Press Release

Press Release

30 June 2023

Launch of land tenders at Media Circle and Marina Gardens Crescent

FOR IMMEDIATE RELEASE

The government has just launched land parcels at various sites for sale.

Media Circle

The Media Circle site is zoned for residential with commercial at 1st storey and can yield around 355 units. The site comprises 400 sqm of commercial space and sits on a 1.06 ha site with a Gross Plot Ratio (GPR) of 2.9.

The site is in close proximity to the one-north business precinct, NUH, NUS, and the Science Park business area, which will attract a large pool of potential tenants or buyers working or studying there. Expats whose children are enrolled in the Tanglin Trust School, located just a stone’s throw away, may also contribute to rental demand in the future.

Blossoms by the Park, a recent new launch in the vicinity, sold more than 70 per cent of its units during its first launch weekend despite the new cooling measures, which indicates strong demand for private homes in the area.

While the Media Circle plot may be further away from the MRT compared to earlier GLS sites in the one-north area, the future project here may appeal to those looking for a home in a more tranquil location surrounded by lower-rise buildings.

We estimate that there may be 7 to 10 bidders as this land parcel is not big which may fit the risk appetite of most developers. The bid price for this site may be between S$1,150 and S$1,250 psf ppr.

Marina Gardens Crescent

This is the second plot to be released in the Marina South Precinct, which is situated opposite the first GLS site at Marina Gardens Lane. This site has an estimated site area of 1.73 ha and a GPR of 4.2. Zoned as a white site, it can yield an estimated 775 private homes and around 6,000 sqm of commercial space.

The footfall at the commercial component of the project will likely be high, as the project is situated beside the Marina South MRT Station on the Thomson-East Coast Line (TEL). It is also the first white site to be launched in the Marina South precinct and will have the first-mover advantage in providing amenities there.

The future supply of homes and amenities in the Marina South precinct will depend on how fast the government aims to develop the area. While there are other white sites and land parcels zoned for Residential with Commercial at 1st Storey, only the Marina Gardens Lane plot has been released for sale thus far.

No new plots in Marina South were announced for sale in the H2 2023 GLS programme, meaning that it may be some time before the next plot is eventually launched for tender. However, developers may also be cautious in light of the supply from other nearby projects slated to launch, such as Newport Residences, Skywaters Residences, and the project at Marina View which was awarded in September 2021.

While developers will likely take their price reference from the Marina Gardens Lane plot that closed on 27 June, we estimate that the highest bid price for this plot may be between S$1,400 to S$1,500 psf ppr, given the attractiveness of this plot as the first white site in the Marina South area.

However, developers may be more selective due to the recent increase in ABSD for foreigners. Developers may also form joint ventures to bid for this land parcel due to the large price quantum. Therefore, there could be 2 to 4 bidders for this site.