The Urban Redevelopment Authority (URA) has announced the results of the government land sales tender for Media Circle Parcel A, located in the one-north precinct of the Rest of Central Region. The site, which can accommodate approximately 325 private residential units and 400 square metres of commercial space, received a moderate response with three bids. The highest bid, amounting to S$315m, was jointly submitted by Qingjian Realty, Forsea Holdings, and Hoovasun Holding, translating to a land rate of S$1,037 per square foot per plot ratio (psf ppr).
This bid is notably lower than the S$1,191 psf ppr achieved for a nearby site, set to become Bloomsbury Residences, awarded to Qingjian Realty and Forsea Holdings in February 2024. Wong Siew Ying, Head of Research and Content at PropNex, noted that the distance from the nearest MRT station and the lack of nearby primary schools might have contributed to the measured interest from developers.
Despite these challenges, the thriving research and development sector in one-north and government plans to enhance biosciences and medtech infrastructure could bolster housing demand in Media Circle. The Budget 2025 announcement of new state-of-the-art facilities aims to attract more companies and workers, potentially increasing homebuying and leasing interest.
Looking ahead, developers are expected to remain cautious in their site acquisition strategies, focusing on key locational attributes. The tender for Media Circle Parcel B, which could yield 500 residential units, is set to close in April 2025. The projected average selling price for developments on Parcel A is anticipated to exceed S$2,500 psf.
“`
This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.
