A joint venture comprising UOL Group Limited, Singapore Land Group (SingLand), and Kheng Leong has emerged as the top bidder for a Urban Redevelopment Authority (URA) land parcel located at Dorset Road.

The winning consortium's bid amounts to $524.3 million, as announced by URA, translating to $14,405.06 per square metre of gross floor area.

The development will proceed as a collaborative effort with UOL holding a 60% stake, while SingLand and Kheng Leong each maintain 20% ownership.

Competing bids were received from several developers including ABR Holdings, Wee Hur Property, and GuocoLand.

According to UOL's chief investment and asset officer Shirley Ng, the Dorset location offers strategic advantages as the sole site positioned within the Core Central Region's periphery among the 2025 Government Land Sales Confirmed List properties.

Ng highlighted the site's premium location benefits, noting its proximity to Farrer Park MRT station and being situated within a 1-kilometer radius of prestigious educational institutions including St Joseph Institution Junior and Hong Wen School.

"Upon successful award, this acquisition will provide an opportune addition to our residential portfolio. The planned development features dual 27-storey residential towers housing a total of 428 units," Ng stated.

UOL Group shares concluded trading on October 9 at $7.93, representing a decline of 7 cents or 0.875%.