A single bid of $120.09 million or $461 psf per plot ratio (ppr) was received for the residential site at Media Circle, which closed on September 19. The bid was submitted by a consortium led by property group Frasers Property, with Padawan MC and Empire One North Property. The site, located within District 5 of one-north, is zoned for long-stay serviced apartments with commercial use on the first storey. Spanning 62,046 sq ft, it has a maximum gross floor area of 260,605 sq ft and a 60-year lease. The site is expected to yield 520 units.
This is the first GLS residential site released for sale that is fully zoned for long-stay serviced apartments. It is strategically located near Mediapolis, the headquarters of Mediacorp, as well as the headquarters of companies like Grab, Razer, and Equinix data centre. It is also in close proximity to renowned schools such as Tanglin Trust School, INSEAD, and the National University of Singapore.
The last residential GLS site in Media Circle was sold in February to Chinese developers Qingjian Realty and Forsea Holdings for $395 million ($1,191 psf ppr). Spanning 114,462 sq ft, the site is zoned for residential use with commercial use on the first floor. It is expected to yield up to 355 units.
Compared to the previous sale, the latest bid for the Media Circle site is significantly lower, with a difference of $640 psf ppr deemed as too low. This could be due to the fact that the previous site was zoned for residential use only, while the current site is zoned for long-stay serviced apartments. However, with the increasing popularity of serviced apartments, the demand for such accommodation may bring about positive potential for the future development of the site.
With its prime location in a bustling commercial hub and proximity to various amenities, the Media Circle site is a promising investment opportunity for developers. It is expected to attract potential buyers and investors, as it offers a unique blend of convenience and comfort.