URA launches tenders for two GLS sites at Media Circle
ERA’s Chu takes an extra sensible viewpoint, noting that Media Circle (Parcels A and B) have a much less attractive area matched up to previous one-north spot GLS sites, such as Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Station.
The sites rise at the southerly end of the one-north part. “Media Circle was mainly developed as a company and tech park,” states Marcus Chu, Chief Executive Officer of ERA Singapore. “Because of this, the immediate vicinity may not be completely equipped with facilities to sustain a non commercial enclave.”
The tenders for 2 sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Program were launched on Nov 26. Both 99-year leasehold sites under the Confirmed Lineup are zoned non commercial with retail use at the 1st floor.
Chu predicts a “lukewarm response” to the two most recent Media Circle plots. “With a much smaller customer pool than most housing sites to leverage on, property developers might not be as interested to compete for the Media Circle sites.” He includes that developers may be more interested in other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The tenders for Media Circles (Parcels A and B) are going to close next year on March 4 and April 29, respectively. Yip believes that the staggered closing dates will certainly allow builders to keep track of interest in the location and allow them to create tender bids. He prepares for each site might bring in up to 3 quotes, with the leading quote of as much as $494 million or between $1,000 to $1,100 psf ppr.
Mark Yip, CEO of Huttons Asia, adds that the future project at the site might be well-positioned to tap into the tenant pool comprised 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 renters as well,” he includes.
The future project may be a wanted inclusion to the presently limited housing alternatives for professionals doing work in one-north. “Present real estate options in the one-north location primarily focus on co-living spaces, serviced apartments and hotels,” states Chu.
Another tender for a nearby 62,046 sq ft non commercial site entirely zoned for long-stay serviced apartments closed in September. However, URA declined the sole bid of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, deeming it “too low”.
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 possibly yield about 325 real estate units. The adjacent Media Circle (Parcel B) figures around 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can possibly produce around 500 homes.
One of the most latest GLS site around to be awarded was a 114,462 sq ft area on Media Circle. The site was granted in January to a joint venture including Qingjian Realty and China Communications Construction Corporation, also referred to as Forsea Holdings, that sent the best proposal of $395.29 million ($1,191 psf ppr). The site could be developed into a 355-unit property.
