URA launches tenders for two GLS sites at Media Circle
Mark Yip, CEO of Huttons Asia, adds that the future work at the site would be well-positioned to tap into the tenant pool consisted of workers 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 tenants too,” he includes.
Chu foresees a “warm response” to both newest Media Circle plots. “With a much smaller customer pool than most house sites to take advantage of on, developers may not be as interested to contest for the Media Circle sites.” He adds that developers may be a lot more considering other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The future project might be a welcome addition to the currently restricted housing alternatives for specialists doing work in one-north. “Existing housing selections in the one-north location primarily depend on co-living spaces, serviced apartments and hotels,” says Chu.
The tenders for two sites situated near 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 business use at the first floor.
The sites stand at the southern end of the one-north section. “Media Circle was mainly developed as a company and technology park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “As such, the immediate vicinity may not be completely set up with services to sustain a non commercial enclave.”
Another tender for an adjacent 62,046 sq ft residential site fully zoned for long-stay serviced apartments closed in September. However, URA rejected the sole quote of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, considering it “too low”.
ERA’s Chu brings an extra cautious view, noting that Media Circle (Parcels A and B) have a much less enticing place contrasted to previous one-north spot GLS locations, such as Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Station.
Media Circle (Parcel A) rises at the crossroads 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 potentially yield about 325 real estate units. The nearby Media Circle (Parcel B) measures approximately 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly produce about 500 homes.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, respectively. Yip thinks that the staggered terminating days will certainly let developers to check interest in the area and assist them create tender bids. He anticipates each site could attract up to 3 proposals, with the leading proposal of as much as $494 million or in between $1,000 to $1,100 psf ppr.
One of the most recent GLS site in the vicinity to be granted was a 114,462 sq ft site on Media Circle. The site was awarded in January to a shared venture comprising Qingjian Realty and China Communications Construction Co, also known as Forsea Holdings, that sent the leading proposal of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit project.
