URA launches tenders for two GLS sites at Media Circle
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, specifically. Yip thinks that the staggered termination dates will allow property developers to keep an eye on interest rate in the area and help them create tender quotes. He expects each site can attract up to 3 quotes, with the top proposal of as much as $494 million or in between $1,000 to $1,100 psf ppr.
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 mutual venture comprising Qingjian Real estate and China Communications Construction Corporation, similarly referred to as Forsea Holdings, which sent the top proposal of $395.29 million ($1,191 psf ppr). The site can be created into a 355-unit property.
ERA’s Chu brings a more careful perspective, noting that Media Circle (Parcels A and B) have a much less enticing area contrasted to previous one-north location GLS locations, like Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Station.
The sites rise at the southerly end of the one-north area. “Media Circle was mainly developed as a business and technology park,” states Marcus Chu, CEO of ERA Singapore. “Thus, the instant vicinity might not be sufficiently prepared with amenities to sustain a non commercial enclave.”
Another tender for a surrounding 62,046 sq ft residential site completely zoned for long-stay serviced apartments closed in September. However, URA rejected the sole bid of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, deeming it “too low”.
Mark Yip, CEO of Huttons Asia, adds that the future work at the site might be well-positioned to tap into the tenant pool consisted of employees in one-north, Science Park, and the National University of Singapore. “Family members with children learning in the close-by Tanglin Trust School may be potential renters too,” he includes.
The tenders for two sites situated near Media Circle under the 2H2024 Government Land Sale (GLS) Program were launched on Nov 26. Both 99-year leasehold sites following the Confirmed List are zoned non commercial with commercial use at the first storey.
Chu anticipates a “warm feedback” to both most recent Media Circle plots. “With a smaller buyer pool than a lot of housing sites to leverage on, developers might not be as keen to contest for the Media Circle sites.” He includes that property developers might be a lot more interested in other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
Media Circle (Parcel A) is located at the juncture of Media Walk and Media Circle. Figuring 82,125 sq ft, it has a highest gross floor area (GFA) of 303,865 sq ft and can most likely generate around 325 real estate units. The adjacent Media Circle (Parcel B) measures about 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can potentially generate around 500 homes.
The future project may be a wanted inclusion to the currently restricted housing choices for professionals doing work in one-north. “Present real estate choices in the one-north area primarily focus on co-living spaces, serviced apartments and hotels,” states Chu.
