URA launches tenders for two GLS sites at Media Circle
The tenders for 2 sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Program were started on Nov 26. Both 99-year leasehold sites following the Confirmed Selection are zoned residential with commercial usage at the first storey.
Media Circle (Parcel A) is located at the juncture of Media Walk and Media Circle. Figuring 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can possibly yield about 325 housing units. The nearby Media Circle (Parcel B) measures around 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can possibly produce about 500 residences.
The most latest GLS site around to be granted was a 114,462 sq ft area on Media Circle. The site was awarded in January to a mutual project including Qingjian Real estate and China Communications Construction Co, also known as Forsea Holdings, that sent the top bid of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit property.
ERA’s Chu takes a more careful view, considering that Media Circle (Parcels A and B) have a much less desirable location contrasted to previous one-north spot GLS sites, which include Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is next to the Buona Vista MRT Stop.
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. “Households with children learning in the neighboring Tanglin Trust School may be potential tenants as well,” he adds.
Chu anticipates a “warm response” to both latest Media Circle plots. “With a smaller customer pool than the majority of house sites to take advantage of on, property developers might not be as eager to contest for the Media Circle sites.” He includes that developers may be a lot more considering other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
Another tender for a nearby 62,046 sq ft non commercial site completely zoned for long-stay serviced apartments closed in September. However, URA rejected the only proposal of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, regarding it “far too cheap”.
The sites rise at the southern end of the one-north section. “Media Circle was mainly developed as a company and tech park,” says Marcus Chu, Chief Executive Officer of ERA Singapore. “Thus, the immediate vicinity might not be sufficiently set up with services to support a non commercial enclave.”
The future plan may be a wanted add-on to the presently limited real estate alternatives for professionals doing work in one-north. “Present real estate choices in the one-north area mostly focus on co-living spaces, serviced apartments and hotels,” says Chu.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, specifically. Yip assumes that the staggered closing days will let property developers to monitor attraction in the area and assist them to formulate tender proposals. He anticipates each location might bring in approximately three quotes, with the top proposal of approximately $494 million or between $1,000 to $1,100 psf ppr.
