A consortium led by UOL submits the highest bid of S$524.3 million for the private ho

A consortium led by UOL submits the highest bid of S$524.3 million for the private housing site on Dorset Road

Just 1% more than the second-highest bid, its offer amounts to S$1,338 per square foot per plot ratio; the URA tender receives nine bids in total.

October 9, 2025

CONDOsingapore.com

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For a 99-year leasehold plot close to Farrer Park MRT station, an impressive nine bids were received due to a combination of strong sales at recent private residential project launches and an appealing city-fringe location.

Analysts polled earlier this week predicted three to seven bids for the Dorset Road plot, but this turnout was higher.

Nevertheless, the highest bid of S$524.3 million, or S$1,338 per square foot per plot ratio (psf ppr), was in the upper range of the analysts' S$1,000 to S$1,400 psf ppr prediction.

At the state tender closing on Thursday, October 9, a group consisting of UOL Group, Singapore Land Group, and Kheng Leong Co. submitted the highest bid.

Two 27-story towers with 428 residential units are part of the consortium's proposed plan. Shirley Ng, the chief investment and asset officer at UOL, emphasised the site's advantageous location, pointing out that St. Joseph's Institution Junior and Hong Wen School are both within a 1-kilometer radius.

The Dorset Road tender was one of the most competitive sites among the government land sale (GLS) tender closings this year, with nine bids received for a Dunearn Road plot in June, according to Wong Siew Ying, head of research and content at PropNex.

The 10 bids received in 2021 for the adjacent Northumberland Road site, which is directly connected to the Farrer Park MRT station, are comparable to the nine bids received for the Dorset Road site. The property, which was zoned "residential with commercial at first storey," sold for S$1,129 per square foot to a partnership between City Developments and MCL Land. Piccadilly Grand, a 407-unit residential complex, and Piccadilly Galleria, a ground-floor retail podium, are both part of the integrated project.

During its May 2022 launch weekend, Piccadilly Grand saw a strong uptake, selling 315 units, or 77% of the total, at an average price of S$2,150 per square foot. By the end of 2023, it had been sold out.

"Despite economic uncertainty and elevated development costs, developers are generally still confident in the strong homebuyer momentum, married with the strong site-specific attributes of a city-fringe location that is flush with modern amenities and historical culture," said Leonard Tay, head of research at Knight Frank Singapore, who said Thursday's tender "reflects robust interest."

Market observers anticipate that a new condominium on the property will be introduced at an average price of S$2,650 to S$2,800 per square foot, or even more, given the land price of the UOL-led consortium.

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The second-highest bid of S$1,324 psf ppr from a consortium consisting of ABR Holdings, LWH Holdings, Macly Capital, Roxy-Pacific Holdings, and Wee Hur Holdings was only 1% higher than the consortium's top bid on Thursday.

Hoi Hup Realty made the third-highest bid, which came to almost S$1,315 per square foot per plot ratio. For the site, Kingsford Group offered S$1,310 per square foot per plot ratio. Sim Lian Land and Sim Lian Development jointly bid S$1,251.49 per square foot. A unit of China Overseas Land & Investment then submitted a bid of S$1,212.44 per square foot per plot ratio.

Prompt land replenishment

"The fact that the top six bids are within a 10% range shows some consensus on the site," stated Tricia Song, CBRE's head of research for South-east Asia.

According to Tay of Knight Frank, "since the majority of Singaporeans are still employed and because households have financial flexibility due to strong domestic savings, there is a sustained demand for new products in well-located neighbourhoods with amenities, which in turn encourages developers to keep purchasing land."

"The strong sales at recent project launches have added urgency for developers to replenish their land bank," stated Mark Yip, CEO of Huttons Asia.

"If awarded, this (Dorset Road) site will be a very timely replenishment for our residential stock," said Ng of UOL in a similar statement.

A consortium comprising CYZ Land, Soilbuild Group Holdings, and United Engineers Developments (S$1,150 psf ppr) also took part in Thursday's tender. Intrepid Investments and GuocoLand made a joint bid of S$1,136.75 per square foot. The lowest bid, S$1,123 per square foot, was made by Sustained Land.

The maximum gross floor area that can be developed on the 111,934-square-foot site is 391,774 square feet.

It is located in a primarily residential area with both public and private housing developments already in place.

Numerous attractions

Pek Kio Market and Food Centre, Pek Kio Park, Farrer Park Primary School, and restaurants on Rangoon Road and Owen Road are all conveniently located within easy walking distance. The location is also close to Mustafa Centre and City Square Mall.

Justin Quek, deputy group CEO of Realion (OrangeTee and ETC) Group, mentioned that KK Women's and Children's Hospital and Kallang Polyclinic are both nearby. "There are many amenities in the area, so the site will be very appealing to a variety of future buyers."

RCR's tight launch supply

The strong response to the most recent GLS tender, according to Yip of Huttons Asia, was partially caused by the lack of supply from private residential property launches in the Rest of Central Region (RCR), or the city outskirts, which are anticipated to occur in 2026.

An estimated 12 projects totalling 4,786 private residences will go up for sale in the RCR in 2025. When Dorset Road is taken into account, this will drop to just three projects with 2,015 units in 2026. As a result, there won't be as many new homes available on the outskirts of the city in 2026, which could help keep RCR home prices stable.

Marcus Chu, CEO of ERA Singapore, stated that the Dorset Road tender's strong attendance portends well for the state land tender closings for additional city-fringe locations. Early November marks the closing of the tender for a plum site on Telok Blangah Road.

In November and December, respectively, two additional city-fringe locations—in Dover Road and Tanjong Rhu Road—and one—in Kallang Avenue—are scheduled to open.