Over the past 25 years, Qingjian Realty has developed 10 executive condos (ECs) and 10 private condos in Singapore. Now, under the leadership of its 30-year-old managing director, Du Dexiang, it is venturing into a new district — Media Circle at one-north.
In January 2024, Qingjian, in a joint venture with China Communications Construction Co (also known as Forsea Holdings), won the first residential development site released in Media Circle. Their bid of $395.29 million, or $1,191 per square foot per plot ratio (psf ppr), was the highest among the three submissions.
The joint venture partners are transforming the 114,462 sq ft site into Bloomsbury Residences, a 358-unit apartment project with seven shops on the first level. The development is set to debut on Mar 29.
Media Circle is located within one-north, a high-tech and innovation hub for knowledge-based industries such as biotechnology, infocomm technology, and high-tech enterprises.
By mid-2026, Singapore will also begin piloting driverless buses in one-north, Marina Bay and Shenton Way. “This will be the future of one-north,” says Du.
Overview of Media Circle at one-north, where the upcoming Bloomsbury Residences and Media Circle (Parcel A) and (Parcel B) are situated (Photo: Qingjian Realty)
Media Circle’s Bloomsbury
“Media Circle is unique as it is surrounded by black-and-white colonial houses, the headquarters of companies like Grab and Mediacorp, and schools such as Insead Business School and Tanglin Trust School,” he relates.
The multinational environment of Media Circle reminded Du of his time studying at University College London (UCL). The UCL campus is in Bloomsbury, near landmarks like the British Library, Senate House Library, the British Museum, lush parks and a weekly farmers’ market. “It’s a great place — I loved it,” he recalls. “Right after we won the Media Circle GLS site, I already had the idea of naming the project Bloomsbury something.”
In keeping with one-north’s high-tech identity, Qingjian will deploy robots at Bloomsbury Residences to clean common areas and the swimming pool, deliver parcels to residents, and even collect tennis balls at the tennis court. “Bloomsbury Residences will be the first condo in one-north to have both a tennis court and a robotic tennis ball collector,” says Du.
The Urban Redevelopment Authority (URA) has launched two neighbouring sites, Media Circle (Parcel A) and Media Circle (Parcel B), for sale under the 2H2024 Government Land Sales (GLS) programme. The tender for Parcel A closed on March 4, while the tender for Parcel B will close on April 29.
Qingjian, together with its joint venture partner Forsea Holdings and minority investor Hoovasun Holding, emerged as the winning bidder for Media Circle (Parcel A) when the tender closed on March 4.
The joint venture partners submitted the highest bid of $315 million ($1,037 psf per plot ratio) for the 99-year leasehold site, which is zoned for residential use with commercial spaces on the first storey. The site is expected to yield approximately 325 housing units and a commercial block. Qingjian and Forsea plan to develop a high-rise twin-tower residential project with commercial spaces on the ground level.
Likewise, Qingjian will “watch very closely” the upcoming Media Circle (Parcel B) tender, which closes at the end of April.
Artist’s impression of the 358-unit Bloomsbury Residences at Media Circle (Photo: Qingjian Realty)
Growth and evolution
Du aims to transform Qingjian into an innovative, next-generation property developer. According to Du, Qingjian was established in Singapore in late 1999 and celebrated its 25th anniversary in January.
The company began as a subcontractor before evolving into a main contractor, undertaking HDB and private residential construction projects. Qingjian operates under the holding company, CNQC International, which was listed on the Hong Kong Stock Exchange (HKSE) in September 2015 through a reverse takeover.
Beyond Qingjian, CNQC International has several other subsidiaries, including three main contractors and two subcontractors specialising in mechanical and electrical (M&E) services and aluminium and ironwork.
Du’s father, Du Bo, 67, serves as the honorary chairman of CNQC and is the company’s controlling stakeholder, holding a 77.91% share. With over 40 years of experience in engineering and construction across China and Singapore, he has played a pivotal role in the company’s growth.
“Singapore is a great place to do business because of its clear rules, regulations, and business-friendly environment,” says Du. “In recent years, we have seen a significant influx of people and businesses coming to Singapore.”
Two years ago, the company moved its headquarters to Suntec City Tower 3, which offers an unblocked view of the city skyline. Incidentally, the Singapore Chinese Chamber of Commerce & Industry (SCCI) is also in the same tower.
The Suntec City office towers house many members of SCCI and the Singapore Chinese Business Association, both of which Qingjian is a corporate member. Through these affiliations, Du has the opportunity to connect with leaders of other Chinese development and construction companies.
“It’s a great platform for me to learn from fellow Chinese developers and gain deeper insights into the business,” he says.
Natura Loft, a 480-unit Design, Build and Sell Scheme (DBSS) project in Bishan was launched in 2008, and marked Qingjian’s first foray into property development (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Family legacy
Du attributes his decision to join Qingjian partly to his father’s influence. “I thought building developments would be pretty cool,” he recalls. “Even before I started primary school, I knew my dad was an engineer. I watched him progress to managing projects, first in China and later in Singapore. His work influenced me from a young age.”
Born in Qingdao, China, Du moved to Singapore when he started secondary school. He later pursued his tertiary education in London, earning a Bachelor of Science in Economics and Statistics from University College London (UCL). He went on to complete a Master of Science in Risk Management and Financial Engineering at Imperial College London.
