The 99-year leasehold Government Land Sales (GLS) private housing parcel along Dover Drive attracted six bids at its close on March 26, with the highest offer of $1,556 psf per plot ratio (psf ppr) submitted by Qingjian Realty and joint venture partners Forsea Residence and Jianan Realty Investments.
Analysts note that the strong interest reflects growing momentum within the one-north precinct, which has been reinforced by Singapore’s push into artificial intelligence (AI).
Plans for a larger AI park and initiatives such as Kampong AI have strengthened the area’s positioning as a key innovation and employment hub. This has translated into robust housing demand, exemplified by LyndenWoods, which sold more than 94% of its units during its launch weekend in July 2025, says Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. (SRI).
According to the Urban Redevelopment Authority (URA), the site has a maximum permissible gross floor area (GFA) of 611,099 sq ft, including 10,764 sq ft of mandatory first-storey commercial space.
It is expected to yield about 625 residential units, “with 550 sqm dedicated to early childhood facilities”, says Mark Yip, CEO of Huttons Asia.
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The top bid of $951 million is 4.4% higher than the second-highest offer from SMCL Dover 3 and CSC Land Group (Singapore).
It also sets a new benchmark for the Rest of Central Region (RCR), surpassing the "$1,455 psf ppr achieved at Tanjong Rhu Road" and even outpacing the "$1,432 psf ppr fetched at the Core Central Region (CCR) Holland Link site last July," says Wong Shanting, research head at Newmark.
“The strong $1,820 psf ppr achieved at Bukit Timah Road last November, coupled with healthy new home sales, appears to have emboldened developers,” adds Wong.
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The top bid is also 14.4% higher than the lowest offer of $831 million from a consortium comprising Intrepid Investments, GuocoLand (Singapore), and TID Residential. Wong Siew Ying, head of research and content at PropNex, notes that "the difference in land rates among the six bids [is] relatively tight, reflecting a broad consensus among developers on the site’s potential, alongside confidence in the area’s private residential demand outlook".
Wong adds that “the site’s location within 1km of Fairfield Methodist School (Primary), and its proximity to Fusionopolis and one-north MRT, enhances its appeal”. “Buyers may see this as an opportunity to secure a new home in the Dover precinct, where most private projects date back to the 1990s and face shorter balance lease tenures”.
This marks Qingjian’s third acquisition in the area in two years, following earlier joint ventures at Media Circle — Bloomsbury Residences and the upcoming Hudson Place Residences. “The developer is clearly pursuing a longer-term strategy to build scale in a precinct that is still in its growth phase,” notes Mohan.
A spokesperson for the developer adds, “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. As the first development in a new neighbourhood, this site [allows us] to create something genuinely distinctive and we look forward to sharing our vision in due course.”
Strong demand expected
ERA Singapore CEO Marcus Chu highlights that Queenstown, which encompasses one-north, recorded “173 million-dollar HDB transactions in 2025”, creating a ”ready pool of upgraders”. First-time buyers seeking to remain close to family in a familiar estate may also be drawn to the project.
Mohan adds that the government’s AI expansion plans will reinforce long-term residential demand. “The upcoming Kampong AI development, which integrates innovation spaces, will support the evolution of a more integrated live-work environment,” he says.
Justin Quek, deputy group CEO of Realion (OrangeTee & ETC), points out that unsold inventory in the area remains low, with projects such as Bloomsbury Residences, Blossoms by the Park, The Hill @ One-North, and LyndenWoods nearly sold out. “Any further demand for homes in the area will naturally flow to the upcoming Dover Drive project,” he says.
Photos: URA, SRI
