Dover Drive GLS site at Greater one-north region receives top bid of $1,556 psf ppr from a joint venture made up of Qingjian Realty, CCCC and Jianan Capital (Source: EdgeProp Landlens)
The tender for the Dover Drive government land sale (GLS) site closed on March 26, drawing six bids, with Chinese developers Forsea Holdings, Qingjian Realty, and Jianan Capital emerging as the top bidders.
The joint venture submitted a bid of $951 million, or $1,556 psf per plot ratio (psf ppr) — setting a new benchmark for GLS sites in the Rest of Central Region (RCR).
The bid is about 4.4% higher than the second-highest offer of $911.16 million ($1,491 psf ppr) from a joint venture between Malaysian developer Sunway MCL and China’s CSC Land Group.
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The first, a 99-year leasehold parcel acquired in 2024 for $395.3 million ($1,191 psf ppr), was launched in March 2025 as the 358-unit Bloomsbury Residences. The project is over 80% sold, according to the developer, at an average price of $2,518 psf based on caveats lodged.
Their second project — the upcoming 325-unit Hudson Place Residences at Media Circle (Parcel A) — includes minority partner Hoovasun Holdings. The site was acquired in March 2025 for $315 million ($1,037 psf ppr), and the project is expected to preview soon.
“Dover Drive is a natural extension of what we have been building in this part of Singapore,” says a spokesperson for the joint venture. “The government’s vision for Dover–Medway as a residential complement to one-north’s innovation ecosystem aligns with what we have long believed about this district — that it deserves thoughtfully designed homes that match its ambition.
“As the first development in a new neighbourhood, this site gives us an opportunity to create something genuinely distinctive, and we look forward to sharing our vision in due course.”
The joint venture partners add that the upcoming development is likely to be the first new residential project launched in the Dover area in over two decades.
Launched for tender in late November last year, the Dover Drive site is the first parcel in the new Dover–Medway neighbourhood and forms part of the greater one-north region.
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It is about a 300m walk from the One-North MRT station (Circle Line) and is surrounded by established educational institutions, such as Anglo-Chinese School (Independent), Anglo-Chinese Junior College, Fairfield Methodist Primary School, National University of Singapore and INSEAD.
The site’s proximity to the MRT station and its connectivity via the Ayer Rajah Expressway are key draw factors, says Mark Yip, CEO of Huttons Asia.
With the Circle Line set to be fully completed later this year — following the opening of Keppel, Cantonment and Prince Edward Road stations — commuters will be able to travel seamlessly from one-north to the CBD, further enhancing connectivity, notes Kelvin Fong, CEO of PropNex.
The 145,505 sq ft, 99-year leasehold site is zoned for residential use with commercial space on the first storey. It could yield about 625 residential units and 32,292 sq ft of commercial space, including 5,920 sq ft earmarked for an early childhood education centre.
According to Huttons Data Analytics, developers have shown stronger interest in one-north sites located closer to MRT stations — a factor that has translated into firmer bid prices.
The limited unsold private housing stock in the one-north area — including Blossoms by the Park, The Hill @ One-North and LyndenWoods in the Singapore Science Park — is nearly depleted, which could have supported developers’ bids, notes PropNex Research.
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Notably, LyndenWoods sold 94% of its 343 units on launch day in July 2025, pointing to healthy demand for new private homes in the area.
“The government’s plans to develop a larger artificial intelligence (AI) park in the one-north precinct, alongside national AI missions across key sectors, reinforce the area’s role as a core innovation and research cluster within Singapore’s knowledge-based economy,” says Mohan Sandrasegeran, head of research and data analytics at SRI.
He adds that the upcoming Kampong AI development, which will integrate innovation spaces, will further support the evolution of a more integrated live-work environment.
The top bid of $1,556 psf ppr surpasses the previous RCR benchmark of $1,455 psf ppr for the Tanjong Rhu GLS site awarded to City Developments Ltd in February. It is also higher than the $1,432 psf ppr achieved for the Holland Link GLS site in the Core Central Region (CCR) last July, notes Wong Sze Shanting, head of research at Newmark.
However, it remains below the $1,820 psf ppr recorded for the Bukit Timah Road GLS site last November.
The strong land bid reflects growing developer confidence in the one-north precinct, underpinned by healthy take-up at recent launches, she adds.
The potential buyer pool for the future project is expected to be broad, says Leonard Tay, head of research at Knight Frank Singapore. This includes technology and biomedical professionals working in one-north, families of foreign professionals drawn by nearby international schools and lifestyle offerings at Holland Village, as well as HDB upgraders from Queenstown who may benefit from resale price premiums after fulfilling their minimum occupation period (MOP).
Investors may also be attracted by the area’s rental appeal among professional tenants, he adds.
A new project launch in about a year’s time could lift prices in the one-north neighbourhood, potentially supporting values across the wider Queenstown planning area, where median prices of new sale and resale transactions stood at $2,717 psf and $2,047 psf respectively in 2025, based on URA Realis caveats as at March 26, 2026.
Based on the top land bid of $1,556 psf ppr, PropNex estimates the project’s average selling price could exceed $2,900 psf.
Tricia Song, CBRE head of research for Singapore and Southeast Asia, expects the upcoming project to launch at an average price of $2,800– $ 2,900 psf.
“Although the lingering Middle East conflict has heightened caution, developers may be looking beyond near-term uncertainties, as the project is likely to be launched only about a year to 15 months after the tender award,” says Fong of PropNex.
“They may instead focus on the site’s strong location attributes, buyer preference for homes near MRT stations and amenities, and the transformation plans for the precinct.”
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