The site sits at 30 Mount Elizabeth, District 9, right on the Orchard Road corridor. It’s zoned residential with a height cap of 36 storeys. The existing tower is 22 storeys, so developers can add a full 14‑storey bump, plus a 7 % bonus floor area – about 3,332 sq ft of extra sellable space. No land‑betterment charge is payable up to a baseline plot ratio of 4.45, which sweetens the profit equation.
History isn’t kind to this plot. 2019 saw the first collective sale, but no buyer emerged. 2020’s tender was pulled as the market cooled. In 2021 Shun Tak Holdings offered S$556.7 million, but the deal fell apart when ABSD jumped from 25 % to 35 % for developers. Shun Tak lost a S$1 million deposit and the sale fizzled.
Yet the luxury condo market is humming. Q1 2026 recorded 17 ultra‑luxury units (≥ S$10 million) sold – the highest since Q1 2025. Singaporeans bought 69.3 % of 188 luxury units that quarter. Recent headline sales include The Marq at S$37 million (≈ S$5,937 psf) and 21 Anderson averaging S$4,932 psf, with a peak of S$5,347 psf in Sep 2025. High‑net‑worth locals and foreigners are still hunting for capital‑preserving assets.
Pricing the land at S$2,641 psf ppr suggests developers will target completed‑unit prices around S$5,000 psf to stay competitive. The 36‑storey allowance and bonus floor area boost total floor space, increasing unit count and GDV. The lack of a land‑betterment charge further lifts margins.
Regulatory headwinds remain: ABSD for developers sits at 35 % (up from 25 % in 2021) and 60 % for foreign buyers since Apr 2023. TDSR tightening limits loan‑to‑value ratios, and the government’s land sales programme offers few freehold plots in District 9. The High Court’s recent approval of the Thomson View collective sale at S$810 million demonstrates that major en bloc transactions can overcome legal objections and regulatory hurdles, reinforcing confidence among developers eyeing large-scale acquisitions.
For savvy buyers, scarcity is the secret sauce. New ultra‑luxury freehold projects near Orchard are rare, so this plot can set a fresh benchmark for luxury pricing. If the tender succeeds, it could signal the long‑awaited revival of the residential en‑bloc market after years of dormancy.
Key takeaways
- Price: S$580 million, S$2,641 psf ppr
- Potential: 36 storeys, +7 % bonus floor area
- Market: Luxury demand strong, local buyers dominant
- Risk: High ABSD, tighter TDSR, limited financing options
This is the kind of opportunity that feels like a hawker centre queue at lunch – long, hot, and worth the wait if you’re after the best bite. Grab a kopi, think it through, and you might just snag a piece of Orchard’s future. East Coast.The latest tender reflects record‑high interest in prime Orchard Road land.
