URA launches tenders for two GLS sites at Media Circle
ERA’s Chu brings a more cautious view, considering that Media Circle (Parcels A and B) have a much less appealing area matched up to previous one-north location GLS sites, like Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Station.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, specifically. Yip believes that the staggered terminating dates will let builders to keep an eye on attraction in the area and assist them formulate tender proposals. He expects each site could draw in approximately 3 quotes, with the leading bid of as much as $494 million or in between $1,000 to $1,100 psf ppr.
Media Circle (Parcel A) is located at the crossroads 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 potentially yield around 325 real estate units. The adjacent Media Circle (Parcel B) measures about 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly produce about 500 homes.
The tenders for 2 sites located near Media Circle under the 2H2024 Government Land Sale (GLS) Programme were released on Nov 26. Both 99-year leasehold sites within the Confirmed List are zoned residential with retail use at the first floor.
Chu predicts a “warm action” to both latest Media Circle plots. “With a smaller buyer pool than many housing sites to take advantage of on, property developers might not be as eager to contest for the Media Circle sites.” He adds that developers may be much more interested in other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The sites are located at the southern end of the one-north section. “Media Circle was primarily developed as a business and tech park,” says Marcus Chu, Chief Executive Officer of ERA Singapore. “As such, the immediate vicinity may not be sufficiently prepared with amenities to support a residential enclave.”
The future plan may be a wanted addition to the currently limited housing alternatives for professionals doing work in one-north. “Existing real estate selections in the one-north area mainly depend on co-living spaces, serviced apartments and hotels,” claims Chu.
Another tender for an adjacent 62,046 sq ft non commercial site fully zoned for long-stay serviced apartments closed in September. However, URA declined the only proposal of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, deeming it “too cheap”.
Mark Yip, CEO of Huttons Asia, adds in that the future project at the site would be well-positioned to take advantage of the tenant pool consisted of employees in one-north, Science Park, and the National University of Singapore. “Families with children studying in the close-by Tanglin Trust School might be potential renters too,” he includes.
The most current GLS site around to be granted was a 114,462 sq ft site on Media Circle. The site was granted in January to a shared enterprise comprising Qingjian Real estate and China Communications Construction Co, similarly known as Forsea Holdings, that submitted the leading bid of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit property.
