URA launches tenders for two GLS sites at Media Circle
ERA’s Chu gets a much more careful perspective, noting that Media Circle (Parcels A and B) have a much less attractive location contrasted to previous one-north spot 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 Terminal.
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. “Families with children learning in the nearby Tanglin Trust School may be potential tenants as well,” he adds.
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 sole bid of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, deeming it “way too cheap”.
Chu anticipates a “lukewarm response” to both newest Media Circle plots. “With a much smaller buyer pool than most housing sites to leverage on, property developers may not be as interested to rival for the Media Circle sites.” He adds that developers might be much more interested in other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
Pinetree Hill UOL Group & Singapore Land Group Limited
One of the most current GLS site in the vicinity to be awarded was a 114,462 sq ft site on Media Circle. The site was granted in January to a shared project comprising Qingjian Real estate and China Communications Construction Co, similarly called Forsea Holdings, which 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 might be a wanted inclusion to the presently limited housing options for professionals working in one-north. “Present housing options in the one-north location mainly focus on co-living spaces, serviced apartments and hotels,” claims Chu.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, specifically. Yip believes that the staggered terminating dates will certainly allow developers to keep track of interest rate in the area and help them create tender proposals. He prepares for each site can bring in approximately 3 proposals, with the leading proposal of as much as $494 million or in between $1,000 to $1,100 psf ppr.
Media Circle (Parcel A) rises at the juncture 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 about 325 real estate units. The adjacent Media Circle (Parcel B) measures about 107,936 sq ft and has a total GFA of 464,129 sq ft. It can potentially generate about 500 homes.
The tenders for 2 sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Programme were released on Nov 26. Both 99-year leasehold sites following the Confirmed Selection are zoned residential with retail usage at the first floor.
The sites rise at the southern end of the one-north part. “Media Circle was mostly created as a business and technology park,” states Marcus Chu, CEO of ERA Singapore. “Because of this, the immediate vicinity might not be adequately set up with services to support a non commercial enclave.”
