Forsea and Qingjian Win Dover GLS at S$951M — S$1,556 psf ppr Sets New RCR Record

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Singapore’s property market recorded a significant milestone on 27 March 2026: a consortium led by Forsea and Qingjian Realty submitted the winning bid for the Dover Road GLS (Government Land Sales) site at S$951 million — translating to approximately S$1,556 per square foot per plot ratio (psf ppr).

This bid sets a new record for the Rest of Central Region (RCR) in Singapore’s land tender history, with six developer groups competing for the site. It signals extraordinary developer confidence in the Dover-one-north-Queenstown corridor.

What Is the Dover GLS Site?

The Dover Road GLS site is a prime residential land parcel in Singapore’s District 5, situated near the established one-north innovation district and within close proximity to:

• Dover MRT station (East-West Line)
• one-north MRT station (Circle Line) and Buona Vista MRT interchange
• NUS (National University of Singapore) campus
• Science Park and Biopolis biomedical research hub
• Rochester Mall and upcoming one-north commercial developments

The six-bidder competition is unusually high for a single GLS site, reflecting the scarcity of large, well-located RCR land parcels near both MRT nodes and established employment hubs.

S$1,556 psf ppr: Why This Is a Record-Setting Bid

The psf ppr metric measures land cost per unit of allowable gross floor area. At S$1,556 psf ppr, this Dover bid surpasses previous RCR land records and implies significant construction-and-launch price commitments for the developer.

Based on standard development cost frameworks (for indicative purposes only):

• Land cost: ~S$1,556 psf ppr
• Estimated construction cost: ~S$450–500 psf
• Marketing, professional fees, financing: ~S$150–200 psf
• Developer margin (typically 10–20%): ~S$250–450 psf
• Indicative breakeven: approximately S$2,400–S$2,700 psf

All figures above are indicative estimates only and do not represent confirmed or guaranteed launch prices. Actual pricing will be determined by the developer closer to launch.

About Forsea and Qingjian Realty

Forsea is a Singapore-based real estate developer and investment firm. Qingjian Realty is a well-established Singapore developer with a track record including Altura EC, Forett at Bukit Timah, and Bellewaters EC — all delivered on time with strong buyer reception. The consortium brings complementary development and marketing expertise.

What This Means for New Launch Buyers in the Area Today

1. Existing RCR Launches May Offer Relative Value Now

Any new launch from the Dover GLS win will need to price at or above the implied breakeven. Current new launch condominiums in Queenstown, Buona Vista, and neighbouring districts may be priced at a meaningful discount to where the Dover project will launch in 2028–2029. Buyers with a 3–5 year investment horizon may find this to be a relevant consideration.

2. The one-north Corridor Has Confirmed Institutional Backing

Six developers competing for a single site at a record psf confirms that the market views this corridor as among Singapore’s most structurally attractive residential locations. The employment base at one-north (over 50,000 professionals in biomedical, media and technology industries) supports sustained demand from professional renters and owner-occupiers.

3. RCR Price Benchmarks Are Being Reset

Record GLS bids create upward pressure on pricing expectations across the RCR. Developers holding adjacent or comparable sites will reference this benchmark. Buyers considering properties in this price band should monitor how quickly existing launches absorb this new pricing reality.

Practical Steps for Singapore Property Buyers

1. Review your TDSR and borrowing capacity — see our TDSR Singapore guide to understand how much you can afford at current SORA-linked rates
2. Understand ABSD implications — see the ABSD 2026 guide for rates and the ABSD remission process for HDB upgraders
3. Compare current RCR new launches against the implied Dover pricing to identify relative value opportunities
4. Consult a licensed CEA-registered property consultant for personalised advice on your specific situation