URA launches tenders for two GLS sites at Media Circle
Media Circle (Parcel A) is located 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 potentially generate about 325 housing units. The adjacent Media Circle (Parcel B) sizes up approximately 107,936 sq ft and has a total GFA of 464,129 sq ft. It can potentially yield around 500 homes.
The future plan may be a wanted add-on to the presently limited housing alternatives for professionals doing work in one-north. “Current real estate choices in the one-north area primarily focus on co-living spaces, serviced apartments and hotels,” claims Chu.
The sites are located at the southern end of the one-north part. “Media Circle was mostly developed as a business and tech park,” states Marcus Chu, CEO of ERA Singapore. “Because of this, the immediate vicinity might not be completely prepared with amenities to sustain a residential enclave.”
The tenders for two sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Programme were started on Nov 26. Both 99-year leasehold sites within the Confirmed Selection are zoned non commercial with business use at the first storey.
Another tender for a surrounding 62,046 sq ft household site completely zoned for long-stay serviced apartments closed in September. However, URA turned down the only proposal of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, considering it “far too low”.
Chu foresees a “warm action” to both newest Media Circle plots. “With a smaller buyer pool than the majority of housing sites to take advantage of on, developers might not be as keen to contest for the Media Circle sites.” He includes that property developers may be much more interested in 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) will close next year on March 4 and April 29, specifically. Yip thinks that the staggered termination days will certainly allow developers to keep track of interest in the area and assist them to develop tender quotes. He anticipates each site can attract as much as 3 quotes, with the leading proposal of up to $494 million or in between $1,000 to $1,100 psf ppr.
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 including Qingjian Realty and China Communications Construction Corporation, also called Forsea Holdings, that submitted the best bid of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit project.
ERA’s Chu brings a more cautious viewpoint, considering that Media Circle (Parcels A and B) have a much less enticing area contrasted to previous one-north location GLS locations, which include Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Terminal.
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 learning in the neighboring Tanglin Trust School might be potential tenants as well,” he includes.
