The recent tender for the Dorset Road residential site has garnered significant attention, with nine bids submitted, surpassing expectations. The top bid, valued at S$524.3m (S$1,338 psf ppr), was made by a consortium of UOL, Singapore Land Group, and Kheng Leong Co. This bid narrowly outpaced the second-highest offer by 1.0%, highlighting the site’s appeal due to its strategic location and potential for development.
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The Dorset Road site, which can accommodate 425 units, is the most contested Rest of Central Region (RCR) plot this year, following less enthusiastic responses to other tenders. Tricia Song, CBRE Head of Research, Southeast Asia, noted the site’s appeal due to its proximity to the city centre, MRT access, and nearby amenities, making it attractive to developers and potential upgraders from surrounding HDB estates.
The competitive bidding mirrors the interest seen in similar sites, such as the Northumberland Road plot, which received 10 bids in 2021. The Dorset Road site’s connectivity and location near Farrer Park MRT, as well as its proximity to schools and retail centres, are key attractions. However, developers must consider additional costs due to existing buildings and potential asbestos issues.
With the last major launch in the area, Piccadilly Grand, fully sold three years ago, there is an anticipated demand for new developments. The successful consortium may launch units at an estimated price of S$2,700-2,800 psf, reflecting the site’s premium location and market demand.
