Uol Group And Singapore Land Group Top Nine Bids Dorsett Road Site 1338 Psf Ppr Offer
: Units seeing healthy sales
UOL Group, Singapore Land Group (SingLand), and Kheng Leong have emerged as the top bidder for a government land sale (GLS) site at Dorsett Road, submitting a winning bid of $1,338 psf per plot ratio (ppr) or $524.3 million. The GLS tender for the site, which closed on Oct 9, attracted a total of nine bids.
In a statement issued by the developers after the close of the tender, it was revealed that the project will be a 60:20:20 joint venture (JV) between UOL, SingLand, and Kheng Leong. The JV stated that if they are awarded the site, they plan to develop it into a 428-unit project consisting of two 27-storey residential towers.
The central location of the site coupled with the fact that it is the only one located within the fringe of the Core Central Region (CCR) from the Government Land Sales (GLS) confirmed list sites for 2025, were some of the key attributes that made the site so desirable, according to UOL Chief Investment and Asset Officer Shirley Ng. Other factors that contributed to the attractiveness of the site include its proximity to the Farrer Park MRT station, as well as the fact that it falls within a 1km radius of prestigious schools such as St Joseph Institution Junior and Hong Wen School.
The tender for the residential site drew a total of nine competitive bids. The second highest bid, submitted by a consortium comprising ABR Holdings, LWH Holdings, Macly Group, Roxy-Pacific Holdings, and Wee Hur Holdings, came in at $518.88 million ($1,324 psf ppr). Hoi Hup followed closely with a bid of $515.18 million ($1,315 psf ppr).
The strong turnout from developers for this GLS site is indicative of improved developer confidence, which can be attributed to the recent success of new launches, as well as the location features of the site, says Marcus Chu, CEO of ERA Singapore. Mohan Sandrasegeran, head of research and data analytics at SRI, adds that the bidding activity also suggests that developers are optimistic about the continued demand for new city-fringe private residential projects.
The site is situated in the Farrer Park neighbourhood within the Rest of Central Region (RCR). It is conveniently located within walking distance of the Farrer Park MRT station on the North-East Line. Nearby amenities include City Square Mall, Piccadilly Galleria, and Mustafa Centre. Additionally, some of the notable schools within the vicinity include Farrer Park Primary School, St Joseph’s Institution Junior, and Hong Wen School.
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The most recent new launch in the neighbourhood was the 407-unit Piccadilly Grand, jointly developed by City Developments (CDL) and MCL Land. The project was launched in May 2022 and was fully sold out by December 2023, with 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. This 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 since been developed into Piccadilly Grand. According to Chu, this scarcity presents a clear opportunity for developers to cater to the pent-up demand for mid- to large-sized residential projects. Additionally, the recent strong performance in the new launch market has 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 seen tremendous success in the current new launch market. The two developers, along with CapitaLand Development and Kheng Leong Co., unveiled the 666-unit Skye at Holland on Sept 26. The project in Holland Village was 3.2 times oversubscribed, with developers collecting 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.