URA launches tenders for two GLS sites at Media Circle
The tenders for two sites positioned along Media Circle under the 2H2024 Government Land Sale (GLS) Programme were launched on Nov 26. Both 99-year leasehold sites under the Confirmed List are zoned residence with commercial usage at the first storey.
The future work may be a wanted inclusion to the currently minimal housing options for specialists working in one-north. “Current housing choices in the one-north location mostly revolve around co-living spaces, serviced apartments and hotels,” states Chu.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, specifically. Yip thinks that the staggered terminating dates will certainly let developers to keep track of interest in the location and allow them to create tender proposals. He anticipates each spot could bring in up to three bids, with the leading bid of approximately $494 million or in between $1,000 to $1,100 psf ppr.
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 yield about 325 real estate units. The nearby Media Circle (Parcel B) sizes up approximately 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly produce around 500 houses.
The sites stand at the southerly end of the one-north part. “Media Circle was mostly developed as a company and tech park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “Because of this, the instant vicinity may not be completely equipped with amenities to support a non commercial enclave.”
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 consisted of employees in one-north, Science Park, and the National University of Singapore. “Households with children studying in the close-by Tanglin Trust School may be potential renters too,” he adds.
The most current GLS site in the vicinity to be granted was a 114,462 sq ft area on Media Circle. The site was granted in January to a shared enterprise comprising Qingjian Realty and China Communications Construction Corporation, also called Forsea Holdings, which sent the leading proposal of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit project.
Chu predicts a “warm reaction” to both newest Media Circle plots. “With a much smaller purchaser pool than many housing sites to leverage on, developers may not be as eager to contest for the Media Circle sites.” He adds that developers might be a lot more considering other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
ERA’s Chu brings a much more careful view, noting that Media Circle (Parcels A and B) have a much less enticing location contrasted to previous one-north location GLS sites, like Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is next to the Buona Vista MRT Stop.
Another tender for an adjacent 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) submitted by a consortium led by Frasers Property, regarding it “too cheap”.
