URA launches tenders for two GLS sites at Media Circle
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, each. Yip assumes that the staggered terminating days will enable property developers to keep an eye on interest rate in the location and allow them to formulate tender proposals. He expects each location might attract up to 3 bids, with the leading proposal of as much as $494 million or between $1,000 to $1,100 psf ppr.
One of the most recent 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 shared venture including Qingjian Real estate and China Communications Construction Co, also referred to as Forsea Holdings, that sent the best quote of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit property.
The future work may be a wanted inclusion to the presently limited real estate alternatives for specialists working in one-north. “Present real estate options in the one-north area mainly focus on co-living spaces, serviced apartments and hotels,” claims Chu.
ERA’s Chu takes a more cautious viewpoint, noting that Media Circle (Parcels A and B) have a less attractive place matched up to previous one-north location GLS spots, which include Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Station.
Mark Yip, CEO of Huttons Asia, adds 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. “Family members with children learning in the neighboring Tanglin Trust School might be potential tenants as well,” he adds.
Media Circle (Parcel A) rises at the crossroads 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 most likely generate around 325 real estate units. The adjacent Media Circle (Parcel B) measures approximately 107,936 sq ft and has a total GFA of 464,129 sq ft. It can potentially generate around 500 homes.
The sites rise at the southern end of the one-north area. “Media Circle was mainly established as a business and technology park,” mentions Marcus Chu, Chief Executive Officer of ERA Singapore. “Because of this, the instant vicinity may not be sufficiently equipped with facilities to support a residential enclave.”
The tenders for two sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Programme were started on Nov 26. Both 99-year leasehold sites under the Confirmed List are zoned residential with business usage at the 1st floor.
Chu anticipates a “lukewarm reaction” to the two most current Media Circle plots. “With a smaller customer pool than many residence sites to leverage on, developers may not be as interested to rival for the Media Circle sites.” He adds that developers may be much more interested in other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
Another tender for a nearby 62,046 sq ft household site fully zoned for long-stay serviced apartments closed in September. However, URA turned down the sole quote of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, deeming it “way too low”.
