The Government Land Sale (GLS) tender for Media Circle (Parcel A) located in the one-north area recently closed on March 4. The top bid of $315 million was submitted by a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. The 99-year leasehold site, which is zoned for residential use with commercial on the first storey, spans over 82,125 sq ft and has a land rate of $1,037 psf per plot ratio (ppr).
The site has the potential to yield 325 housing units and has a maximum gross floor area of 303,865 sq ft. In a press statement, Qingjian and Forsea announced their plans to develop two high-rise residential towers with commercial spaces on the first level.
The site attracted a total of three bids, with the Qingjian-Forsea consortium’s bid being 5.7% higher than the next bid by EL Development, at $298 million or $981 psf ppr. The lowest bid of $295 million or $971 psf ppr was submitted by SingHaiyi Group.
Compared to the land rate paid by Qingjian and Forsea for a neighboring Media Circle GLS plot, which is now the site of the upcoming Bloomsbury Residences with 358 units, their bid for Parcel A was lower. In January 2024, they were awarded the 114,462 sq ft site for $395.28 million, or $1,191 psf ppr.
Managing Director of Qingjian Realty, Du Dexiang, expresses confidence in the development of Media Circle, given the well-designed master plan and the government’s continued investment in the one-north precinct, as announced in the 2025 budget. Director at Forsea Holdings, Wang Xin, adds that this project is another step towards developing high-quality residential communities that align with the growth of one-north, known as Singapore’s “Silicon Valley.”
This will be the third joint venture between Qingjian and Forsea, following the successful bid for an executive condominium site at Jalan Loyang Besar in August last year, which can yield up to 710 new homes.
The bidding price for Media Circle (Parcel A) reflects Qingjian’s confidence in the demand for homes in the area, according to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia. He adds that if awarded, the developer will have control over the supply and pricing of new homes in Media Circle.
The adjacent plot, Media Circle (Parcel B), measuring 107,936 sq ft and potentially yielding around 500 residences, is also up for tender and will close on April 29. Both Media Circle Parcels A and B are on the Confirmed List of the 2H2024 GLS Programme.
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On the Reserve List of the 1H2025 GLS Programme, there is another Media Circle site available for application. The 60-year leasehold site is zoned for residential with commercial on the first storey and can yield an estimated 520 units, along with retail space capped at 4,306 sq ft.
Huttons’ Lee notes that the Media Circle area is unique, with a peaceful atmosphere surrounded by greenery and black-and-white bungalows. He adds that non-landed residential properties in one-north are limited to just 987 units, with less than 100 new homes remaining unsold. The high proportion of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School makes it an attractive location for quality tenants. The area also offers 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, predicts that the future project at Media Circle (Parcel A) could have a starting selling price of $2,300 psf. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis, making it appealing to workers in the media and entertainment industry.