The Urban Redevelopment Authority (URA) has announced the results of the government land sales (GLS) tender for the Dover Drive site, with a consortium led by Qingjian Realty securing the plot with a top bid of $951m. This translates to a land rate of $1,556 per square foot per plot ratio (psf ppr), marking the highest land price for a GLS residential site in the one-north area.
The Dover Drive site, located in the emerging Dover-Medway neighbourhood, attracted six bids. The top bid was 4% higher than the second-highest offer from a joint venture between Sunway MCL and CSC Land Group. Wong Siew Ying, Head of Research and Content at PropNex, noted that the close range of bids reflects a consensus among developers on the site’s potential and confidence in the area’s residential demand.
The site is expected to yield 625 new private homes and 3,550 sqm of commercial space, including 550 sqm dedicated to early childhood use. Its strategic location near the one-north MRT station and proximity to educational institutions and the Singapore Science Park make it attractive to families and investors alike.
Qingjian Realty and its partners have previously secured other plots in the area, indicating their commitment to strengthening their presence in one-north. The site’s appeal is further enhanced by the upcoming completion of the Circle Line, which will improve connectivity to the central business district.
Despite geopolitical uncertainties, developers are likely to focus on the site’s strong attributes and the area’s transformation plans. The potential average selling price for the project is estimated to be above $2,900 psf.
