The bidding for the Media Circle (Parcel A) Government Land Sale (GLS) site in one-north area ended on March 4. The top bid of $315 million for the 99-year leasehold site was submitted by a consortium comprising Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding. The site is zoned for residential use with commercial space on the first storey.
This translates to a land rate of $1,037 per square foot per plot ratio (ppr) for the site, which has an area of 82,125 square feet. It has a potential to yield about 325 housing units with a maximum gross floor area of 303,865 square feet.
According to a press statement by Qingjian and Forsea, the future development will include two high-rise residential towers with commercial spaces on the first level. The site attracted a total of three bids, with Qingjian and Forsea’s bid being 5.7% higher than the next bid of $298 million by EL Development, or $981 psf ppr. The lowest bid of $295 million, or $971 psf ppr, was submitted by SingHaiyi Group.
The bid by Qingjian and Forsea is lower than the land rate for a neighboring Media Circle GLS plot, which is now the site of the upcoming 358-unit Bloomsbury Residences. In January 2024, Qingjian and Forsea were awarded the 114,462 square feet site for $395.28 million, or $1,191 psf ppr.
Du Dexiang, managing director of Qingjian Realty, expressed confidence in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in the one-north precinct, as announced in the 2025 budget. Wang Xin, director at Forsea Holdings, added that this project marks another important step in their commitment to developing high-quality residential communities that align with the growth of one-north, Singapore’s ‘Silicon Valley.’
This will be the third joint venture between Qingjian and Forsea, following the award of an executive condominium site at Jalan Loyang Besar last August. They submitted the top bid of $557 million ($729 psf ppr) for the site, which can yield up to 710 new homes.
Lee Sze Teck, senior director of data analytics at Huttons Asia, noted that Qingjian’s latest bid for Media Circle (Parcel A) reflects their confidence in the demand for homes in the area. If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle.
The Media Circle (Parcel A) site was launched for sale in November last year, together with Media Circle (Parcel B), an adjacent plot measuring 107,936 square feet that can potentially yield about 500 residences. The tender for Parcel B will close on April 29. Both Media Circle Parcels A and B are on the Confirmed List of the 2H2024 GLS Programme.
Under the Reserve List of the 1H2025 GLS Programme, another Media Circle site is available for application. The 60-year leasehold site, zoned for residential with commercial space on 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 square feet.
Huttons’ Lee added that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. He noted that there are only two precincts with land set aside for homes in one-north – one at Slim Barracks Rise and one at Media Circle. The supply of non-landed residential properties in one-north is currently limited to just 987 units, 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 per square foot. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis. According to Tay, a residential project or a mix of residences for sale with serviced apartments for leasing could appeal to workers in the media and entertainment industry.
When it comes to buying property in Singapore, it is crucial for foreign investors to have a thorough understanding of the regulations and limitations. While buying condos is generally permitted for foreigners with few restrictions, the rules surrounding owning landed properties are more stringent. Nonetheless, foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), currently at 20%, for their first property purchase. Despite this added expense, the Singapore real estate market’s reliability and potential for growth continue to appeal to foreign investment. So, foreign investors can still confidently invest in condos in Singapore.