Although headlines point to a $1,338 psf ppr bid at Dorsett Road, the only verified figure at press time is UOL Group’s consortium topping the Holland Drive GLS tender at about $1,285 psf ppr, or $805.4 million, edging out two rivals by a clear margin. Reports of the Dorsett Road number lack confirmation, so the Holland Drive result stands as the clearest benchmark today.
Dorsett chatter aside, Holland Drive’s $1,285 psf ppr sets today’s benchmark
On the ground, the site spans 12,388 square metres on a 99-year leasehold, beside Holland Village and a five-minute stroll to its MRT station. The site sits in District 10, a prime address that consistently commands strong demand.
Plans outlined by the consortium envisage two 40-storey condominium towers, bringing around 680 units to market. With One Holland Village next door, and eateries and the Holland Village Market & Food Centre close by, the appeal is self-explanatory.
Proximity to Good Class Bungalow areas adds quiet prestige.
Competition for the plot was stiff, with three bidders. The second-highest offer came in at $765.3 million, about 5.2% below the winning price, underscoring an assertive stance by UOL, SingLand, CapitaLand, and Kheng Leong, with stakes of 35%, 20%, 35%, and 10%.
Their pricing suggests confidence in District 10’s depth, helped by established schools within one to two kilometres, including Nanyang Primary, Henry Park Primary, and Fairfield Methodist Primary.
Broader policy settings also matter. The government recently trimmed average development charge rates for non-landed homes by about 3%, after a 12.2% hike six months earlier, while prime-area rates were largely unchanged. These DC rates are reviewed biannually every March and September.
Luxury zones like Sentosa Cove saw cuts of up to 6.5%, reflecting softer prices and rents.
These moves, alongside global uncertainty and cooling measures such as ABSD, have generally kept developers conservative, yet top-tier sites still spark bold bids, as Holland Drive demonstrates.
For the consortium, the win fits a pattern. UOL and SingLand previously secured the Orchard Boulevard plot at about $1,617 psf ppr, reinforcing a reputation for high-end execution and long-term positioning.
Meanwhile, the recent Jurong Lake District GLS site tender has attracted similar consortium-style bidding with a five-company alliance including CapitaLand Development proposing an integrated development with 1,700 residential units.
Until any Dorsett Road figures are confirmed, market watchers will likely treat this tender result as the reference point, a timely reminder that address still matters, and timing does too indeed.
