URA launches tenders for two GLS sites at Media Circle
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 joint enterprise including Qingjian Real estate and China Communications Construction Co, similarly referred to as Forsea Holdings, which submitted the leading bid of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit property.
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. “Households with children learning in the neighboring Tanglin Trust School may be potential tenants too,” he adds.
The future work might be a wanted inclusion to the presently minimal housing options for professionals doing work in one-north. “Existing housing options in the one-north location mainly focus on co-living spaces, serviced apartments and hotels,” says Chu.
The sites are located at the southerly end of the one-north part. “Media Circle was mostly created as a business and tech park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “As such, the instant vicinity might not be sufficiently equipped with amenities to sustain a residential enclave.”
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 possibly yield about 325 housing units. The adjacent Media Circle (Parcel B) estimates about 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly produce around 500 houses.
ERA’s Chu takes a more sensible viewpoint, noting that Media Circle (Parcels A and B) have a less desirable place matched up to previous one-north area GLS sites, which include Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is next to the Buona Vista MRT Stop.
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 closing days will certainly let developers to monitor interest rate in the area and assist them to create tender bids. He expects each location might attract up to three quotes, with the leading bid of approximately $494 million or between $1,000 to $1,100 psf ppr.
The tenders for 2 sites located near Media Circle under the 2H2024 Government Land Sale (GLS) Programme were released on Nov 26. Both 99-year leasehold sites within the Confirmed Lineup are zoned residential with business use at the first floor.
Another tender for an adjacent 62,046 sq ft residential site fully zoned for long-stay serviced apartments closed in September. However, URA declined the only proposal of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, regarding it “far too low”.
Chu predicts a “lukewarm feedback” to both latest Media Circle plots. “With a smaller buyer pool than a lot of residence sites to take advantage of on, developers might not be as keen to compete for the Media Circle sites.” He includes that property developers may be more interested in other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
