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 mostly established as a business and technology park,” mentions Marcus Chu, Chief Executive Officer of ERA Singapore. “Thus, the instant vicinity may not be sufficiently prepared with facilities to support a residential 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 termination days will certainly enable builders to monitor interest rate in the area and assist them develop tender proposals. He anticipates each site could bring in as much as 3 quotes, with the top bid of as much as $494 million or in between $1,000 to $1,100 psf ppr.
Another tender for a surrounding 62,046 sq ft household site completely zoned for long-stay serviced apartments closed in September. However, URA declined the only quote of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, deeming it “too low”.
The most latest GLS site around 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, similarly known as Forsea Holdings, which sent the leading bid of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit property.
Chu foresees a “lukewarm reaction” to both most recent Media Circle plots. “With a much smaller buyer pool than many housing sites to take advantage of on, property developers may not be as eager to compete for the Media Circle sites.” He adds that property developers might be more interested in other GLS spots 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 possibly yield around 325 real estate units. The nearby Media Circle (Parcel B) figures approximately 107,936 sq ft and has a max GFA of 464,129 sq ft. It can possibly produce about 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 following the Confirmed Lineup are zoned residential with retail use at the 1st floor.
ERA’s Chu brings an extra careful view, considering that Media Circle (Parcels A and B) have a much less desirable location matched up to previous one-north location GLS sites, like Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is next to the Buona Vista MRT Stop.
Mark Yip, CEO of Huttons Asia, adds that the future work at the site would be well-positioned to tap into the tenant pool consisted of employees in one-north, Science Park, and the National University of Singapore. “Family members with children studying in the neighboring Tanglin Trust School may be potential renters too,” he includes.
The future project may be a wanted add-on to the presently restricted real estate alternatives for specialists doing work in one-north. “Current housing options in the one-north area primarily revolve around co-living spaces, serviced apartments and hotels,” claims Chu.
