URA launches tenders for two GLS sites at Media Circle
ERA’s Chu brings a more sensible viewpoint, considering that Media Circle (Parcels A and B) have a much less appealing area matched up to previous one-north location GLS locations, which include Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Station.
The future project might be a wanted inclusion to the currently minimal housing options for professionals doing work in one-north. “Existing real estate options in the one-north location primarily revolve around co-living spaces, serviced apartments and hotels,” claims Chu.
Mark Yip, CEO of Huttons Asia, adds that the future work at the site might be well-positioned to tap into the tenant pool comprised of workers in one-north, Science Park, and the National University of Singapore. “Households with children studying in the nearby Tanglin Trust School may be potential tenants too,” he adds.
The tenders for two sites located near 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 non commercial with business usage at the 1st storey.
One of the most latest GLS site in the vicinity to be awarded was a 114,462 sq ft site on Media Circle. The site was granted in January to a shared enterprise including Qingjian Realty and China Communications Construction Corporation, also called Forsea Holdings, which submitted the best proposal of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit project.
Another tender for a nearby 62,046 sq ft household site entirely zoned for long-stay serviced apartments closed in September. However, URA rejected the sole bid of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, regarding it “too cheap”.
Media Circle (Parcel A) is located at the juncture of Media Walk and Media Circle. Estimating 82,125 sq ft, it has a highest gross floor area (GFA) of 303,865 sq ft and can possibly generate about 325 housing units. The nearby Media Circle (Parcel B) measures approximately 107,936 sq ft and has a max GFA of 464,129 sq ft. It can potentially generate about 500 houses.
Chu predicts a “lukewarm action” to both newest Media Circle plots. “With a smaller buyer pool than the majority of residence sites to take advantage of on, property developers might not be as interested to contest for the Media Circle sites.” He includes that developers might be much more considering some other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The sites are located at the southerly end of the one-north section. “Media Circle was mostly established as a company and tech park,” mentions Marcus Chu, CEO of ERA Singapore. “Because of this, the instant vicinity may not be completely equipped with amenities to support a residential enclave.”
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 enable developers to monitor interest in the area and assist them to formulate tender bids. He anticipates each spot can attract as much as three bids, with the leading quote of approximately $494 million or between $1,000 to $1,100 psf ppr.
