The Urban Redevelopment Authority has concluded the tender for a site at Media Circle (Parcel A), part of the second half of 2024 Government Land Sales programme. The site, capable of yielding approximately 325 residential units and 400 square metres of commercial space, attracted three bids. The highest bid, submitted by CNQC Realty (Bloomsbury) Pte. Ltd., Forsea Residence Pte. Ltd., and Hoovasun Holding Pte. Ltd., was S$315m, equating to about S$1,037 per square foot per plot ratio (psf ppr).
This bid was 5.7% higher than the next highest offer from EL Development Pte Ltd, which stood at S$298m or S$981 psf ppr. However, these figures fell short of initial expectations and were lower than the land rate of a neighbouring site sold earlier this year.
The previous site at Media Circle was awarded in February 2024 to CNQC Realty (Clementi) Pte. Ltd. and Forsea Residence Pte. Ltd. for S$395,288,889 or S$1,191 psf ppr. The lower bids for Parcel A may reflect a cautious approach due to its distance from MRT stations and amenities compared to other sites in the one-north area.
Despite this, the future development may attract those seeking a quieter residential area surrounded by lower-rise buildings. The commercial elements of the site are expected to bolster the area’s residential appeal, complementing the business-centric environment of one-north.
Justin Quek, CEO of OrangeTee & Tie, noted that the site’s proximity to the one-north business precinct, National University Hospital, National University of Singapore, and the Science Park business area could drive demand from professionals and investors. Additionally, expatriates with children at the nearby Tanglin Trust School may contribute to future rental demand. The tender for another plot, Media Circle (Parcel B), is set to close in April 2025.
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