URA launches tenders for two GLS sites at Media Circle
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, specifically. Yip assumes that the staggered termination days will enable property developers to keep track of interest rate in the location and assist them create tender proposals. He expects each spot can draw in up to 3 quotes, with the leading bid of as much as $494 million or in between $1,000 to $1,100 psf ppr.
One of the most current GLS site around to be awarded was a 114,462 sq ft site on Media Circle. The site was granted in January to a joint venture including Qingjian Realty and China Communications Construction Co, also known as Forsea Holdings, that submitted the leading bid of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit project.
The sites stand at the southern end of the one-north part. “Media Circle was mostly created as a business and tech park,” states Marcus Chu, CEO of ERA Singapore. “Thus, the instant vicinity might not be completely set up with services to sustain a non commercial enclave.”
Another tender for a nearby 62,046 sq ft residential site fully zoned for long-stay serviced apartments closed in September. However, URA rejected the sole quote of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, considering it “way too cheap”.
Chu predicts a “warm reaction” to the two latest Media Circle plots. “With a smaller buyer pool than many residence sites to take advantage of on, property developers may not be as interested to rival for the Media Circle sites.” He adds that developers might be a lot more interested in other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
ERA’s Chu gets a much more careful perspective, noting that Media Circle (Parcels A and B) have a less enticing place compared to previous one-north spot GLS sites, which include Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Station.
The tenders for two sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Programme were started on Nov 26. Both 99-year leasehold sites under the Confirmed List are zoned residential with commercial usage at the first floor.
Media Circle (Parcel A) rises at the crossroads of Media Walk and Media Circle. Estimating 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can most likely generate around 325 housing units. The nearby Media Circle (Parcel B) estimates about 107,936 sq ft and has a max GFA of 464,129 sq ft. It can possibly produce around 500 residences.
Mark Yip, CEO of Huttons Asia, adds that the future work at the site might be well-positioned to tap into the tenant pool consisted of employees in one-north, Science Park, and the National University of Singapore. “Family members with children learning in the close-by Tanglin Trust School might be potential renters too,” he adds.
The future project might be a wanted addition to the presently restricted real estate options for professionals working in one-north. “Current housing options in the one-north area mostly depend on co-living spaces, serviced apartments and hotels,” says Chu.
