The Urban Redevelopment Authority (URA) has announced the results of the land tender for a residential site on Dorset Road, District 8, with United Venture Development (2022) Pte. Ltd., an entity of UOL Group, securing the top bid of over S$524.3m. This translates to a land rate of $1,338 per square foot per plot ratio (psf ppr). The site, which can potentially yield 425 new homes, is strategically located near Farrer Park MRT station and various amenities.
The tender saw nine bids, matching the interest level of the Dunearn Road tender earlier this year. The competition was intense, with the highest bid narrowly surpassing the second-highest by just 1%. The second bid, at $1,324 psf ppr, was submitted by a joint venture of ABR Holdings, LWH Holdings, Macly Capital, RP Ventures, and Wee Hur Property. The spread between the top and lowest bid, submitted by SL Capital (9) Pte. Ltd., was approximately 19%.
The site’s appeal lies in its proximity to transport links, schools, and commercial offerings, making it attractive to homebuyers prioritising convenience and accessibility. The last major launch in the area, Piccadilly Grand, sold 77% of its units during its launch in May 2022, indicating strong demand. Developers likely considered the limited new condo supply and the site’s central location when bidding.
With a top bid land rate of $1,338 psf ppr, future homes on this site are expected to sell at an average price potentially exceeding $2,700 psf. The vibrant locale, coupled with the area’s ongoing rejuvenation, is expected to attract a mix of investors, end-users, and HDB upgraders.
