Uol Group And Singapore Land Group Top Nine Bids Dorsett Road Site 1338 Psf Ppr Offer
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$1,338 psf per plot ratio (ppr), or $524.3 million, was the top bid submitted by UOL Group, Singapore Land Group (SingLand), and Kheng Leong for a government land sale (GLS) site at Dorsett Road which was closed on 9th October. In a statement issued by the developers after the close of the tender, it was revealed that the project would be a joint venture (JV) between the three companies, with UOL, SingLand, and Kheng Leong holding 60%, 20%, and 20% stakes respectively. If the site is awarded to the JV, it will be developed into a 428-unit project consisting of two 27-storey residential towers.
According to Shirley Ng, UOL’s Chief Investment and Asset Officer, the site’s central location and its status as the only GLS Confirmed List site within the fringe of the Core Central Region (CCR) for 2025 were among the factors that made it an attractive investment. Its close proximity to Farrer Park MRT station and its location within 1km of St Joseph Institution Junior and Hong Wen School were also cited as appealing features.
The tender for the residential site received a total of nine bids, with the second-highest bid of $518.88 million ($1,324 psf ppr) being submitted by a consortium comprising ABR Holdings, LWH Holdings, Macly Group, Roxy-Pacific Holdings, and Wee Hur Holdings. Hoi Hup came in third with a bid of $515.18 million ($1,315 psf ppr). The strong turnout from developers for this GLS site is indicative of their increased confidence, which is supported by the healthy sales results of recent new launches and the desirable location of the site, according to Marcus Chu, CEO of ERA Singapore. Mohan Sandrasegeran, Head of Research and Data Analytics at SRI, also notes that the bidding activity suggests developers are confident that the demand for new city-fringe private residential projects will continue.
The site is situated in the Farrer Park neighbourhood in the Rest of Central Region (RCR) and 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, while 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 was sold in a sub-sale for $2.7 million ($2,484 psf), representing 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, with the last plot being on Northumberland Road, which has since been developed into Piccadilly Grand. Chu believes this scarcity presents a clear opportunity for developers to capitalize on pent-up demand for mid- or large-sized residential projects. The recent strong performance in the new launch market has also added urgency to 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, along with CapitaLand Development and Kheng Leong Co., are behind the 666-unit Skye at Holland, which was 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. 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.