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 certainly enable property developers to keep track of interest in the area and allow them to develop tender quotes. He prepares for each site can bring in as much as three proposals, with the top proposal of approximately $494 million or between $1,000 to $1,100 psf ppr.
The most latest GLS site in the vicinity to be awarded was a 114,462 sq ft area on Media Circle. The site was granted in January to a mutual project comprising Qingjian Real estate and China Communications Construction Corporation, similarly called Forsea Holdings, which sent the best bid of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit project.
Chu anticipates a “lukewarm action” to both most recent Media Circle plots. “With a much smaller purchaser pool than many housing sites to leverage on, property developers might not be as interested to rival for the Media Circle sites.” He includes that developers might be a lot 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 in that the future work at the site would be well-positioned to take advantage of the tenant pool comprised of workers in one-north, Science Park, and the National University of Singapore. “Families with children studying in the close-by Tanglin Trust School may be potential tenants too,” he includes.
ERA’s Chu takes a much more cautious perspective, considering that Media Circle (Parcels A and B) have a less enticing place matched up to previous one-north spot GLS spots, which include Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Terminal.
Another tender for a nearby 62,046 sq ft household site entirely zoned for long-stay serviced apartments closed in September. However, URA declined the sole proposal of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, regarding it “too cheap”.
The tenders for 2 sites positioned near Media Circle under the 2H2024 Government Land Sale (GLS) Program were started on Nov 26. Both 99-year leasehold sites under the Confirmed Lineup are zoned residential with business use at the 1st storey.
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 possibly generate about 325 real estate units. The adjacent Media Circle (Parcel B) figures approximately 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly produce around 500 residences.
The sites are located at the southern end of the one-north part. “Media Circle was primarily developed as a company and tech park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “Therefore, the instant vicinity might not be adequately prepared with services to sustain a residential enclave.”
The future project may be a welcome add-on to the presently limited housing options for professionals working in one-north. “Present housing choices in the one-north area mostly depend on co-living spaces, serviced apartments and hotels,” states Chu.
