URA launches tenders for two GLS sites at Media Circle
The tenders for 2 sites situated 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 residence with business usage at the first storey.
ERA’s Chu gets a much more careful view, considering that Media Circle (Parcels A and B) have a much less desirable place compared to previous one-north location GLS sites, such as Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Stop.
Chu predicts a “lukewarm feedback” to both most current Media Circle plots. “With a smaller buyer pool than most house sites to leverage on, developers might not be as interested to rival for the Media Circle sites.” He adds that developers may be more considering other GLS spots 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, each. Yip assumes that the staggered closing days will allow builders to monitor interest in the location and assist them formulate tender quotes. He expects each spot might draw in approximately three proposals, with the top bid of as much as $494 million or between $1,000 to $1,100 psf ppr.
The sites rise 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. “Thus, the immediate vicinity might not be sufficiently equipped with facilities to sustain a non commercial enclave.”
Media Circle (Parcel A) rises at the crossroads of Media Walk and Media Circle. Measuring 82,125 sq ft, it has a highest gross floor area (GFA) of 303,865 sq ft and can possibly generate about 325 real estate units. The nearby Media Circle (Parcel B) sizes up about 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can potentially yield around 500 residences.
Mark Yip, CEO of Huttons Asia, adds in that the future project at the site might be well-positioned to take advantage of the tenant pool comprised 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 tenants too,” he includes.
The Arcady @ Boon Keng condominium
One of the most current 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 joint project comprising Qingjian Real estate and China Communications Construction Corporation, similarly referred to as Forsea Holdings, that sent the top bid of $395.29 million ($1,191 psf ppr). The site can be created into a 355-unit project.
Another tender for an adjacent 62,046 sq ft residential site completely zoned for long-stay serviced apartments closed in September. However, URA declined the sole bid of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, considering it “way too low”.
The future project may be a wanted inclusion to the currently restricted real estate options for professionals working in one-north. “Existing housing options in the one-north area primarily revolve around co-living spaces, serviced apartments and hotels,” states Chu.
