URA launches tenders for two GLS sites at Media Circle
The future plan may be a welcome addition to the currently minimal housing alternatives for professionals doing work in one-north. “Current real estate options in the one-north location primarily revolve around co-living spaces, serviced apartments and hotels,” claims Chu.
The tenders for two sites positioned near Media Circle under the 2H2024 Government Land Sale (GLS) Programme were launched on Nov 26. Both 99-year leasehold sites under the Confirmed Lineup are zoned non commercial with business usage at the first floor.
The most recent 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 shared project including Qingjian Real estate and China Communications Construction Co, similarly known as Forsea Holdings, which sent the top quote of $395.29 million ($1,191 psf ppr). The site could be developed into a 355-unit property.
ERA’s Chu takes a much more careful view, noting that Media Circle (Parcels A and B) have a much less desirable place matched up to previous one-north location GLS spots, like Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Station.
Media Circle (Parcel A) rises at the juncture of Media Walk and Media Circle. Estimating 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can most likely generate around 325 housing units. The adjacent Media Circle (Parcel B) estimates around 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can possibly produce about 500 houses.
The Hill @ One North condominium
Chu foresees a “warm response” to both newest Media Circle plots. “With a smaller customer pool than most house sites to take advantage of on, property developers may not be as eager to rival for the Media Circle sites.” He adds that developers may be a lot more interested in some other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
Mark Yip, CEO of Huttons Asia, adds in that the future work 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. “Households with children studying in the neighboring Tanglin Trust School may be potential renters too,” he adds.
The sites are located at the southern end of the one-north area. “Media Circle was mostly developed as a business and tech park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “As such, the immediate vicinity might not be adequately equipped with facilities to sustain a residential enclave.”
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 closing days will certainly allow developers to monitor interest rate in the area and assist them to develop tender quotes. He prepares for each spot can attract approximately 3 proposals, with the leading proposal of as much as $494 million or in between $1,000 to $1,100 psf ppr.
Another tender for an adjacent 62,046 sq ft non commercial site entirely zoned for long-stay serviced apartments closed in September. However, URA turned down the sole bid of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, deeming it “way too low”.
