Knight Frank Commentary | GLS Tender closing for Dover Drive
25 March 2026
Knight Frank Commentary | GLS Tender closing for Dover Drive
Tender Closing for GLS Site
Dover Drive
The government Land sale (GLS) site at Dover Drive can tick most of the boxes for most private residential buyer in Singapore.
It combines a city-fringe location with the mass transit convenience of one-north MRT station (in the live-work-play employment zone of one-north business park) and the mature community of Queenstown, one of Singapore's oldest housing estates.
The catchment of potential buyers can be broad to encompass technology and biomedical professionals who wish to reside near to work at one-north, families of foreign professionals drawn by international schools and the lifestyle offerings at Holland Village, HDB upgraders who might wish to upgrade from new HDB units in the Queenstown area (benefitting from price premiums in the resale market) after the five-year minimum occupation period (MOP) of their BTO flats, as well as investors attracted by a location that can be attractive to professional tenants.
The first-mover advantage of being the inaugural GLS project in Dover-Medway adds further emphasis in the narrative for buyers.
While the six bidders for the Dover Drive site came in within expectations, the land rate is above expectations as developers ratcheted up premiums to their bids in attempts to top the tender. CNQC Reality, who submitted the top bid together with their partners, would be able to geographically influence the non-landed home space at the one-north neighbourhood should the site be awarded, having already been awarded two other sites at Media Circle.
A top bid of S$951 million with a land rate of S$1,556 psf per-plot-ratio (ppr) suggests that the selling price at launch could possibly start from S$3,100 psf and average above S$3,200 psf depending on the design and finishes of the project.
A new project launch in about a year’s time is expected to lead to a price increase for the one-north neighbourhood, triggering a probable overall rise in the Queenstown Planning Area where the median price of new sale and resale transactions were S$2,717 psf and S$2,047 psf respectively in 2025 (based on Realis caveats as of 26 March 2026).
