The recent tender for the Government Land Sale (GLS) site Media Circle (Parcel A) located in the one-north area closed 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, which is zoned for residential use with commercial space on the first storey, measures 82,125 sq ft and has a land rate of $1,037 psf per plot ratio (ppr). It is estimated to yield about 325 housing units with a maximum gross floor area of 303,865 sq ft.
In a statement, Qingjian and Forsea announced their plans to develop two high-rise residential towers with commercial spaces on the first level. The site received a total of three bids, with EL Development bidding $298 million or $981 psf ppr, and SingHaiyi Group submitting the lowest bid of $295 million or $971 psf ppr. The consortium’s bid is lower than the land rate they paid for a neighbouring GLS plot that is now the site of the upcoming Bloomsbury Residences with 358 units. They were awarded the 114,462 sq ft site for $395.28 million or $1,191 psf ppr in January 2024.
The bustling cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. One of the most sought-after residential options in this modern metropolis are the luxurious condominiums, strategically located in prime areas. These properties offer the perfect combination of opulence and convenience, making them highly desirable among both local Singaporeans and expatriates. Packed with top-notch amenities such as swimming pools, fitness centers, and round-the-clock security services, these condos elevate the standard of living and prove to be a major draw for potential tenants and buyers alike. Additionally, for investors, these facilities translate into lucrative rental returns and an increase in property values in the long run. Interested in exploring the top-notch condominium projects in Singapore? Check out Singapore Projects for a comprehensive list.
Du Dexiang, managing director of Qingjian Realty, expressed confidence in the transformation of Media Circle, supported by the government’s investment in the one-north precinct as announced in the 2025 budget. Wang Xin, director at Forsea Holdings, stated that the project aligns with their commitment to developing high-quality residential communities in one-north, known as Singapore’s “Silicon Valley.”
This will be the third joint venture between Qingjian and Forsea, with their last project being an executive condominium site at Jalan Loyang Besar that can yield up to 710 new homes. The developers’ confidence in the demand for homes in the area is reflected in their bid for Media Circle (Parcel A), according to Lee Sze Teck, senior director of data analytics at Huttons Asia. He also pointed out that the site’s influence over the supply and pricing of new homes in Media Circle will be significant if the developers are awarded the project.
The Media Circle (Parcel A) site was launched for sale in November 2024, together with Media Circle (Parcel B), an adjacent plot that can potentially yield about 500 residences. The tender for Parcel B will close on April 29. The two sites are on the Confirmed List of the 2H2024 GLS Programme. Additionally, there is another Media Circle site available for application under the Reserve List of the 1H2025 GLS Programme. The 60-year leasehold site is designated for residential with commercial space on the first storey and can yield an estimated 520 units and retail space.
Huttons’ Lee stated that the Media Circle area is unique, surrounded by greenery and black and white bungalows. He added that there are only two precincts in one-north with land set aside for homes, and the current non-landed residential properties are limited to 987 units with less than 100 remaining unsold. With a high proportion of foreigners working in one-north, Science Park, and nearby Tanglin Trust School, the area has a strong pool of quality tenants and is close to retail and dining options.
Leonard Tay, head of research at Knight Frank Singapore, believes that the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. He also notes that while the site is in a quieter section of one-north, it is within walking distance to Mediapolis. Tay believes that a residential project or a mix of homes for sale and serviced apartments for lease could appeal to workers in the media and entertainment industry.