URA launches tenders for two GLS sites at Media Circle
Mark Yip, CEO of Huttons Asia, adds in 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. “Households with children learning in the nearby Tanglin Trust School might be potential tenants too,” he includes.
ERA’s Chu gets a more cautious viewpoint, considering that Media Circle (Parcels A and B) have a less enticing area contrasted to previous one-north area GLS sites, like Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Stop.
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, specifically. Yip thinks that the staggered closing days will let developers to check attraction in the location and assist them to create tender bids. He prepares for each spot could attract as much as three bids, with the top bid of up to $494 million or in between $1,000 to $1,100 psf ppr.
Chu predicts a “warm response” to the two most current Media Circle plots. “With a much smaller buyer pool than a lot of house sites to take advantage of on, property developers might not be as eager to contest for the Media Circle sites.” He adds that developers might be a lot more considering other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The tenders for 2 sites positioned along Media Circle under the 2H2024 Government Land Sale (GLS) Program were released on Nov 26. Both 99-year leasehold sites following the Confirmed Selection are zoned non commercial with business usage at the 1st storey.
Hillock Green showflat location
One of the most recent GLS site in the vicinity to be awarded was a 114,462 sq ft site on Media Circle. The site was awarded in January to a joint enterprise including Qingjian Realty and China Communications Construction Corporation, also referred to as Forsea Holdings, which submitted the best proposal of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit project.
The sites are located at the southerly end of the one-north section. “Media Circle was mostly created as a company and technology park,” mentions Marcus Chu, Chief Executive Officer of ERA Singapore. “Thus, the immediate vicinity might not be sufficiently equipped with amenities to support a residential enclave.”
Another tender for a surrounding 62,046 sq ft household site entirely zoned for long-stay serviced apartments closed in September. However, URA rejected the sole proposal of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, regarding it “too cheap”.
The future project may be a wanted add-on to the currently restricted housing choices for specialists doing work in one-north. “Existing housing selections in the one-north area primarily depend on co-living spaces, serviced apartments and hotels,” states Chu.
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 most likely generate around 325 housing units. The adjacent Media Circle (Parcel B) estimates approximately 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly yield about 500 residences.
