URA launches tenders for two GLS sites at Media Circle
Mark Yip, CEO of Huttons Asia, adds that the future work at the site might be well-positioned to tap into the tenant pool consisted of employees in one-north, Science Park, and the National University of Singapore. “Households with children learning in the neighboring Tanglin Trust School may be potential renters too,” he includes.
Media Circle (Parcel A) is located at the crossroads of Media Walk and Media Circle. Measuring 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can most likely generate about 325 housing units. The nearby Media Circle (Parcel B) estimates about 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly generate around 500 homes.
Chu anticipates a “lukewarm action” to the two latest Media Circle plots. “With a smaller customer pool than most house sites to leverage on, property developers might not be as keen to rival for the Media Circle sites.” He includes that developers might be a lot more considering other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The future work may be a welcome inclusion to the presently minimal real estate alternatives for professionals working in one-north. “Existing real estate options in the one-north location primarily revolve around co-living spaces, serviced apartments and hotels,” says Chu.
Union Square Residences Singapore
The sites rise at the southerly end of the one-north section. “Media Circle was mostly created as a business and tech park,” mentions Marcus Chu, Chief Executive Officer of ERA Singapore. “Because of this, the immediate vicinity might not be sufficiently set up with services to support a residential enclave.”
The tenders for two sites situated around Media Circle under the 2H2024 Government Land Sale (GLS) Program were started on Nov 26. Both 99-year leasehold sites within the Confirmed Selection are zoned residential with business use at the first floor.
ERA’s Chu gets a more careful view, considering that Media Circle (Parcels A and B) have a much less enticing place contrasted to previous one-north location GLS spots, like Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is next to the Buona Vista MRT Station.
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 closing dates will certainly allow builders to monitor interest rate in the area and help them develop tender bids. He expects each site can attract up to 3 quotes, with the top proposal of as much as $494 million or in between $1,000 to $1,100 psf ppr.
The most current GLS site around to be awarded was a 114,462 sq ft site on Media Circle. The site was granted in January to a mutual project comprising Qingjian Real estate and China Communications Construction Co, similarly referred to as Forsea Holdings, which submitted the top proposal of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit project.
Another tender for a surrounding 62,046 sq ft household site fully zoned for long-stay serviced apartments closed in September. However, URA rejected the only quote of $120.09 million ($461 psf pprt) proposed by a consortium led by Frasers Property, considering it “way too low”.
