URA launches tenders for two GLS sites at Media Circle
Media Circle (Parcel A) rises at the juncture 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 yield about 325 real estate 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 potentially generate about 500 houses.
The most current 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 project comprising Qingjian Real estate and China Communications Construction Co, similarly referred to as Forsea Holdings, that sent the best quote of $395.29 million ($1,191 psf ppr). The site can be created into a 355-unit property.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, respectively. Yip believes that the staggered closing days will let developers to monitor interest in the area and assist them to formulate tender quotes. He anticipates each spot might bring in approximately 3 quotes, with the top proposal of up to $494 million or in between $1,000 to $1,100 psf ppr.
The sites are located at the southerly end of the one-north section. “Media Circle was mostly developed as a business and tech park,” states Marcus Chu, CEO of ERA Singapore. “As such, the instant vicinity might not be sufficiently prepared with facilities to sustain a residential enclave.”
Another tender for a nearby 62,046 sq ft residential site fully zoned for long-stay serviced apartments closed in September. However, URA rejected the sole quote of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, deeming it “far too low”.
The future work might be a wanted inclusion to the currently restricted housing choices for specialists working in one-north. “Existing real estate choices in the one-north area primarily revolve around co-living spaces, serviced apartments and hotels,” says Chu.
ERA’s Chu gets a more careful perspective, considering that Media Circle (Parcels A and B) have a less appealing area contrasted to previous one-north area GLS sites, such as Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Stop.
Mark Yip, CEO of Huttons Asia, adds in that the future project at the site might be well-positioned to take advantage of 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 tenants too,” he includes.
Chu anticipates a “warm feedback” to both most current Media Circle plots. “With a smaller customer pool than a lot of residence sites to take advantage of on, property developers might not be as eager to contest for the Media Circle sites.” He includes that developers may be more considering some other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The tenders for two sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Program were launched on Nov 26. Both 99-year leasehold sites under the Confirmed Lineup are zoned residence with commercial usage at the first floor.
