The tender for a Government Land Sale (GLS) site in Media Circle (Parcel A) located in the one-north area has closed on March 4. The site has been awarded to a consortium comprising of Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding for the top bid of $315 million.
The consortium’s bid translates to a land rate of $1,037 psf per plot ratio (ppr) for the site, which spans 82,125 sq ft. This site, which has a 99-year lease, is zoned for residential use with commercial space on the first storey. It is expected to yield around 325 housing units with a maximum gross floor area of 303,865 sq ft.
According to a press statement, Qingjian and Forsea have plans to develop two high-rise residential towers with commercial spaces on the first floor. This project will mark the third joint venture between the two companies, with the first being the 358-unit Bloomsbury Residences site that they were awarded in January 2024.
The top bid by Qingjian and Forsea’s consortium is 5.7% higher than the next bid by EL Development, which was $298 million, or $981 psf ppr. The third and lowest bid was submitted by SingHaiyi Group, at $295 million, or $971 psf ppr.
According to Du Dexiang, managing director of Qingjian Realty, the company is confident 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, adds that this project is another important step in their commitment to developing high-quality residential communities in tandem with the growth of one-north, which is akin to Singapore’s “Silicon Valley”.
It is vital for international investors to have a clear understanding of Singapore’s laws and limitations regarding property ownership. The regulations surrounding foreign ownership of property in Singapore differ for different property types. Condominiums can usually be purchased without excessive restrictions, unlike landed properties that have stricter ownership guidelines. However, foreign buyers are subject to an Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite this additional expense, the steady and promising growth of the Singapore real estate market continues to entice foreign investment. Considering condominiums for purchase may be a favorable option for foreign investors due to the more lenient regulations and potential for profitable returns.
The future project at Media Circle (Parcel A) will be the third joint venture between Qingjian and Forsea. Last August, the partners were awarded an executive condominium site at Jalan Loyang Besar after submitting the top bid of $557 million ($729 psf ppr). The site can yield up to 710 new homes.
Huttons Asia’s senior director of data analytics Lee Sze Teck says that 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 adds.
The site in Media Circle (Parcel A) was launched for sale last November, together with the adjacent Media Circle (Parcel B) site, which spans 107,936 sq ft and 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, there is another Media Circle site 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 limited to 4,306 sq ft.
Huttons’ Lee points out that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. According to him, the area has limited non-landed residential properties, with only 987 units, and less than 100 new homes remaining unsold.
Given the high number of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes the area has a strong pool of quality tenants and is also 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 future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis, he observes. He also adds that a residential project, or a mix of residences for sale together with serviced apartments for lease, could appeal to workers in the media and entertainment industry.