Media Circle (Parcel A), a Government Land Sale (GLS) site located in the one-north area, has closed its tender on March 4. The top bid of $315 million for the 99-year leasehold site was submitted by a consortium consisting of Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding. This bid translates to a land rate of $1,037 psf per plot ratio (ppr) for the site, which measures 82,125 sq ft. It has a zoning for residential use with commercial at the first storey.
According to a press statement by Qingjian and Forsea, the future development will comprise of two high-rise residential towers with commercial spaces on the first level. With a maximum gross floor area of 303,865 sq ft, the site has the potential to yield approximately 325 housing units.
The site received a total of three bids, with Qingjian and Forsea’s bid being 5.7% higher than the next bid of $298 million or $981 psf ppr by EL Development. The lowest bid of $295 million or $971 psf ppr was submitted by SingHaiyi Group.
Although Qingjian and Forsea’s bid is lower than the land rate they paid for a neighbouring Media Circle GLS plot, which is now the site of the upcoming Bloomsbury Residences, they remain confident in the project. The partners were awarded the 114,462 sq ft site for $395.28 million, or $1,191psf ppr, in January 2024. “We are confident in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in one-north precinct as announced in the 2025 budget,” says Du Dexiang, managing director of Qingjian Realty.
Wang Xin, director at Forsea Holdings, adds: “This project marks another important step in our commitment to developing high-quality residential communities that align with the growth of one-north, which is akin to Singapore’s ‘Silicon Valley.’”
This will be the third joint venture between Qingjian and Forsea, the previous two being an executive condominium site at Jalan Loyang Besar and another Media Circle GLS plot. Last August, the partners were awarded the executive condo site after submitting the top bid of $557 million ($729 psf ppr), which can yield up to 710 new homes.
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The bid for Media Circle (Parcel A) by Qingjian reflects their confidence in the demand for homes in the area, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. “If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle,” he adds.
The adjacent plot to Media Circle (Parcel A), Media Circle (Parcel B), measuring 107,936 sq ft, has also been launched for sale and has attracted a total of three bids. The tender for Parcel B will close on April 29. Both parcels are on the Confirmed List of the 2H2024 GLS Programme.
Under the Reserve List of the 1H2025 GLS Programme, there is another Media Circle site available for application. The 60-year leasehold site, zoned for residential with commercial at the first storey, is designated for long-stay serviced apartments only and can yield an estimated 520 units, along with retail space capped at 4,306 sq ft.
Lee Sze Teck of Huttons Asia points out that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. He adds that there are only two precincts with land allocated for residential development in one-north, one being Slim Barracks Rise and the other being Media Circle. Currently, there are only 987 non-landed residential units in one-north, with less than 100 new homes remaining unsold.
Given the high proportion of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes the area offers a strong pool of quality tenants while also being close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall and Timbre+ One North. Leonard Tay, head of research at Knight Frank Singapore, believes the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis, he observes. “A residential project, or a mix of residences for sale together with serviced apartments for lease, could appeal to workers in the media and entertainment industry,” he says.