URA launches tenders for two GLS sites at Media Circle
The sites are located at the southern end of the one-north part. “Media Circle was mostly developed as a business and technology park,” mentions Marcus Chu, Chief Executive Officer of ERA Singapore. “As such, the immediate vicinity might not be completely set up with services to support a non commercial enclave.”
ERA’s Chu takes a much more cautious view, noting that Media Circle (Parcels A and B) have a less desirable location compared to previous one-north location GLS spots, like 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 in that the future work 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 studying in the close-by Tanglin Trust School may be potential tenants too,” he includes.
Chu anticipates a “lukewarm reaction” to the two newest Media Circle plots. “With a smaller purchaser pool than many housing sites to leverage on, property developers might not be as keen to rival for the Media Circle sites.” He adds that developers may be more considering some other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, respectively. Yip thinks that the staggered closing dates will certainly enable property developers to keep an eye on interest rate in the location and assist them to create tender proposals. He anticipates each spot might bring in as much as three bids, with the leading quote of approximately $494 million or in between $1,000 to $1,100 psf ppr.
Novo Place Hoi Hup Realty and Sunway
The most latest GLS site in the vicinity to be granted was a 114,462 sq ft site on Media Circle. The site was granted in January to a joint enterprise comprising Qingjian Real estate and China Communications Construction Corporation, similarly called Forsea Holdings, that submitted the best quote of $395.29 million ($1,191 psf ppr). The site can be created into a 355-unit project.
The future plan may be a wanted add-on to the currently limited real estate alternatives for professionals doing work in one-north. “Existing housing options in the one-north location primarily depend on co-living spaces, serviced apartments and hotels,” states Chu.
Another tender for an adjacent 62,046 sq ft non commercial site fully zoned for long-stay serviced apartments closed in September. However, URA rejected the only bid of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, considering it “too low”.
Media Circle (Parcel A) rises at the crossroads of Media Walk and Media Circle. Figuring 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can most likely 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 possibly yield around 500 residences.
The tenders for 2 sites located near Media Circle under the 2H2024 Government Land Sale (GLS) Programme were launched on Nov 26. Both 99-year leasehold sites within the Confirmed List are zoned residence with retail usage at the first storey.
