The government tender for Media Circle (Parcel A) in the one-north area has recently closed on March 4. The winning bid of $315 million for the 99-year leasehold site was submitted by a consortium of three companies – Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding. This bid was for the residential and commercial zoned site that measures 82,125 sq ft and has a potential to yield about 325 housing units. The bid has translated to a land rate of $1,037 psf per plot ratio (ppr).
The development by the Qingjian-Forsea consortium will feature two high-rise residential towers with commercial spaces on the first level, according to a press statement released by the companies. This bid has been the highest among the three bids received for the site. The second highest bid of $298 million was submitted by EL Development, while the lowest bid of $295 million was submitted by SingHaiyi Group.
The winning bid by Qingjian-Forsea is lower than the land rate the companies previously paid for the neighbouring Media Circle GLS plot which will now be the site of the upcoming Bloomsbury Residences with 358 units. In January 2024, Qingjian-Forsea were awarded the 114,462 sq ft site for $395.28 million, or $1,191 psf ppr. According to Du Dexiang, managing director of Qingjian Realty, they have full confidence in the 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. This project will be another important step in their commitment towards developing high-quality residential communities that align with the growth of one-north.
This will be the third joint venture between Qingjian and Forsea following their award of an executive condominium site at Jalan Loyang Besar in August last year, which had the top bid of $557 million ($729 psf ppr). The site can potentially yield 710 new homes.
According to Lee Sze Teck, senior director of data analytics at Huttons Asia, Qingjian’s latest bid for Media Circle (Parcel A) reflects the developer’s 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. He also pointed out that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. The neighbourhood currently has a limited number of non-landed residential properties, with only 987 units, and out of those, only 100 new homes remain unsold.
With the high proportion of foreigners working within one-north, Science Park and Tanglin Trust School, Lee believes the area offers a strong pool of quality tenants and is 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 that the project could launch with starting prices of $2,300 psf. He also pointed out that while the site is in a quieter section of one-north business park, it is still within walking distance to Mediapolis, making this project a perfect choice for investors as well as buyers in the media and entertainment industry. The tender for the adjacent site, Media Circle (Parcel B), which measures 107,936 sq ft, will close on April 29.