Qingjian, CCCC and Jianan Capital Win Dover Drive GLS Site at S$1,556 Psf Ppr

The Dover Drive Government Land Sale (GLS) parcel, a 13,517‑square‑metre site in Queenstown’s emerging Greater One‑North district, has been secured by a joint venture of Qingjian Realty, China Communications Construction’s Forsea Holdings, and Jianan Capital. The consortium won the land with a record‑high bid of S$951 million, translating to S$1,556 per square foot of plot‑ratio price (PPR), a new benchmark for the residential‑commercial‑recreational (RCR) zone. The price per square metre works out to roughly S$16,730, edging out the previous record at Tanjong Rhu of S$1,445 psf. The deal gives the partners the right to develop about 750,000 square feet of plot‑ratio, enough for 625 private residential units and roughly 3,000 square feet of commercial space on the ground floor. The site is expected to open 26 November 2025 and close 26 March 2026, with a tight timeline for the tender process. Qingjian Realty, the Singapore arm of the Qingjian Group, brings experience in high‑rise residential projects, while Forsea Holdings, a subsidiary of China Communications Construction Co., specializes in large‑scale infrastructure and mixed‑use developments. Jianan Capital, an investment arm focused on Southeast Asian real‑estate assets, rounds out the trio with a strong equity position. The three partners split equity equally for this site, reflecting a balanced risk‑share arrangement. Their collaboration is not new; they have previously delivered two One‑North residential projects—Bloomsbury Residences and Hudson Place Residences—demonstrating a proven track record in the area. Market analysts expect the residential units to launch at a minimum of S$3,100 per square foot, with an average price near S$3,200 per square foot, positioning the development at a premium compared with the One‑North average of S$2,800 per square foot. The target buyers are upper‑mid to premium private homebuyers, expatriates, and high‑net‑worth locals, a segment that is likely to respond positively given the limited private housing supply in the district. Proximity to One‑North MRT Station, a ten‑minute walk away, and the broader live‑work‑play‑learn vision of Greater One‑North add further appeal. The plan calls for two high‑rise towers delivering a mix of two‑ and three‑bedroom units, complemented by a modest commercial podium that will host early‑childhood facilities and other services. Sustainable design features, ample communal spaces, and tech‑enabled homes are emphasized to meet modern expectations. Construction is slated to take four to five years from ground‑breaking to completion, with a phased sales launch that includes early‑bird pricing to test market appetite. This project not only adds much‑needed residential supply to Queenstown but also signals strong confidence from Chinese developers in Singapore’s high‑value land market. winning consortium secured the parcel with a bid that exceeded the second‑highest offer by 5.7%. The Dover Drive site forms part of Singapore’s Government Land Sales program, which is currently experiencing its highest housing supply pipeline since 2013, underscoring the government’s continued commitment to expanding private residential options across the island.