URA launches tenders for two GLS sites at Media Circle
Mark Yip, CEO of Huttons Asia, adds that the future project at the site would be well-positioned to take advantage of the tenant pool consisted of employees 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 positioned along 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 residential with business usage at the 1st storey.
The most latest GLS site in the vicinity to be granted was a 114,462 sq ft area on Media Circle. The site was awarded in January to a mutual enterprise including Qingjian Realty and China Communications Construction Co, similarly called Forsea Holdings, that submitted the leading bid of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit property.
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, each. Yip thinks that the staggered closing days will certainly enable property developers to check interest in the area and help them formulate tender bids. He expects each location could draw in approximately 3 bids, with the top quote of as much as $494 million or in between $1,000 to $1,100 psf ppr.
ERA’s Chu takes a much more sensible view, considering that Media Circle (Parcels A and B) have a less enticing location matched up to previous one-north location GLS sites, such as Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is next to the Buona Vista MRT Terminal.
Chu predicts a “warm reaction” to the two latest Media Circle plots. “With a smaller buyer pool than the majority of housing sites to take advantage of on, developers may not be as interested to compete for the Media Circle sites.” He includes that property developers might be a lot more interested in other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
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 around 325 housing units. The adjacent Media Circle (Parcel B) figures around 107,936 sq ft and has a max GFA of 464,129 sq ft. It can possibly produce around 500 homes.
Another tender for a nearby 62,046 sq ft residential 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) sent by a consortium led by Frasers Property, deeming it “too low”.
The sites rise at the southerly end of the one-north part. “Media Circle was mainly created as a company and tech park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “Thus, the instant vicinity may not be sufficiently set up with facilities to sustain a residential enclave.”
The future work might be a wanted addition to the presently limited real estate choices for professionals working in one-north. “Present housing choices in the one-north location mostly revolve around co-living spaces, serviced apartments and hotels,” claims Chu.
