URA launches tenders for two GLS sites at Media Circle
One of the most latest GLS site around to be granted was a 114,462 sq ft area on Media Circle. The site was granted in January to a shared enterprise including Qingjian Realty and China Communications Construction Corporation, also referred to as Forsea Holdings, which submitted the top proposal of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit project.
The sites rise at the southern end of the one-north section. “Media Circle was primarily established as a business and technology park,” says Marcus Chu, CEO of ERA Singapore. “Thus, the instant vicinity may not be sufficiently prepared with services to sustain a residential enclave.”
The future project might be a welcome inclusion to the currently limited real estate options for professionals doing work in one-north. “Existing real estate options in the one-north area mostly focus on co-living spaces, serviced apartments and hotels,” claims Chu.
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, specifically. Yip thinks that the staggered termination dates will certainly let developers to keep track of attraction in the location and assist them develop tender proposals. He expects each site might bring in as much as 3 proposals, with the top proposal of as much as $494 million or in between $1,000 to $1,100 psf ppr.
Chu predicts a “lukewarm feedback” to the two most current Media Circle plots. “With a much smaller purchaser pool than a lot of house sites to take advantage of on, developers might not be as interested to compete for the Media Circle sites.” He includes that developers may be a lot more interested in some other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
Another tender for an adjacent 62,046 sq ft household site fully zoned for long-stay serviced apartments closed in September. However, URA declined the only bid of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, regarding it “far too cheap”.
The tenders for two sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Program were launched on Nov 26. Both 99-year leasehold sites following the Confirmed Lineup are zoned residence with commercial use at the 1st storey.
Media Circle (Parcel A) is located at the juncture of Media Walk and Media Circle. Figuring 82,125 sq ft, it has a highest gross floor area (GFA) of 303,865 sq ft and can most likely generate about 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 potentially produce about 500 residences.
ERA’s Chu gets a more sensible perspective, noting that Media Circle (Parcels A and B) have a less desirable area compared to previous one-north area GLS spots, which include Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Terminal.
Mark Yip, CEO of Huttons Asia, adds that the future project at the site would be well-positioned to take advantage of the tenant pool consisted of workers in one-north, Science Park, and the National University of Singapore. “Families with children learning in the nearby Tanglin Trust School may be potential tenants as well,” he includes.
