URA launches tenders for two GLS sites at Media Circle
The sites stand at the southerly end of the one-north area. “Media Circle was mainly developed as a company and technology park,” says Marcus Chu, CEO of ERA Singapore. “Thus, the instant vicinity might not be adequately prepared with services to sustain a residential enclave.”
ERA’s Chu gets a more careful view, considering that Media Circle (Parcels A and B) have a less attractive place compared to previous one-north location GLS locations, which include Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Stop.
Media Circle (Parcel A) rises at the crossroads 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 around 325 housing units. The adjacent Media Circle (Parcel B) measures about 107,936 sq ft and has a max GFA of 464,129 sq ft. It can possibly produce around 500 houses.
Chu predicts a “lukewarm feedback” to both newest Media Circle plots. “With a much smaller customer pool than the majority of housing sites to leverage on, developers might not be as eager to contest for the Media Circle sites.” He adds that property developers might be a lot more considering 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, each. Yip assumes that the staggered termination days will certainly allow property developers to check interest rate in the location and assist them to develop tender bids. He anticipates each site could draw in up to three proposals, with the top quote of approximately $494 million or in between $1,000 to $1,100 psf ppr.
One of the most recent GLS site around to be awarded was a 114,462 sq ft area on Media Circle. The site was granted in January to a joint venture including Qingjian Real estate and China Communications Construction Corporation, also referred to as Forsea Holdings, that submitted the best bid of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit property.
The future project may be a wanted addition to the presently limited real estate choices for professionals working in one-north. “Existing real estate choices in the one-north area mainly focus on co-living spaces, serviced apartments and hotels,” claims Chu.
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 proposal of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, regarding it “too low”.
The tenders for two sites positioned along Media Circle under the 2H2024 Government Land Sale (GLS) Program were started on Nov 26. Both 99-year leasehold sites following the Confirmed List are zoned non commercial with business use at the first floor.
Mark Yip, CEO of Huttons Asia, adds that the future work 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. “Family members with children learning in the close-by Tanglin Trust School may be potential renters too,” he includes.
