The recent Government Land Sales (GLS) tender for the Dorset Road site attracted nine bidders, with UOL Group Limited submitting the highest bid of $1,338 per square foot per plot ratio (psf ppr). This competitive bidding underscores developers’ urgency to replenish their land banks, driven by strong sales in recent project launches. UOL’s projects, UPPERHOUSE at Orchard Boulevard and PARKTOWN Residence, have seen significant sales, with the latter more than 90% sold.
The scarcity of available land parcels in the Farrer Park area has intensified competition. The last site sold in the vicinity was on Northumberland Road in May 2021, fetching $1,129 psf ppr. Earlier, in January 2017, a site on Perumal Road was sold for $1,007 psf ppr. The robust participation in the Dorset Road tender may also be attributed to the anticipated low supply of projects in the Rest of Central Region (RCR) in 2026.
In 2025, approximately 12 projects with 4,786 units are expected to launch in the RCR, dropping to just three projects with 2,015 units in 2026, including the Dorset Road site. This limited supply could support RCR home prices in the future.
The top three bids for the Dorset Road site were within a narrow range of less than 2%, indicating developers’ cautious approach to maintaining affordability and mitigating risks of potential government intervention. The site is strategically located near the Central Expressway (CTE) and Farrer Park MRT station, with educational institutions and shopping centres nearby, enhancing its appeal.
