URA launches tenders for two GLS sites at Media Circle
Media Circle (Parcel A) is located at the crossroads of Media Walk and Media Circle. Estimating 82,125 sq ft, it has a highest gross floor area (GFA) of 303,865 sq ft and can most likely generate around 325 real estate units. The adjacent Media Circle (Parcel B) estimates around 107,936 sq ft and has a max GFA of 464,129 sq ft. It can potentially produce around 500 homes.
Chu anticipates a “warm action” to the two latest Media Circle plots. “With a much smaller purchaser pool than the majority of residence sites to leverage on, property developers might not be as keen to compete for the Media Circle sites.” He adds that developers might 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 project at the site might 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 studying in the nearby Tanglin Trust School might be potential tenants too,” he includes.
ERA’s Chu gets a more sensible viewpoint, considering that Media Circle (Parcels A and B) have a much less attractive area compared to previous one-north location GLS spots, like Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Terminal.
One of the most current GLS site around to be granted was a 114,462 sq ft area on Media Circle. The site was granted in January to a joint venture comprising Qingjian Real estate and China Communications Construction Co, similarly known as Forsea Holdings, that sent the top proposal of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit property.
The future plan may be a welcome add-on to the currently minimal housing choices for professionals working in one-north. “Existing housing choices in the one-north area mostly focus on co-living spaces, serviced apartments and hotels,” states Chu.
The tenders for 2 sites positioned near Media Circle under the 2H2024 Government Land Sale (GLS) Programme were released on Nov 26. Both 99-year leasehold sites under the Confirmed Selection are zoned non commercial with retail usage at the first floor.
The sites rise at the southerly end of the one-north section. “Media Circle was primarily established as a business and technology park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “Because of this, the instant vicinity may not be adequately set up with services to sustain a residential enclave.”
Another tender for a surrounding 62,046 sq ft non commercial site fully zoned for long-stay serviced apartments closed in September. However, URA turned down the only proposal of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, deeming it “way too low”.
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 developers to check attraction in the location and assist them to formulate tender bids. He anticipates each site can attract up to three quotes, with the top proposal of up to $494 million or in between $1,000 to $1,100 psf ppr.
