Closed on March 4 was the tender for Media Circle (Parcel A), a Government Land Sale (GLS) site situated in the one-north neighborhood. For the 99-year leasehold land, which is zoned for residential development with commercial at the first story, a consortium including Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding bid the highest $315 million.
With the property measuring 82,125 sq ft, the bid of the Qingjian-Forsea collaboration corresponds to a land rate of $1,037 psf per plot ratio (ppr). With a maximum gross floor space of 303,865 sq ft, it might perhaps produce roughly 325 homes.
Qingjian and Forsea announce in a press release that two tall residential towers with commercial spaces on level 1 will be part of future development.
Three offers in all were drawn to the location here at Media Circle Parcel A. With a price of 5.7% more than EL Development’s next bid of $298 million or $981 psf ppr, Qingjian and Forsea’s offer stands With an offer of $295 million or $971psf ppr, SingHaiyi Group came last.
The proposal from Qingjian and Forsea is less than the land rate the partners paid for an adjacent Media Circle GLS plot now slated for the location of the forthcoming 358-unit Bloomsbury Residences. In January 2024 Qingjian and Forsea were paid the 114,462 sq ft site for $395.28 million, or $1,191psf ppr.
We are confident in the forthcoming change of Media Circle, supported by a well-designed master plan and the government’s continuous investment in one-north precinct as announced in the 2025 budget,” says Du Dexiang, managing director of Qingjian Realty.
Director of Forsea Holdings Wang Xin also notes: “This project marks another important step in our commitment to developing high-quality residential communities that align with the growth of one-north, which is akin to Singapore’s ‘Silicon Valley.'”
Third joint venture between Qingjian and Forsea will be Media Circle (Parcel A) project. Following their highest bid of $557 million ($729 psf ppr), the partners received an executive condominium plot in Jalan Loyang Besar last August. Up to 710 units could come from the site.
Observed by Lee Sze Teck, senior director of data analytics at Huttons Asia, Qingjian’s most recent bid for Media Circle (Parcel A) shows the developer’s faith in demand for homes in the neighbourhood. “If granted, the developer will have impact over the supply and pricing of new homes in Media Circle,” he says.
Last November, coupled with Media Circle (Parcel B), a nearby plot measuring 107,936 sq ft that may possibly yield roughly 500 homes, the Media Circle (Parcel A) site was put on sale. The Parcel B tender closes on April 29. Confirmed List of the 2H2024 GLS Program includes Media Circle Parcels A and B.
Another Media Circle site accessible for use under the Reserve List of the 1H2025 GLS Program Designed for long-stay serviced apartments only, the 60-year leasehold site, classified for residential with commercial at the first shop, may produce an estimated 520 units together with retail space limited to 4,306 sq ft.
Lee from Huttons notes that the Media Circle area, framed by black and white houses and vegetation, is a special place within one-north. There are only two precincts with land set aside for homes – one at Slim Barracks Rise and one at Media Circle; non-landed residential properties in one-north are currently limited to just 987 units, with less than 100 new homes remaining unsold.” he says.
Given the high percentage of foreigners working in one-north, Science Park, and the adjacent Tanglin Trust School, Lee feels the area provides a strong pool of quality tenants while also being near to varied retail and dining options including Anchorpoint Shopping Centre, Alexandra Central Mall and Timbre+ One North.
Head of research at Knight Frank Singapore, Leonard Tay thinks the Media Circle (Parcel A) future project might commence with selling prices ranging from $2,300 psf. Although the site is in a quieter part of one-north business park, he notes that Mediapolis is just walking distance away. “A residential project, or a mix of homes for sale together with serviced apartments for lease, could appeal to workers in the media and entertainment business,” he says.
