URA launches tenders for two GLS sites at Media Circle
The sites stand at the southerly end of the one-north section. “Media Circle was mainly created as a company and technology park,” mentions Marcus Chu, CEO of ERA Singapore. “Thus, the immediate vicinity may not be sufficiently set up with facilities to support a non commercial enclave.”
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, respectively. Yip thinks that the staggered terminating days will allow property developers to monitor interest in the area and assist them to develop tender proposals. He expects each site might draw in approximately 3 bids, with the top bid of approximately $494 million or between $1,000 to $1,100 psf ppr.
ERA’s Chu brings a more sensible perspective, noting that Media Circle (Parcels A and B) have a less enticing place compared to previous one-north location GLS sites, like Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Station.
Media Circle (Parcel A) is located at the juncture of Media Walk and Media Circle. Figuring 82,125 sq ft, it has a highest gross floor area (GFA) of 303,865 sq ft and can most likely generate about 325 real estate units. The adjacent Media Circle (Parcel B) figures about 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can potentially generate about 500 residences.
The tenders for two sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Programme were released on Nov 26. Both 99-year leasehold sites within the Confirmed Selection are zoned residential with retail use at the first storey.
Another tender for an adjacent 62,046 sq ft non commercial site entirely zoned for long-stay serviced apartments closed in September. However, URA rejected the only bid of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, considering it “far too cheap”.
The future project might be a wanted inclusion to the presently restricted real estate choices for specialists working in one-north. “Existing housing options in the one-north location primarily depend on co-living spaces, serviced apartments and hotels,” claims Chu.
Chu anticipates a “lukewarm response” to both latest Media Circle plots. “With a smaller purchaser pool than a lot of housing sites to leverage on, developers might not be as interested to rival for the Media Circle sites.” He adds that property developers may be a lot more considering some other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The most latest GLS site in the vicinity to be awarded was a 114,462 sq ft area on Media Circle. The site was awarded in January to a mutual project including Qingjian Real estate and China Communications Construction Co, also 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.
Mark Yip, CEO of Huttons Asia, adds in that the future project at the site might be well-positioned to tap into the tenant pool consisted of workers in one-north, Science Park, and the National University of Singapore. “Families with children learning in the close-by Tanglin Trust School might be potential tenants too,” he adds.
