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, respectively. Yip believes that the staggered terminating days will let builders to check attraction in the area and help them develop tender quotes. He anticipates each location can draw in as much as three bids, with the leading proposal of approximately $494 million or in between $1,000 to $1,100 psf ppr.
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 as well,” he adds.
The tenders for two sites situated near Media Circle under the 2H2024 Government Land Sale (GLS) Programme were started on Nov 26. Both 99-year leasehold sites under the Confirmed Lineup are zoned residential with commercial use at the first floor.
Newport Residences City Developments Limited (CDL)
Chu predicts a “lukewarm feedback” to the two latest Media Circle plots. “With a smaller buyer pool than the majority of house sites to leverage on, property developers may not be as interested to compete for the Media Circle sites.” He adds that developers might be more considering other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The sites stand at the southern end of the one-north area. “Media Circle was mostly established as a company and technology park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “Thus, the immediate vicinity might not be completely prepared with facilities to support a residential enclave.”
ERA’s Chu takes an extra sensible view, considering that Media Circle (Parcels A and B) have a much less desirable location matched up to previous one-north location 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 Station.
The future work might be a wanted inclusion to the currently limited real estate alternatives for specialists doing work in one-north. “Current housing choices in the one-north area primarily focus on co-living spaces, serviced apartments and hotels,” claims Chu.
Another tender for a surrounding 62,046 sq ft non commercial site completely zoned for long-stay serviced apartments closed in September. However, URA declined the sole proposal of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, regarding it “way too low”.
The most latest 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 enterprise comprising Qingjian Real estate and China Communications Construction Co, also known as Forsea Holdings, that submitted the best proposal of $395.29 million ($1,191 psf ppr). The site can be created into a 355-unit property.
Media Circle (Parcel A) rises at the crossroads of Media Walk and Media Circle. Estimating 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can potentially generate around 325 real estate units. The adjacent Media Circle (Parcel B) figures around 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly generate around 500 homes.
