The Urban Redevelopment Authority has closed the land tender for a site at Media Circle (Parcel A) which was launched under the Confirmed List of the 2H2024 Government Land Sales (GLS) programme. This site can yield around 325 units, and 400 sqm of commercial space.
There were three bids received for this plot, which may be considered quite healthy. The highest bid was from CNQC Realty (Bloomsbury) Pte. Ltd., Forsea Residence Pte. Ltd. and Hoovasun Holding Pte. Ltd. at a bid price of S$315 million or around S$1,037 psf ppr. This was 5.7 per cent higher than the next highest bid from EL Development Pte Ltd, which was S$ 298 million or around S$981 psf ppr. However, the bid prices were beneath our initial expectations, and also lower than the land rate of the previous neighbouring site.
Only one other residential site in the vicinity has been sold thus far, which was the neighbouring site at Media Circle that was awarded in February 2024 to CNQC Realty (Clementi) Pte. Ltd. and Forsea Residence Pte. Ltd, at a tender price of S$395,288,889 or S$1,191 psf ppr. The overall lower bid prices for this current Media Circle (Parcel A) site may be a more cautious response given the location of the land parcel, which is further away from the MRT and other amenities compared to earlier GLS sites in the one-north area. Another plot, Media Circle (Parcel B), will further add more housing units in the vicinity. The tender for that land parcel will close in April 2025.
However, the future project here may appeal to those looking for a home in a more tranquil location surrounded by lower-rise buildings. Moreover, the commercial components attached to this site and the earlier site will further support the development of this area for residential use, complementing the strong business focus that one-north has.
Given the strategic location near the one-north business precinct, NUH, NUS, and the Science Park business area, demand for the future project here will likely come from professionals working in the area or investors who are aiming to tap on the potential pool of tenants or working or studying nearby. 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.