URA launches tenders for two GLS sites at Media Circle
Media Circle (Parcel A) rises 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 most likely yield about 325 real estate units. The nearby Media Circle (Parcel B) figures about 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can possibly generate around 500 houses.
Mark Yip, CEO of Huttons Asia, adds that the future work at the site would be well-positioned to tap into the tenant pool comprised of workers in one-north, Science Park, and the National University of Singapore. “Family members with children learning in the nearby Tanglin Trust School might be potential tenants too,” he adds.
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, specifically. Yip assumes that the staggered termination dates will allow builders to keep an eye on interest in the location and allow them to develop tender quotes. He anticipates each site might draw in as much as 3 proposals, with the top bid 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 part. “Media Circle was primarily created as a business and technology park,” states Marcus Chu, CEO of ERA Singapore. “Thus, the immediate vicinity may not be completely set up with services to support a residential enclave.”
The tenders for two sites located around Media Circle under the 2H2024 Government Land Sale (GLS) Programme were launched on Nov 26. Both 99-year leasehold sites following the Confirmed List are zoned residential with commercial use at the 1st storey.
The future work may be a wanted add-on to the presently limited real estate choices for specialists doing work in one-north. “Present real estate choices in the one-north location mainly depend on co-living spaces, serviced apartments and hotels,” states Chu.
ERA’s Chu takes an extra sensible viewpoint, noting that Media Circle (Parcels A and B) have a less desirable place contrasted to previous one-north location GLS sites, like Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Station.
Another tender for a surrounding 62,046 sq ft non commercial site fully zoned for long-stay serviced apartments closed in September. However, URA rejected the only proposal of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, deeming it “too cheap”.
One of the most current GLS site around to be granted was a 114,462 sq ft site on Media Circle. The site was awarded in January to a joint venture including Qingjian Real estate and China Communications Construction Corporation, also called Forsea Holdings, that sent the leading proposal of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit property.
Chu foresees a “lukewarm feedback” to both most recent Media Circle plots. “With a smaller purchaser pool than the majority of residential sites to leverage on, developers may not be as eager to compete for the Media Circle sites.” He includes that property developers might be a lot more considering other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
