Commentary on Dover Road GLS Site Tender Closing

SINGAPORE, 26 March 2026 - The tender for the Government Land Sale (GLS) site at Dover Road closed on 26 March 2026. It attracted six bidders, with the highest bid of $951.0 million (or $1,556 psf ppr) submitted by a consortium comprising CNQC Realty (Prime) Pte. Ltd., Forsea Residence Pte. Ltd., and Jianan Realty Investments (1) Pte. Ltd.

“The turnout of six bidders indicates renewed interest in One-North sites, marking a significant turnaround from previous tenders, which received only three bids each. The top bid also establishes a new land rate benchmark for the Rest of Central Region (RCR),” said Marcus Chu, Chief Executive Officer, ERA Singapore. 

“The consortium led by Qingjian’s top bid for the Dover Road GLS site clearly demonstrates a strategic move to strengthen its presence in the One-North precinct. Qingjian’s current portfolio of private residential developments — Bloomsbury Residences and Hudson Place Residences — both located in One-North, indicates a deliberate effort to establish and reinforce their position within this innovation district,” Chu observed. 

“This will be Qingjian's third project in One-North, strengthening its efforts to establish a unique position. With a better understanding of buyer demands and profiles in the area, it will be well-placed to implement its product and pricing strategy,” added Chu.

“The tight 4.4% margin between the top two bids also indicates a 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,” said Chu. 

“The Dover Road site is the first private development planned for the future Dover-Medway estate, announced in the URA Master Plan 2025. 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,” added Chu.

Locational attributes

“Besides being right at the doorstep of One-North, the site is also the nearest land parcel to One-North MRT Station, just a 5-minute walk away. This extra convenience will appeal significantly to homebuyers today, as accessibility and proximity to transport hubs are crucial factors in their homebuying decisions.

Introducing more homes in and around One-North will boost the resident population. With a larger residential community and increased commercial activity, the precinct is poised to become more vibrant and liveable,” Chu said. 

Buyer Demand

“Young families could also consider living here, as several primary and secondary schools are nearby. It is also close to various tertiary education centres, including Anglo-Chinese Junior College, Anglo-Chinese School (Independent), National University of Singapore (NUS), Singapore Polytechnic, and INSEAD Asia Campus.

One-North is part of Queenstown, a popular HDB estate, which recorded 173 million-dollar flat transactions in 2025. This creates a ready pool of HDB upgraders. Besides HDB upgraders, first-time homebuyers looking to live in a familiar estate or near their families could consider this future project,” Chu noted. 

Market Outlook

“Despite increased geopolitical uncertainty and ongoing conflicts in the Middle East, developers remain confident in Singapore’s residential property market. Demand remains resilient and authentic, driven by first-time buyers looking for their own homes, HDB upgrader homeowners, and landed homeowners who are right-sizing rather than engaging in speculation.

With increasing geopolitical tensions worldwide, as stability is further tested by global conflicts between Israel, Iran, and the United States, there may be concerns about further economic uncertainty. So far, oil prices have risen while financial markets have been shaken. This could lead to higher energy, construction, and living costs if supply disruptions continue. 

Nonetheless, despite challenges faced by global markets, Singapore’s residential market maintains a largely positive outlook for the foreseeable future. Over the years, Singapore has established a reputation as a reputable wealth hub in the region, being tested and proven in times of uncertainty,” Chu concluded.  

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.