Forsea, Qingjian’s S$1,556 psf ppr top bid sets benchmark for residential land in one-north area

[SINGAPORE] The maiden government land sale (GLS) site to be launched in the new Dover-Medway neighbourhood has drawn six bids, with a top bid coming in at the high end of expectations.

The top bid of S$951 million or about S$1,556 per square foot per plot ratio (psf ppr) was placed by a consortium that includes Forsea Holdings, Qingjian Realty and Jianan Capital – the same partners that were part of the consortiums that won two other sites in the nearby Media Circle area in 2024 and 2025.

The top bid at Thursday’s (Mar 26) state tender closing was 4.4 per cent above the second-highest bid, S$1,491 psf ppr, from Sunway MCL and CSC Land.

Zoned residential with commercial at the first storey, the 99-year leasehold site can generate about 625 private homes for the residential component.

A spokesperson for the joint venture that placed the top bid said: “As the first development in a new neighbourhood, this site gives us an opportunity to create something genuinely distinctive.”

This will be the first new residential launch in the Dover vicinity in more than two decades, he noted. “The joint venture anticipates strong pent-up demand for quality homes in this highly sought-after location.”

Frasers Property teamed up with Hoi Hup Realty for a S$1,455 psf ppr bid, which came third at the tender.

A consortium that includes CapitaLand Development, Mitsubishi Estate Asia, UOL Group, Singapore Land Group and Kheng Leong Company was the fourth-highest bidder, at S$1,453 psf ppr.

Sim Lian Land partnered Sim Lian Development for a S$1,366 psf ppr bid.

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The lowest bid, from Intrepid Investments, GuocoLand and TID Residential, was S$1,360 psf ppr.

Analysts polled by The Business Times had expected the 99-year leasehold Dover Drive site to fetch three to 10 bids. The top bid was expected to come in at between S$1,200 and S$1,550 psf ppr.

The top bid was 14.4 per cent above the lowest bid, indicating some consensus in the bidders’ market view, said analysts.

Mogul.sg chief research officer Nicholas Mak said the top bid for the Dover Drive site is the highest land rate for a 99-year leasehold GLS residential site in the history of the Buona Vista/one-north area.

“Developers who participated in the tender hold the view that the economic fallout from the current US-Iran war would not derail the northward trajectory of private housing prices,” he added.

Record launch prices on the horizon

Mak noted that both Forsea’s parent, China Communications Construction Company, and Qingjian are construction contractors from China.

“They would be better able to manage construction costs… They could launch the private homes on the site at at S$2,750 psf to S$2,800 psf, which will set a new record for apartment prices in this location.”

Knight Frank Singapore head of research Leonard Tay reckoned that the top bid suggested a launch selling price that “could possibly start from S$3,100 psf, and average above S$3,200 psf depending on the design and finishes of the project”.

“A new project launch in about a year’s time is expected to lead to a price increase for the one-north neighbourhood, triggering a probable overall rise in the Queenstown Planning Area, where the median price of new sale and resale transactions were S$2,717 psf and S$2,047 psf, respectively, in 2025 (based on Realis caveats as at Mar 26, 2026),” he added.

Sounding a note of caution, Wong Shanting, head of research for Singapore at Newmark, said: “Rising inflation could prompt the Fed to hike interest rates, and that may weigh on homebuyers’ appetite and moderate housing demand eventually.”

The Dover Drive site has many plus points. The land parcel bounded by Dover Road and the future Dover Drive is a stone’s throw from Fairfield Methodist Schools (Primary and Secondary), and a short walk from one-north MRT station on the Circle Line.

Property consultants said that the private homes in the future project on the site are expected to be in good demand from owner-occupiers, as well as investors banking on rental demand.

The most recent comparable state land sale transaction was for Media Circle (Parcel A), which fetched a top bid of nearly S$1,037 psf ppr at a tender that closed in March 2025.

This was lower than the S$1,191 psf ppr fetched for the neighbouring site (being developed into Bloomsbury Residences) in a January 2024 tender closing.

Both plots were picked up by consortiums that included Forsea Holdings, Qingjian Realty and Jianan Capital. The sites are not near an MRT station or amenities.

The joint venture spokesperson said Bloomsbury Residences has achieved more than 80 per cent take-up since its April 2025 launch. Hudson Place Residences, the project on Media Circle (Parcel A), is slated to preview soon.

Two smaller GLS plots near Buona Vista interchange station were sold in 2021. One site (being developed by EL Development into Blossoms by the Park) fetched S$1,246 psf ppr; the other plot (being developed by Kingsford Group into The Hill@One-North) fetched S$1,210 psf ppr.

The most recent launch in the vicinity is Lydenwoods in the Singapore Science Park. At its launch weekend in July 2025, the 99-year project near Kent Ridge MRT station sold 324 units or 94 per cent of its 343 units at an average price of S$2,450 psf. This project is not on a GLS site.

In Dover Drive, the 99-year leasehold site to yield about 625 homes can be developed into a maximum gross floor area (GFA) of 611,099 sq ft. A minimum 5,920 sq ft GFA has to be set aside for a childcare centre.

Up to 32,292 sq ft of commercial space can be developed at the first storey, of which at least 10,764 sq ft has to be for a supermarket. The remaining commercial space can be for shop and/or restaurant uses, and other complementary commercial uses allowed by the authorities.

Under the Urban Redevelopment Authority’s Master Plan, Dover-Medway – a new neighbourhood within the Greater one-north knowledge hub – has been earmarked for a mix of public and private homes, complemented by new amenities and recreational spaces.

Dining options aplenty

Mak noted that the Dover Drive site is one MRT station from Buona Vista MRT interchange and two stations away from Holland Village – and that both areas have many dining and retail options.

PropNex’s head of research and content Wong Siew Ying said: “Another stand-out location attribute is the sheer number of schools near the Dover Drive site – across all levels, from primary to tertiary institutions – potentially perfect for families at every stage.”

Besides the two Fairfield Methodist Schools, nearby educational institutions include Anglo-Chinese Junior College, Anglo-Chinese School (Independent), United World College of South East Asia (Dover Campus), the National University of Singapore and Singapore Polytechnic.

“The popular Henry Park Primary School is within 2 km of the plot,” Wong added.

Analysts pointed to the potential for strong rental demand for new homes on the Dover Drive site, due to its proximity to the one-north business hub and tertiary institutions.

Tricia Song, CBRE research head for Singapore and South-east Asia, observed that another key attraction of the Dover Drive plot is the “relatively limited unsold inventory” in the vicinity; 82 units are left from existing launches Bloomsbury Residences, Blossoms by the Park, The Hill@One-North and Lyndenwoods, and 325 units in the new launch pipeline from Media Circle (Parcel A).