URA launches tenders for two GLS sites at Media Circle
ERA’s Chu gets an extra cautious perspective, noting that Media Circle (Parcels A and B) have a much less appealing place matched up to previous one-north location GLS sites, like Slim Barracks Rise (Parcel A) (now the 275-unit Blossom by the Park) that is close to the Buona Vista MRT Stop.
Mark Yip, CEO of Huttons Asia, adds in that the future project at the site might be well-positioned to take advantage of the tenant pool consisted of workers in one-north, Science Park, and the National University of Singapore. “Households with children studying in the nearby Tanglin Trust School might be potential tenants as well,” he includes.
Chu anticipates a “lukewarm reaction” to both latest Media Circle plots. “With a much smaller buyer pool than the majority of residence sites to take advantage of on, property developers might not be as keen to compete for the Media Circle sites.” He adds that developers may be much more interested in other GLS spots in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
One of the most current GLS site around to be awarded was a 114,462 sq ft area on Media Circle. The site was awarded in January to a shared project including Qingjian Real estate and China Communications Construction Corporation, similarly referred to as Forsea Holdings, that sent the leading proposal of $395.29 million ($1,191 psf ppr). The site can be developed into a 355-unit property.
The future work may be a wanted add-on to the currently limited real estate options for specialists doing work in one-north. “Current real estate selections in the one-north area primarily revolve around co-living spaces, serviced apartments and hotels,” says Chu.
Media Circle (Parcel A) rises at the juncture of Media Walk and Media Circle. Figuring 82,125 sq ft, it has a highest gross floor area (GFA) of 303,865 sq ft and can most likely yield about 325 real estate units. The nearby Media Circle (Parcel B) sizes up around 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can possibly produce about 500 homes.
The tenders for two sites positioned around Media Circle under the 2H2024 Government Land Sale (GLS) Programme were released on Nov 26. Both 99-year leasehold sites within the Confirmed Selection are zoned non commercial with business use 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, each. Yip believes that the staggered termination days will certainly allow property developers to check interest rate in the area and assist them to create tender proposals. He prepares for each location might bring in as much as 3 quotes, with the top quote of approximately $494 million or between $1,000 to $1,100 psf ppr.
The sites rise at the southerly end of the one-north section. “Media Circle was primarily developed as a company and tech park,” says Marcus Chu, Chief Executive Officer of ERA Singapore. “As such, the instant vicinity may not be adequately equipped with facilities to sustain a non commercial enclave.”
Another tender for a surrounding 62,046 sq ft residential site completely zoned for long-stay serviced apartments closed in September. However, URA rejected the sole quote of $120.09 million ($461 psf pprt) submitted by a consortium led by Frasers Property, considering it “far too low”.
