Commentary on URA tender closing at Dorset Road residential site

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

The tender for Dorset Road (425 units) saw strong participation from developers, drawing 9 bids and a top bid above expectations. This comes alongside the recent surge in new sales in Q3 2025 on the back of robust take-up at bumper new launches. Homebuying appetite has recovered strongly amid low interest rates and economic resilience, which appears to have boosted developer confidence, especially in locations that seem to tick all the boxes of: palatable size of under 500 units, being near city centre, near MRT, schools and amenities, surrounded by potential million-dollar HDB upgraders. 

The Dorset Road site is the most hotly contested RCR plot in the year so far following underwhelming tenders at Media Circle in the one-north district in April 2025. At 9 bids, today’s tender result matches the performance of the CCR site at Dunearn Road (380 units) which also received 9 bids during the closing of its tender in Jun 2025, and was awarded to a consortium of CSC Land, Sekisui House, and Frasers Property on 3 Jul 2025 for a top bid price of $1,410 psf ppr. 

Dorset Road (425 units)

Source: URA SPACE

Dorset Road received a whopping 9 bids, with a top bid price of $524.30 mil or $1,338 psf ppr which was above expectations, submitted by a consortium between UOL, Singapore Land Group and Kheng Leong Co. This was a tight 1.0% higher than the second highest bid of $1,324 psf ppr submitted by ABR Holdings Ltd./Lim Wen Heng Construction/Macly Capital Pte Ltd./Wee Hur Holdings Ltd. and 1.8% higher than the third highest bid placed by Hoi Hup Realty. In fact, the top 6 bidders are all within 10% range shows some consensus on the site. 

We should not have been surprised as its previous neighbouring comparable is mixed-use site Northumberland Road which received 10 bids and was awarded in Apr 2021 for $1,129 psf ppr to a JV between CDL & MCL Land. The site was later launched in May 2022 as Piccadilly Grand (407 units) and saw robust take-up, moving 315 units or 77% of total units at an average price of $2,150 psf over its launch weekend. It was later fully sold in Dec 2023. 

Other recent comparable GLS sites were larger and from the OCR; Chuan Grove (555 units) and Chuan Grove (2) (505 units) which saw 7 and 5 bids, and were awarded for a top bid price of $1,376 psf ppr and $1,331 psf ppr respectively in July and September to the consortium of Sing Holdings Ltd. and Sunway Developments. 

We believe the key attractives of the Dorset Road site are its connectivity and proximity to Farrer Park MRT, its within 1km of 3 primary schools including 1 popular school (Hong Wen School), its location near the city centre and proximity access to retail and entertainment options at City Square Mall, Mustafa Centre nearby and Piccadilly Galleria, the retail podium of integrated development Piccadilly Grand slated to complete in 2026. 

With the last new launch in the area, Piccadilly Grand recorded 3 years ago and fully sold, there could also be pent-up demand from potential upgraders at nearby Farrer Park, Boon Keng and Whampoa HDB estates. 

We do note however that the plot has a few site-specific risks and drawbacks. With existing buildings located within the Land Parcel, the developer would have to bear additional demolition costs. There has also been a reported presence of Asbestos in existing buildings which would require the Successful Tenderer to engage an asbestos survey at its own cost and expense.

Project Name	No. of units sold in 2025	Median price sold ($psf)	Tenure	Completion Date
CITY SQUARE RESIDENCES	14	2095	Freehold	2009
CITYSCAPE @ FARRER PARK	14	1668	Freehold	2014
KENTISH GREEN	2	1283	99 yrs from 01/03/1995	1999
KENTISH LODGE	3	1227	99 yrs from 01/03/1995	1998
KERRISDALE	10	1632	99 yrs from 02/04/1998	2005
STURDEE RESIDENCES	20	2131	99 yrs from 29/06/2015	2019
UPTOWN @ FARRER	5	2,090	99 yrs from 17/04/2017	2021

Source: CBRE Research, realis, data downloaded as of 9 Oct 2025.

Piccadilly Grand has yet recorded any resale or subsale transaction. 99y-leasehold non-landed resale projects in the vicinity include Kentish Green, Kentish Lodge, Kerrisdale, Sturdee Residences and Uptown @ Farrer which traded at median prices of $1,227 psf for the oldest (completed in 1998) to $2,131 psf for Sturdee Residences (completed in 2019) in 2025 to-date. Freehold comparables such as City Square Residences and Cityscape@Farrer Park traded at median prices of $1,668 psf to $2,095 psf in 2025 so far. 

At an average bid price of $1,338 psf ppr, the joint developers could look to launch a project at an average price of $2,700-2,800 psf.