URA launches tenders for two GLS sites at Media Circle
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, each. Yip thinks that the staggered termination dates will allow developers to monitor interest in the location and assist them formulate tender bids. He prepares for each spot could attract up to 3 quotes, with the leading bid of approximately $494 million or between $1,000 to $1,100 psf ppr.
Chu anticipates a “lukewarm action” to both latest Media Circle plots. “With a much smaller buyer pool than a lot of residential sites to take advantage of on, property developers may not be as keen to rival for the Media Circle sites.” He adds that property 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 comprised of workers in one-north, Science Park, and the National University of Singapore. “Family members with children studying in the close-by Tanglin Trust School might be potential renters too,” he includes.
ERA’s Chu brings an extra cautious viewpoint, noting that Media Circle (Parcels A and B) have a less desirable area 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 Terminal.
One of the most latest GLS site around to be awarded was a 114,462 sq ft area on Media Circle. The site was awarded in January to a joint enterprise comprising Qingjian Realty and China Communications Construction Co, also known as Forsea Holdings, which submitted the leading quote of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit property.
The future work may be a welcome inclusion to the presently minimal housing choices for specialists doing work in one-north. “Current real estate selections in the one-north area mainly focus on co-living spaces, serviced apartments and hotels,” says Chu.
The tenders for 2 sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Program were started on Nov 26. Both 99-year leasehold sites within the Confirmed Selection are zoned residential with business use at the first storey.
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 most likely yield about 325 real estate units. The nearby Media Circle (Parcel B) figures approximately 107,936 sq ft and has a total GFA of 464,129 sq ft. It can potentially generate around 500 homes.
Another tender for a nearby 62,046 sq ft household site entirely zoned for long-stay serviced apartments closed in September. However, URA turned down the only bid of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, regarding it “too low”.
The sites rise at the southern end of the one-north area. “Media Circle was primarily developed as a business and tech park,” says Marcus Chu, CEO of ERA Singapore. “As such, the instant vicinity might not be sufficiently prepared with services to sustain a residential enclave.”
