URA launches tenders for two GLS sites at Media Circle
The tenders for 2 sites situated along Media Circle under the 2H2024 Government Land Sale (GLS) Programme were released on Nov 26. Both 99-year leasehold sites under the Confirmed Selection are zoned non commercial with business usage at the first floor.
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 termination days will certainly let builders to monitor interest in the location and assist them to formulate tender quotes. He anticipates each site could bring in as much as 3 bids, with the leading quote 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 tap into the tenant pool consisted of workers in one-north, Science Park, and the National University of Singapore. “Family members with children studying in the close-by Tanglin Trust School might be potential tenants too,” he includes.
Chu predicts a “warm reaction” to the two most current Media Circle plots. “With a smaller purchaser pool than a lot of house sites to leverage on, property developers may not be as eager to compete for the Media Circle sites.” He includes that property developers may be much more considering other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
The future work may be a wanted inclusion to the presently limited housing alternatives for professionals doing work in one-north. “Current real estate choices in the one-north location primarily revolve around co-living spaces, serviced apartments and hotels,” says Chu.
Media Circle (Parcel A) is located 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 housing units. The adjacent Media Circle (Parcel B) figures approximately 107,936 sq ft and has a total GFA of 464,129 sq ft. It can possibly yield about 500 residences.
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 only proposal of $120.09 million ($461 psf pprt) sent by a consortium led by Frasers Property, regarding it “too low”.
One of the most recent GLS site around to be awarded was a 114,462 sq ft area on Media Circle. The site was awarded in January to a joint project comprising Qingjian Real estate and China Communications Construction Co, also referred to as Forsea Holdings, which sent the best bid of $395.29 million ($1,191 psf ppr). The site could be created into a 355-unit property.
ERA’s Chu takes a much more sensible viewpoint, considering that Media Circle (Parcels A and B) have a less desirable location contrasted to previous one-north area GLS sites, like Slim Barracks Rise (Parcel A) (currently the 275-unit Blossom by the Park) that is near to the Buona Vista MRT Station.
The sites are located at the southern end of the one-north area. “Media Circle was mostly developed as a company and tech park,” mentions Marcus Chu, CEO of ERA Singapore. “Thus, the instant vicinity may not be completely prepared with services to sustain a non commercial enclave.”
