The 111,934 sq ft site in Dorset Road can yield about 425 private homes. GRAPHIC: DAVID LI, BT
A top bid by a joint venture (JV) between UOL, SingLand and Kheng Leong were submitted at $1,338 psf per plot ratio (ppr) or $ 524.3 million for a government land sale (GLS) site located at Dorset Road which closed on 9 Oct 2025. If the site is awarded to the JV, they will develop it into a 428-unit project comprising two 27-storey residential towers.
The recent jubilee of amazingly strong sales at the recent private residential condo project launches and an attractively located city-fringe site resulted in an impressive nine bids received for the 99-year leasehold Dorset Road land plot near Farrer Park MRT station. The top offer of S$524.3 million, or S$1,338 per square foot per plot ratio (psf ppr) is towards the upper end of the S$1,000 to S$1,400 psf ppr forecast by property analysts.
Besides having Farrer Park MRT station nearby, the upcoming private residential condo project is also within walking distance to City Square Mall and close to a wide range of amenities, such as Mustafa Centre, Centrium Square, Bugis Junction, Jalan Besar Sports Centre and Singapore Sports Hub. There are also numerous F&B establishments in the neighborhood as well as proximity to St Joseph Institution Junior and Hong Wen School.
The Dorset Road GLS land plot was the only land parcel site within the fringe of CCR region from the GLS Confirmed List sites for 2025.
The second-highest bid was submitted by a consortium comprising ABR Holdings, LWH Holdings, Macly Group, Roxy-Pacific Holdings and Wee Hur Holdings, who put in a $518.88 million (or $1,324 per square foot per plot ration (psf ppr)) bid. They were followed by Hoi Hup, which submitted a $515.18 million ($1,315 per square foot per plot ration (psf ppr)) bid.
The strong bidding turnout from nine developers for this GLS site indicates improved developer confidence, supported by the healthy sales results of recent new condo launches in Singapore and the site’s appealing city fringe location surrounded by amenities. The submitted bidding prices also indicate that the winner paid the right market price for this land plot given that the price difference between the top three bids is around 2%, said Kiwi Lim, Associate Group Director of PropNex Realty. "Many developers are also running low on their land banks for developing new condo projects".
With the Farrer Park MRT station (North-East Line) nearby, these condo projects including the recent government land sale (GLS) site at Dorset Road is just two stops from Dhoby Ghaut MRT station, an interchange for three lines, namely Northeast, North-South and Circle Lines. Residents enjoy a short train ride to Orchard Road and the CBD, as well as a short drive via the Central Expressway or Pan Island Expressway.
Kiwi Lim, Associate Group Director of PropNex Realty mentioned there were previously two other 99-year leasehold private residential condo projects launched nearby - Uptown @ Farrer and Piccadilly Grand which were both already sold out. Uptown @ Farrer is a condo project on Perumal Road developed by Low Keng Huat who paid $174 million or approximately $1,000 psf per plot ratio (psf ppr) for the government land sales (GLS) site in January 2017 - the highest of 11 bids received.
"Piccadilly Grand was the other GLS land site on Northumberland Road won by CDL and MCL Land in April 2021 with a bid of $445.9 million or approximately $1,129 psf per plot ratio (psf ppr) - highest of 10 bids submitted at the close of the tender. Owners of Picadilly Grand would be celebrating" said Kiwi Lim, who has been advising clients about the real estate market trends in Singapore for more than a decade.
From Edgeprop & Business Times
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