URA launches tenders for two GLS sites at Media Circle
The most recent GLS site in the vicinity to be granted was a 114,462 sq ft area on Media Circle. The site was granted in January to a joint enterprise comprising Qingjian Real estate and China Communications Construction Corporation, similarly known as Forsea Holdings, which sent the leading bid of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit project.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, each. Yip assumes that the staggered terminating days will certainly allow developers to check attraction in the location and help them develop tender bids. He prepares for each spot could attract as much as three bids, with the top proposal of up to $494 million or in between $1,000 to $1,100 psf ppr.
Mark Yip, CEO of Huttons Asia, adds in 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. “Households with children learning in the nearby Tanglin Trust School might be potential tenants as well,” he adds.
The sites rise at the southerly end of the one-north section. “Media Circle was mostly developed as a business and tech park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “Thus, the immediate vicinity might not be sufficiently equipped with facilities to sustain a non commercial enclave.”
The future project might be a welcome inclusion to the presently minimal housing choices for specialists doing work in one-north. “Current housing options in the one-north area mainly revolve around co-living spaces, serviced apartments and hotels,” states Chu.
Marina View Residences showflat location
Another tender for an adjacent 62,046 sq ft non commercial site entirely 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”.
Media Circle (Parcel A) rises at the juncture of Media Walk and Media Circle. Measuring 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can potentially yield around 325 housing units. The nearby Media Circle (Parcel B) figures around 107,936 sq ft and has a max GFA of 464,129 sq ft. It can potentially yield around 500 houses.
The tenders for 2 sites located around Media Circle under the 2H2024 Government Land Sale (GLS) Program were launched on Nov 26. Both 99-year leasehold sites under the Confirmed List are zoned residence with business usage at the 1st floor.
ERA’s Chu takes a more careful viewpoint, noting that Media Circle (Parcels A and B) have a much less attractive area matched up to previous one-north location GLS locations, which include Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Terminal.
Chu foresees a “warm action” to the two newest Media Circle plots. “With a much smaller customer pool than a lot of housing sites to leverage on, developers might not be as keen to compete for the Media Circle sites.” He includes that property developers may be much more considering some other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
