Commentary on URA tender closing at Dover Drive Residential with Commercial at the first storey

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

Undeterred by heightened economic uncertainty and risks of higher construction costs from supply chain disruptions amid the ongoing Middle East conflict, the tender for the Residential with commercial at first storey site at Dover Drive (625 units) received a robust 6 bids, and a top bid price of $1,556 psf ppr which is significantly above expectations. This unit price is the highest for a “Residential with commercial at first storey” site in the RCR since Jiak Kim Street GLS (Riviere)’s $1,733 psf ppr in Dec 2017. It also surpasses the $1,455 psf ppr record land rate posted by a RCR residential site at Tanjong Rhu Road last month, signalling developer confidence in the growth potential of the Greater one-north transformation outlined under the URA’s 2025 Masterplan. If awarded, it will be Qingjian and China Construction’s third JV project in the Greater one-north, after its earlier two wins at Media Circle.

Despite its relatively large size, the tender for Dover Drive garnered a strong response, receiving 6 bids and a top bid price of $951.00 mil ($1,556 psf ppr) significantly above expectations. The top bid was submitted by a consortium comprising Qingjian Realty, China Communications Construction Co. and Jianan Realty, outbidding the second-placed Sunway MCL and CSC Land’s $1,491 psf ppr by 4.4% and the third highest bidder, a joint venture between Frasers Property and Hoi Hup Realty’s $1,455 psf ppr by 7%. GuocoLand, Hong Leong Holdings and Mitsui Fudosan Co. placed the lowest bid of $1,360 psf ppr, 14.4% lower. The price gap between the top and last bidder of less than 15% shows some consensus on the site.

Dover Drive is the first plot to be released in the new Dover-Medway residential area within the URA’s Greater one-north transformation plan to shape the precinct into a better place to live, work, learn and play.

Key draws of the site include its attractive location:

• 350 metres away from one-north MRT station
• Popular primary school, Fairfield Methodist is within a 1km radius of the site
• Proximity to many local and international institutes of higher learning such as NUS Kent Ridge campus, Singapore Polytechnic, United World College of Southeast Asia (UWCSEA), INSEAD and Essec Business School
• Near the one-north business district which is a strategic research and development (R&D) hub for the biomedical science, infocomm technology, media, and engineering sectors
• Across the new Geneo Science Park, a lifestyle and research cluster for life sciences and innovation
• Will be beside the up-and-coming AI park, Kampong AI – a space for AI start-ups with shared workspaces and housing facilities within LaunchPad @ One-North slated to complete by 2028

 

The Government has released several GLS sites in one-north prior to Dover Drive at Slim Barracks Rise and Media Circle. Tender results for these sites are as follow:

• The closest sites are smaller plots located at the other side of one-north MRT Slim Barracks Parcels A & B which were awarded back in Oct 2021 for $1,246 psf ppr and $1,210 psf ppr respectively. Both sites drew 10 bids each. Projects on the 2 plots are Blossoms by the Park (275 units) and The Hill @one north (142 units) which were launched in Apr 2023 and Apr 2024 respectively.
• Most recent comparable Media Circle Parcel A (325 units) which saw 3 bids and was awarded for $1,037 psf ppr in Mar 2025 to a consortium between Qingjian Realty/China Communications Construction Co./Zhang Song. It is reported to be launching soon as Hudson Place Residences.
• Qingjian Realty and China Communications Construction Co. were also the top bidders for the earlier site at Media Circle which saw 3 bids and was awarded for S$1,191 psf ppr in Feb 2024. Later launched in Apr 2025 as Bloomsbury Residences (358 units).

 

Unsold inventory is relatively limited, with 82 units left from existing launches Bloomsbury Residences, Blossoms by the Park, The Hill @one north, Lyndenwoods, and 325 units in the new launch pipeline from Media Circle Parcel A. 

Analysing comparable projects nearby, the most recent launch in the one-north area is Lyndenwoods located across the expressway at Singapore Science Park, near Geneo and Kent Ridge MRT station. The project saw a robust take-up, moving 324 units or 94% of total 343 units at an average price of $2,450 psf over its launch weekend in Jul 2025. 

At Media Circle, Bloomsbury Residences (358 units) was met with a muted response, selling 90 units or 25% of 358 total units at an average price of $2,474 psf over its launch weekend in Apr 2025. 246 units were transacted in 2025 at a median price of $2,498 psf. 

Prior uncompleted 99-year one-north launches Blossoms by the Park and The Hill @one north saw 17 and 94 transactions in 2025 at median prices of $2,415 psf and $2,484 psf respectively. 

Older nearby 99-year resale comparables Dover Parkview, Heritage View, One-north Residences and The Rochester Residences transacted at median prices of $1,458 – 1,760 psf.

Nearby comparables

Project	No. of units sold in 2025	Median price sold in 2025	Tenure	Year completed	Total no. of units in project
DOVER PARKVIEW	22	$1,458	99 yrs from 01/12/1993	1997	686
HERITAGE VIEW	16	$1,594	99 yrs from 12/08/1996	2000	618
ONE-NORTH RESIDENCES	15	$1,760	99 yrs from 15/09/2005	2009	405
THE ROCHESTER RESIDENCES	17	$1,627	99 yrs from 02/02/2005	2011	366
New launches
BLOSSOMS BY THE PARK	17	$2,415	99 yrs from 10/01/2022	Uncompleted	275
THE HILL @ONE-NORTH	84	$2,484	99 yrs from 10/01/2022	Uncompleted	142
LYNDENWOODS	341	$2,464	99 yrs from 28/04/2025	Uncompleted	343
BLOOMSBURY RESIDENCES	246	$2,498	99 yrs from 07/05/2024	Uncompleted	358

Source: CBRE Research, realis, data downloaded as of 25 Mar 2026.

As the first project in the new Dover-Medway residential area, this site could benefit as the first mover from the growth of nearby Kampong AI, a dedicated hub for AI startups, researchers, and partners, scheduled to be completed in 2028.

At a top bid price of $1,566 psf ppr, we expect the future project could look to launch at an average price of $2,800 – 2,900 psf.