Barry Lane, coming off an 0-2-1 performance at the UBS Cup, posted a 4-under-par 68. He is tied for third place with Jason Dawes, Stephen Dodd, Amandeep Johl, Matthew King and Marc Cayeux.
Dredge began his day on the back nine and tripped to a bogey at the par-3 11th, his second. He bounced back with a birdie on the 13th and an eagle at 15 to move to minus-2.
The Welshman kept rolling with a birdie at the 16th. However, he faltered to a bogey at 17 before closing his first nine with a birdie at the 18th.
Around the turn, Dredge birdied the first to get to minus-4. He ran off seven straight pars before a birdie on No. 9 gave him a share of the lead.
Park, playing right behind Dredge, birdied the 10th for a seemingly quick start. However, he posted eight consecutive pars to close out his opening nine.
On the front nine, Park birdied the first to get to minus-2. He drained consecutive birdies putts from the fourth to move up the leaderboard. The Australian closed with a birdie at the par-5 ninth to join Dredge atop the leaderboard.
Lian-Wei Zhang, who won this event last year before it joined the European Tour's International schedule, posted a 3-under-par 69. He shares ninth place with James Kingston, Andrew Pitts, Angelo Que, Joon Chung and Mads Vibe-Hastrup.
Soren Hansen, Simon Yates, Mark Foster, Rick Gibson, Prayad Marksaeng, Raymond Russell, Lee Slattery and Steve Webster are one stroke further back at minus-2.