After graduating, Du returned to Singapore and worked at United Overseas Bank (UOB) for nearly two years before joining Qingjian in May 2021. He started as assistant CEO before becoming president of CNQC (South Pacific) Holdings.
Today, as managing director of Qingjian Realty (South Pacific) Group, Du focuses primarily on property development in Singapore. However, he’s also the president of the holding company CNQC International, which is headquartered in Singapore.
The 1,206-unit Jadescape, a redevelopment of the former Shunfu Ville, was completed in 2022 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
On-the-ground experience
To gain firsthand business experience, Du frequently visited construction sites, particularly during the COVID period. Qingjian’s most significant project in Singapore, Jadescape, was under construction at the time.
Jadescape was a redevelopment of the former Shunfu Ville privatised HUDC estate, which Qingjian acquired for $638 million in May 2016. It was the largest collective sale since 2007, marking Qingjian’s first foray into the en bloc redevelopment market.
“I went weekly to oversee the progress of the project and ensure that we could deliver on time,” Du recalls. “With 1,206 units and six shops, Jadescape is our biggest project in Singapore to date.”
Launched in September 2018, Jadescape saw strong demand, with over 300 units sold in its first month at an average price of $1,657 psf. The project was fully sold by September 2022. Prices peaked in February 2024, when a 1,259 sq ft four-bedroom unit changed hands for $3.2 million, or $2,541 psf.
Qingjian first ventured into property development over a decade ago with the launch of Natura Loft, a 480-unit Design, Build and Sell Scheme (DBSS) project in Bishan in 2008. It was followed by Nin Residence, a 219-unit private apartment development at Pheng Geck Avenue in Potong Pasir, launched in December 2010. Two years later, in June 2012, Qingjian introduced River Isles, a 610-unit private condominium in Edgedale Plains, Punggol.
Le Quest marked Qingjian’s first mixed-use development, comprising 516 apartments and Le Quest Mall, which spans 64,584 sq ft. The mall features an NTUC FairPrice Finest supermarket, a Koufu food court, and several fast-food restaurants. Located in Bukit Batok in the West Region, the 99-year leasehold project was completed in 2020, with the shopping mall opening in December that year.
The 618-unit Tenent was the first executive condo to be launched at Tampines North (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Filling a gap in the market’
The first project that Du was actively involved in from acquisition to launch was Tenet, a 618-unit EC at Tampines Street 62. Launched in December 2022, all except one unit have been sold at an average price of $1,385 psf.
Adjacent to Tenet is Sim Lian Group’s Aurelle at Tampines, a 760-unit EC project launched on March 8. About 90% of the units were taken up at an average price of $1,766 psf.
“Tenet was the first EC to be launched in Tampines North,” Du points out. Qingjian’s next EC project will be at Jalan Loyang Besar in Pasir Ris, near Tampines in the Eastern Region.
A Qingjian-led consortium, in partnership with Forsea and ZACD Group, secured the Pasir Ris EC site in August 2024 with a winning bid of $557 million ($729 psf per plot ratio). It set a new record for EC land prices — until two months later when Sim Lian set a new benchmark by paying $768 psf ppr for an EC site at Tampines Street 95 in Tampines West.
Du estimates that the upcoming EC at Loyang Besar in Pasir Ris will comprise about 710 units and could launch late this year or early next year.
Before this, the last EC site released for sale in Pasir Ris was in 2012 — the 495-unit Sea Horizon, completed in 2016. Two earlier ECs within 500m of the Jalan Loyang Besar site are the 416-unit Watercolours (completed in 2014) and the 312-unit Eastvale (completed in 1999).
“ECs are a very special product in Singapore—a hybrid housing model that helps fill a gap in the market,” says Du. “I’m quite confident about EC demand in the area. The key is to offer excellent facilities and well-designed homes that cater to the needs of upgraders.”
Launched in 2012, the 610-unit River Isles in Punggol was Qingjian’s first private condo development (Photo: The Edge Property)
‘Localised developer’
Reflecting on recent project launches, Du highlights the strong weekend sales in January and February. Notable projects include: The Orie (777 units, 87% sold), ParkTown Residences (1,193 units, 87% sold) and Elta (501 units, 65% sold).
“From a developer’s perspective, it’s certainly very satisfying,” he says.
Despite market fluctuations, Du remains optimistic. “I have confidence in the market. It’s very stable, and demand appears resilient.”
However, he believes that beyond market trends, understanding homebuyers’ needs is paramount. “We are selling homes—the single biggest asset for most people,” Du emphasises. “I want to ensure we meet homebuyers’ expectations. That’s why I always look at our projects from the buyer’s perspective, not just from a developer’s standpoint.”
As a non-Singaporean property developer, Qingjian is restricted to developing projects for sale and cannot own property, notes Du. However, with 25 years in Singapore and a 60% to 70% local workforce, he believes Qingjian has become well-integrated into the market.
“We are localised and very familiar with the Singapore market,” he emphasises. “And we have a strong foundation, given that we have both a construction and development arm.”
Building on this “firm foundation,” Du envisions further growth for Qingjian.
While Du considers himself “very open-minded” and willing to explore different sectors, he remains grounded in Qingjian’s core strengths. “We are, first and foremost, a development and construction company,” he states.
At the same time, his background keeps him cautious. “I’m very risk-sensitive,” he adds. “Bear in mind that I studied risk management and financial engineering, which is why we will continue to focus on market fundamentals.”
