URA launches tenders for two GLS sites at Media Circle
ERA’s Chu gets a much more sensible view, noting that Media Circle (Parcels A and B) have a much less desirable place matched up to previous one-north spot GLS sites, which include Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Station.
The sites stand at the southern end of the one-north part. “Media Circle was mostly created as a company and technology park,” states Marcus Chu, CEO of ERA Singapore. “As such, the immediate vicinity might not be sufficiently equipped with amenities to support 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 potentially generate around 325 housing units. The adjacent Media Circle (Parcel B) sizes up around 107,936 sq ft and has a total GFA of 464,129 sq ft. It can potentially produce around 500 residences.
The tenders for two sites positioned near Media Circle under the 2H2024 Government Land Sale (GLS) Program were started on Nov 26. Both 99-year leasehold sites within the Confirmed Lineup are zoned residential with commercial use at the 1st floor.
Chu predicts a “lukewarm reaction” to both newest Media Circle plots. “With a smaller customer pool than a lot of residential sites to leverage on, property developers might not be as keen to compete for the Media Circle sites.” He includes that developers might be more interested in some 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, specifically. Yip assumes that the staggered terminating dates will certainly enable builders to monitor interest in the area and assist them to create tender proposals. He anticipates each site can attract approximately three proposals, with the top bid of approximately $494 million or in between $1,000 to $1,100 psf ppr.
Another tender for a surrounding 62,046 sq ft residential site entirely zoned for long-stay serviced apartments closed in September. However, URA declined the sole quote of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, considering it “too low”.
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 workers in one-north, Science Park, and the National University of Singapore. “Households with children studying in the nearby Tanglin Trust School might be potential renters as well,” he adds.
One of the most latest GLS site around to be granted was a 114,462 sq ft site on Media Circle. The site was awarded in January to a joint venture including Qingjian Realty and China Communications Construction Corporation, similarly known as Forsea Holdings, that sent the leading quote of $395.29 million ($1,191 psf ppr). The site could be developed into a 355-unit project.
The future plan may be a welcome addition to the currently limited real estate alternatives for professionals working in one-north. “Present housing options in the one-north area mostly depend on co-living spaces, serviced apartments and hotels,” claims Chu.
