URA launches tenders for two GLS sites at Media Circle
Media Circle (Parcel A) rises at the crossroads 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 possibly generate around 325 real estate units. The nearby Media Circle (Parcel B) estimates about 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly produce about 500 residences.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, respectively. Yip believes that the staggered closing days will certainly enable property developers to monitor interest in the area and allow them to develop tender quotes. He prepares for each site might bring in up to 3 proposals, with the leading bid of approximately $494 million or in between $1,000 to $1,100 psf ppr.
Mark Yip, CEO of Huttons Asia, adds that the future work at the site would be well-positioned to tap into the tenant pool consisted of employees in one-north, Science Park, and the National University of Singapore. “Families with children learning in the neighboring Tanglin Trust School may be potential renters too,” he adds.
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 only bid of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, considering it “way too cheap”.
ERA’s Chu takes a more careful view, noting that Media Circle (Parcels A and B) have a less desirable location compared to previous one-north spot GLS spots, which include Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Terminal.
Chu predicts a “warm action” to both most current Media Circle plots. “With a smaller buyer pool than a lot of house sites to leverage on, developers might not be as eager to rival for the Media Circle sites.” He adds that property developers might be more considering some other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The future work may be a wanted add-on to the currently restricted housing choices for specialists doing work in one-north. “Current housing selections in the one-north area mainly focus on co-living spaces, serviced apartments and hotels,” says Chu.
The sites rise at the southern end of the one-north area. “Media Circle was mainly established as a business and tech park,” states Marcus Chu, CEO of ERA Singapore. “Therefore, the instant vicinity might not be completely prepared with amenities to support a residential enclave.”
The most latest 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 shared venture including Qingjian Realty and China Communications Construction Corporation, similarly called Forsea Holdings, which sent the best bid of $395.29 million ($1,191 psf ppr). The site could be developed into a 355-unit project.
The tenders for 2 sites located along Media Circle under the 2H2024 Government Land Sale (GLS) Program were launched on Nov 26. Both 99-year leasehold sites following the Confirmed List are zoned residence with business use at the 1st floor.
