Dover Drive - Government Land Sale (GLS) Site Analysis

1.0         Site Details  

Table 1: Details of Dover Drive GLS Site

Map of Dover Drive

Site Attributes

This Dover Drive site will be the first development in the new Dover-Medway neighbourhood, part of the Greater one-north Area. This gives both the developer and buyers the first-mover’s advantage. It will also be the development located amongst the nearest to one-north MRT Station. 

2.0         Locational Attributes

Proximity to industrial nodes and job centres

New homes in the neighbourhood can cater to the working population of the nearby one-north and Singapore Science Park. These are business parks that houses firms in the Biomedical, physical sciences, Research and Development and Information and Communications Technology (ICT) industries. Examples of firms located there are Linden Research, the makers of the 3D virtual online world, Thales Technology Centre, A*Star and Razer SEA. 

A new artificial intelligence (AI) park, Kampong AI, is being developed in one-north. This new business park will consist shared workspaces and housing facilities to draw promising start-ups to set up in Singapore. This will create a more synergistic environment amongst AI founders, practitioners, researchers, and innovators to catalyse more collaborations and interactions. Beyond workspaces, there will also be amenities such as new event spaces, sports facilities, networking areas and eateries. When fully completed in 2028, the artificial intelligence park will have work, play and living spaces.

Dover-Medway (URA Masterplan 2025)

URA’s recent Master Plan 2025 revealed plans to revitalise some neighbourhoods including Dover-Medway. Injecting more homes into business parks and commercial nodes will result in larger live-in population. Hence, the estate will become more vibrant and liveable. 

This new housing estate will have a mix of as many as 6,000 new public and private homes with amenities. It will complement the existing private developments located within one-north. Presently, there are only 1,711 units, with another 345 units expected to launch in 2026.

As one-north’s primary aim is still to cater to industrialists, adding more homes into the estate directly may not be viable. As such, adding homes at Dover-Medway will supplement existing private homes within the Greater one-north. With these future homes and more, the Greater one-north will be moving one step closer to becoming a dynamic live-work-play-learn hub.

Transport and Connectivity

Being a mere 10-minute walk to One-north MRT Station (Circle Line), residents can enjoy great convenience and connectivity. It is one stop from Buona Vista Interchange and two stops from Holland Village. On the same line, there is direct access to several other interchanges such as Botanic Gardens, Harbourfront, Dhoby Ghaut and Bishan. Moreover, by 2026, the loop on the Circle Line will be closed which will shorten travel time even more. 

Amenities

For now, the amenities can adequately serve the needs of the immediate working population. However, as the area develops into a residential enclave, more amenities will be required to meet the daily needs of residents. At present, as the area is still undergoing development, it may be premature for more retail and F&B tenants to establish a presence in the location.

We can expect basic amenities like more food options, preschools, supermarket and clinics to be added to support the public housing. In line with the growing focus on green spaces, we may also see parks and open spaces with cycling path. URA has committed to adding amenities and recreational spaces that are well-connected through cycling paths and sheltered walkways. This is to support recreational use and community-building.

Table 2: Schools within 2km of the Dover Drive site

3.0         Price and Market Trends

From 4Q 2021 to 4Q 2025, the median price psf of non-landed homes in Queenstown, District 05 and RCR have increased by 54.7%, 23.5% and 43.3% respectively. The growth in all areas is relatively paced at the same rate, with District 05 leading the increase in prices.

Table 3: Prices of All Private Homes in the Vicinity

However, District 05 includes homes in Clementi, one-north and some parts of Queenstown. Clementi and one-north saw several new launches since 2024 that had propped up transacted prices.  

4.0         Potential Demand/Buyer Profile

The future development is likely to attract professionals working in one-north who prefer to live near enough to their workplace yet be located outside the business park. Its proximity to the MRT station also offers convenience for their family members and easy access to other parts of Singapore. 

A new township could also be a draw among young families. While Queenstown is the first satellite town (‘heartland’) developed making it a mature estate, having a new estate within will help revitalise it. First-time homebuyers seeking to live in a familiar estate or near families could consider it. It could also appeal to HDB upgraders. In 2025, there have been 173 million-dollar flat transactions in Queenstown. 

We could also see investors seeking rental income from the expatriates, being near key employment nodes. In addition to one-north, it is also near Singapore Science Park, the National University of Singapore (NUS) and the Jurong Lake District. 

Developers Could Compete for First-Mover Advantage in New Township

The Dover Drive site marks the first GLS site in Dover-Medway, highlighting the scare supply of new homes near but not within one-north. Given its prime city-fringe location next to an MRT station, developers could be more willing to fork out a premium to secure the attractive site.

Table 4: Existing Developments in one-north

The upcoming Dover-Medway estate can also draw similarities to the township development in Lentor Hills. New launches in the area consecutively set the bar for future launch prices. It will be in the developers’ best interest to leverage on first-mover advantage in penetrating the market for private residential homes in Bayshore. However, unlike Lentor Hills, there will be a mix of private and public housing. Hence, it is unlikely for a supply glut. 

However, it is also important to note that Hudson Place Residences is expected to be launched in mid-2026. Located beside Bloomsbury Residences in Media Circle, another new township within one-north.

Market Outlook

With greater geopolitical tensions worldwide, with stability further being tested with global conflicts between Israel, Iran and the United States, there could be fears of further economic uncertainty. Thus far, oil prices have been driven higher while financial markets have been rattled. This could translate into higher energy, construction and living costs if supply disruptions persist.

Nonetheless, Singapore has been known to be a safe haven amidst global risks due to stable governance, the strong Singapore Dollar and a tested and proven property market. Despite challenges faced by global markets, Singapore’s residential property market maintains a largely positive outlook for the foreseeable future. Over the years, Singapore has built a name for itself as a reputable wealth hub in the region, with local real estate being perceived as a quality asset offering stable rental yield for investors. 

Separately, Singapore is experiencing a significant wave of wealth transfer. This is largely fuelled by an affluent middle class whose wealth base has been solidified by the rapid appreciation of their housing assets. With Singapore’s aging population, an acceleration in wealth transfer is to be expected. However, while this influx of capital will empower future generations financially, it could also widen the existing societal wealth gap. With the rising instability in the middle east, we could see further wealth transfers and investments coming to our shores. 

With Singaporeans' strong belief in real estate investment, much of the anticipated acceleration in wealth transfer will likely benefit this market. We already see this as older homeowners right-size to unlock housing equity for liquidity, and younger buyers receive parental support for property purchases. Accordingly, this influx of capital will sustain long-term demand and price appreciation across Singapore's residential market.

This has provided continued strong demand for sites from developers. Their strong appetite for land stems from a strong property market with genuine demand from buyers seeking a home for their own stay, rather than investors buying for speculation. Take up rates have been strong in recent launches despite new benchmarks. 

Conclusion

With a turnout of six bidders, it is a clear indication of 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).

Qingjian’s top bid for the Dover Drive GLS site clearly demonstrates a strategic move to strengthen its presence in the One-North precinct. Their 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. This will be their 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.

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.