URA launches tenders for two GLS sites at Media Circle
Mark Yip, CEO of Huttons Asia, adds that the future work at the site would be well-positioned to tap into 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 might be potential renters too,” he adds.
The sites stand at the southern end of the one-north part. “Media Circle was primarily created as a business and tech park,” mentions Marcus Chu, Chief Executive Officer of ERA Singapore. “Thus, the immediate vicinity may not be sufficiently prepared with services to sustain a non commercial enclave.”
The future project may be a wanted addition to the presently limited real estate choices for professionals working in one-north. “Current real estate options in the one-north location mainly revolve around co-living spaces, serviced apartments and hotels,” states Chu.
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 project comprising Qingjian Realty and China Communications Construction Co, also called Forsea Holdings, that submitted the best bid of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit property.
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, respectively. Yip thinks that the staggered closing dates will enable property developers to monitor interest in the area and assist them formulate tender quotes. He expects each spot can attract up to three proposals, with the leading bid of approximately $494 million or in between $1,000 to $1,100 psf ppr.
Chu anticipates a “warm reaction” to both most current Media Circle plots. “With a much smaller purchaser pool than most house sites to leverage on, property developers might not be as interested to contest for the Media Circle sites.” He adds that developers might be a lot more interested in other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
ERA’s Chu takes a more sensible viewpoint, noting that Media Circle (Parcels A and B) have a less attractive area matched up to previous one-north spot GLS locations, which include Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Terminal.
Media Circle (Parcel A) is located at the crossroads of Media Walk and Media Circle. Measuring 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can most likely yield around 325 housing units. The nearby Media Circle (Parcel B) estimates about 107,936 sq ft and has a max GFA of 464,129 sq ft. It can potentially yield around 500 homes.
Another tender for a surrounding 62,046 sq ft household site entirely zoned for long-stay serviced apartments closed in September. However, URA turned down the sole quote of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, deeming it “too low”.
The tenders for two sites located along Media Circle under the 2H2024 Government Land Sale (GLS) Programme were started on Nov 26. Both 99-year leasehold sites under the Confirmed Selection are zoned residence with commercial usage at the 1st floor.
