Uol Group And Singapore Land Group Top Nine Bids Dorsett Road Site 1338 Psf Ppr Offer
: Penthouse bought for $11.5 mil by China buyerUOL, SingLand and Kheng Leong top bidder for Dorset Road residential site
UOL Group, Singapore Land Group (SingLand) and Kheng Leong have emerged as the top bidders for a government land sale (GLS) site at Dorsett Road, with their bid of $1,338 psf per plot ratio (ppr), or $524.3 million. The tender for the residential site, which closed on Oct 9, had attracted a total of nine bids. If the site is awarded to the joint venture (JV), they will develop it into a 428-unit project comprising two 27-storey residential towers.
According to a statement issued by the developers after the close of the tender, the project is a 60:20:20 JV between UOL, SingLand and Kheng Leong. Shirley Ng, UOL’s Chief Investment and Asset Officer, adds that the site’s central location and the fact that it is the only GLS site within the fringe of the Core Central Region (CCR) from the Confirmed List for 2025, were some of the attributes that made the site appealing. Other factors included its proximity to Farrer Park MRT and its location within 1km of St Joseph Institution Junior and Hong Wen School.
The strong turnout from developers for this GLS site indicates improved developer confidence, supported by the healthy sales results of recent new launches and the site’s appealing locational features, says Marcus Chu, CEO of ERA Singapore. The bidding activity also suggests that developers are confident that there will continue to be demand for new city-fringe private residential projects, says Mohan Sandrasegeran, head of research and data analytics at SRI.
The site, located in the Farrer Park neighbourhood in the Rest of Central Region (RCR), is within walking distance of Farrer Park MRT station on the North-East Line. Nearby amenities include City Square Mall, Piccadilly Galleria and Mustafa Centre. Schools in the vicinity include Farrer Park Primary School, St Joseph’s Institution Junior and Hong Wen School.
The most recent new launch in the neighbourhood was the 407-unit Piccadilly Grand, which was jointly developed by City Developments (CDL) and MCL Land. The project was launched in May 2022 and was fully sold by December 2023, recording an average sales price of $2,114 psf. In July this year, a 1,087 sq ft, three-bedroom unit at Piccadilly Grand changed hands in a sub-sale for $2.7 million ($2,484 psf), based on caveats lodged. The unit had been purchased from the developer in May 2022 for $2.292 million ($2,108 psf), reflecting a price gain of 17.8% in just three years.
The government has not released a sizable residential GLS site in the Farrer Park area in close to four years. The last plot was on Northumberland Road, which has been developed into Piccadilly Grand. According to Chu, this scarcity presents an opportunity for developers to capitalise on pent-up demand for mid- or large-sized residential projects.
The recent strong performance in the new launch market has also added urgency for some developers to replenish their development land banks, says Mark Yip, CEO of Huttons Asia.
Recent projects by UOL Group and SingLand have benefitted from strong buying sentiment in the new launch market. The two developers, together with CapitaLand Development and Kheng Leong Co, are behind the 666-unit Skye at Holland, which was unveiled on Sept 26. The project in Holland Village is 3.2 times oversubscribed after developers collected more than 2,150 cheques ahead of the project sales launch on Oct 11. Prices at Skye at Holland are expected to start from $2,598 psf.
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UOL Group and SingLand have also sold more than 67% of the units at UPPERHOUSE at Orchard Boulevard since the 301-unit ultra-luxury project launched in July. The developers are also behind the 1,193-unit Parktown Residence, which launched in February and is more than 90% sold.
ERA estimates that the upcoming development on Dorset Road could see sales prices range from $2,650 to $2,750 psf.