Dover Dr GLS Sees Top Bid of $951M — Launch Prices Could Exceed $3,100 PSF

A consortium of three Chinese property developers have submitted the top bid of $951 million for a government land sale (GLS) site on Dover Drive. The site on Dover Drive spans 145,498 sq ft and the top bid translates to a land rate of about $1,556 psf per plot ratio (ppr).

Market analysts like Leonard Tay, head of research at Knight Frank, suggest that the new development could see its selling prices start from $3,100 psf, and average above $3,200 psf depending on the eventual design and finishes of the development.

The trio of Chinese developers are Qingjian Realty, Forsea Holdings (a subsidiary of China Communications Construction Co.), and Jianan Capital. If they are awarded the latest GLS site, it would be the third residential site in the one-north precinct that this group of developers have secured to date.

In a joint statement issued on March 26, the developers say that the future development will comprise two high-rise residential towers with about 625 units and about 38,212 sq ft of commercial space on level 1, which will include early childhood facilities of approximately 5,920 sq ft.

Securing this GLS site would cement these three developer’s position as one of the leading private residential developers in this part of one-north, and strengthen their market presence in the Queenstown planning area.

They have two other residential projects in the adjacent Mediapolis precinct. Qingjian and Forsea Holdings launched the 358-unit Bloomsbury Residences last April. The project initially moved 90 units (25%) at an average price of $2,474 psf over its first sales weekend.

But Bloomsbury has sold at least 280 units (78%) since then, and the average selling price has moved up to about $2,513 psf, based on caveats.

Read our full review of Bloomsbury Residences here.

The next project is Hudson Place Residences, an upcoming mixed-use development that is also being developed by a Qingjian and Forsea-led consortium. The developers won the site after they submitted the top bid of $3.15 million ($1,037 psf) in March 2025.

Hudson Place Residences is expected to preview next month.

“Dover Drive is a natural extension of what we have been building in this part of Singapore. The government’s vision for Dover–Medway as a residential complement to One-North’s innovation ecosystem reflects what we have long believed about this district – that it deserves thoughtfully designed homes that match its ambition,” according to the joint statement by Qingjian Realty, Forsea Holdings, and Jianan Capital.

This also demonstrates a strategic move to strengthen its presence in the One-North precinct,” says Marcus Chu, CEO of ERA Singapore. “With a better understanding of buyer demands and profiles in the area, it will be well-placed to implement its product and pricing strategy,” he says.

This refers to the ongoing development of the Greater one-north precinct recently outlined in the latest Master Plan. The Dover-Medway area will see more public and private homes introduced into the area. This comes as most of the commercial and business park developments around one-north are completed.

“As the first development in a new neighbourhood, the (Dover Drive GLS) site gives us an opportunity to create something genuinely distinctive, and we look forward to sharing our vision in due course,” the developers say.

Competitive bids underline competition for land

The tender for the Dover Drive GLS site attracted six bids in total.

Overall, the difference in land rates among the six bids are relatively tight, reflecting a broad consensus among developers on the site’s potential, alongside confidence in the area’s private residential demand outlook,” says Wong Siew Ying, head of research and content at PropNex Realty.

The difference between the top bid price and the second-highest bid price of $1,491 psf is just 4%.

This tight margin between the top two bids signals consensus on the site’s prospects and future new-home demand within the upcoming Dover-Medway estate, as well as developers’ eagerness to capitalise on the first movers’ advantage, says Chu.

In addition, the bid price submitted by the Qingjian-Forsea-Jianan joint venture is the second highest land rate for a residential GLS site in the RCR.

The record is the Jiak Kim Street plot in River Valley which was awarded to Frasers Property, after it submitted the top bid of $955.4 million ($1,733 psf ppr) in 2017. The site has since been developed into Riviere.

Read our full review of Riviere here.

Wong Shanting, head of research, Singapore at Newmark, says that the strong showing for the Dover Drive GLS site signals that developers remain undeterred by growing economic uncertainty, instead channeling their confidence into sites with compelling site attributes.

She adds that the site is close to a diverse range of local and international schools, tertiary institutions, including INSEAD and NUS, and the one-north cluster, supporting strong rental prospects across a large and diversified catchment of potential tenants.

The future development will also appeal to owner-occupiers given that the site is opposite Fairfield Methodist School (Primary), and is within walking distance of Fusionopolis and one-north MRT.

The broad appeal of the area means that the level of unsold new private residential units in this area is very low, especially among previous projects like Blossoms by the Park, The Hill @ one-North, which have sold out; meanwhile, Lyndenwoods is 94% sold after it launched for sale in July 2025.

Read our full review of Lyndenwoods here.

“New homes in this neighbourhood will serve the working population of nearby One-North, Singapore Science Park, and the upcoming Kampong AI. These are key industrial hubs that support a strong base of high-income professionals,” says Chu.

Meanwhile, the launch of a new private residential project on Dover Drive in about a year’s time is expected to lead to a price increase for the one-north neighbourhood, says Tay of Knight Frank.

This could trigger a probable overall price increase in the Queenstown Planning Area where the median price of new sale and resale transactions were $2,717 psf and $2,047 psf, respectively in 2025 (based on Realis caveats as of 26 March 2026).

The catchment of buyers will include HDB upgraders from the Queenstown area, since they are most likely to benefit from price premiums in the resale market after their BTO flats attain their five-year minimum occupation period (MOP), says Tay.

Looking ahead, the bullish bid for the Dover Drive GLS site points to the escalation in residential land prices in the current market. However, the effects of higher land prices will eventually fall on the shoulders of homebuyers, says Nicholas Mak, chief research officer at Mogul.

“The bullish bids also illustrated that the developers who participated in the tender today hold the view that the economic fallout from the current US-Iran war would not derail the northward trajectory of private housing prices,” he says.

He adds that even if the developer launches units at the future development from $2,750 psf to $2,800 psf, it would still set a record for private home prices in this new residential area.