopping malls such as Orchard Central, 313@Somerset, and Plaza Singapura.
Another factor that has contributed to the high bid for the Upperhouse Orchard site is the limited supply of commercial land in the Orchard Road area. In recent years, there has been a growing demand for commercial spaces in this part of the city, but the availability of land has been scarce, driving up the competition among developers.
The collaboration between Upperhouse and Orchard Boulevard placed the most competitive bid for the sprawling 75,657 square feet plot, triumphing over three other contenders with an impressive
$428.28 million offer, which translates to $1,617 per square foot for each plot ratio (psf ppr), for the acquisition of the coveted residential land.
These activities may include volunteer opportunities, cultural celebrations, and educational sessions. These community events aim to promote social interactions and relationships among families within the development, creating a sense of belonging and togetherness. The activities will also provide valuable learning experiences and promote personal growth for both children and adults. Additionally, the development will ensure that all activities are inclusive and accessible to all members of the community, regardless of their background or abilities. These community activities serve to enhance the overall well-being of the families living within the development, making it a truly vibrant and supportive community.
While the winning bid for the Upperhouse Orchard site has set a new record, it is not the only jaw- dropping bid that has been seen in Singapore's real estate market. In recent years, there have been a few other record-breaking deals that have taken the industry by storm. These include the $1.34 billion bid for the Jiak Kim Street site in 2017, and the $1.003 billion bid for a prime site on Stirling Road in 2017.
The winning bid has also caught the URA by surprise. In a statement, the authority stated that they were pleased with the overwhelming response for the Upperhouse Orchard site and the high quality of bids received. They also mentioned that the winning bid has set a new benchmark for land prices in the area and reflects the strong demand for quality commercial spaces in prime locations.
In conclusion, the winning bid of $428.28 million for the Upperhouse Orchard site is a clear reflection of the positive sentiment and confidence in the future of Singapore's real estate market. The record-breaking bid has set a new benchmark for land prices in the Orchard Road area, and it will be exciting to see what the developers have in store for this prime site. With its unbeatable location, connectivity, and limited supply of commercial land, the Upperhouse Orchard is poised to become a highly sought-after and iconic development in Singapore's ever-growing skyline.
