URA launches tenders for two GLS sites at Media Circle
The tenders for 2 sites located near Media Circle under the 2H2024 Government Land Sale (GLS) Program were released on Nov 26. Both 99-year leasehold sites under the Confirmed List are zoned residential with commercial usage at the 1st storey.
Chu anticipates a “warm action” to both most current Media Circle plots. “With a much smaller purchaser pool than the majority of housing sites to leverage on, developers might not be as interested to rival for the Media Circle sites.” He includes that developers may be much more considering other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
Mark Yip, CEO of Huttons Asia, adds that the future work at the site might be well-positioned to tap into the tenant pool comprised of employees 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 as well,” he includes.
The sites stand at the southern end of the one-north part. “Media Circle was primarily developed as a business and technology park,” mentions Marcus Chu, CEO of ERA Singapore. “As such, the instant vicinity may not be sufficiently set up with facilities to support a non commercial enclave.”
ERA’s Chu takes a more cautious view, considering that Media Circle (Parcels A and B) have a less enticing place compared to previous one-north spot GLS locations, which include Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Terminal.
The most latest 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 including Qingjian Realty and China Communications Construction Corporation, similarly called Forsea Holdings, that sent the top quote of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit project.
Another tender for a surrounding 62,046 sq ft non commercial site entirely zoned for long-stay serviced apartments closed in September. However, URA turned down the only quote of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, deeming it “far too low”.
Media Circle (Parcel A) is located 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 possibly yield around 325 housing units. The adjacent Media Circle (Parcel B) estimates approximately 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can potentially produce around 500 homes.
The future work may be a wanted add-on to the presently restricted real estate alternatives for professionals working in one-north. “Present housing choices in the one-north location primarily revolve around co-living spaces, serviced apartments and hotels,” states Chu.
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, respectively. Yip assumes that the staggered termination days will certainly enable builders to check attraction in the area and assist them to create tender bids. He expects each spot can draw in as much as 3 quotes, with the leading bid of as much as $494 million or in between $1,000 to $1,100 psf ppr.
