The tender for Media Circle (Parcel A), a Government Land Sale (GLS) site located in the one-north area, closed on March 4. A consortium comprising Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding submitted the top bid of $315 million for the 99-year leasehold site, which is zoned for residential use with commercial at the first storey.
The Qingjian-Forsea consortium’s bid translates to a land rate of $1,037 psf per plot ratio (ppr) for the site, which measures 82,125 sq ft. It can potentially yield about 325 housing units, with a maximum gross floor area of 303,865 sq ft.
In a press statement, Qingjian and Forsea say that the future development will feature two high-rise residential towers with commercial spaces on level 1.
The site attracted a total of three bids. Qingjian and Forsea’s bid is 5.7% higher than the next bid by EL Development, at $298 million or $981 psf ppr. SingHaiyi Group submitted the lowest bid of $295 million or $971 psf ppr.
Qingjian and Forsea’s bid is lower than the land rate that the partners paid for a neighbouring Media Circle GLS plot that is now the site of the upcoming 358-unit Bloomsbury Residences. Qingjian and Forsea were awarded the 114,462 sq ft site for $395.28 million, or $1,191psf ppr, in January 2024.
“We are confident in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in one-north precinct as announced in the 2025 budget,” says Du Dexiang, managing director of Qingjian Realty.
Wang Xin, director at Forsea Holdings, adds: “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.’”
The future project at Media Circle (Parcel A) will be the third joint venture between Qijgjian 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.
Qingjian’s latest bid for Media Circle (Parcel A) reflects the developer’s confidence in demand for homes in the area, observes Lee Sze Teck, senior director of data analytics at Huttons Asia. “If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle,” he adds.
The Media Circle (Parcel A) site was launched for sale last November, together with Media Circle (Parcel B), an adjacent plot measuring 107,936 sq ft that 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 at the first store, is designated for long-stay serviced apartments only and can yield an estimated 520 units, along with retail space capped at 4,306 sq ft.
Huttons’ Lee points out that the Media Circle area is a unique location within one-north, framed by greenery and black and white bungalows. “There are only two precincts with land set aside for homes – one at Slim Barracks Rise and one at Media Circle,” he says, adding that non-landed residential properties in one-north are currently limited to just 987 units, with less than 100 new homes remaining unsold.
Given the high proportion of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes the area offers a strong pool of quality tenants while also being close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall and Timbre+ One North.
On the other hand, Marcus Chu, CEO of ERA Singapore, views the bids received for Media Circle (Parcel A) as “subdued”, with developers taking a cautious approach. “This is considering the lack of ready amenities and transport options, which will likely deter buyer interest,” he adds.
Nonetheless, he says Qingjian is “unlikely to deviate from their pricing strategy” if awarded the tender. “This is given the need to align prices with Bloomsbury Residences,” he continues.
Leonard Tay, head of research at Knight Frank Singapore, believes 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. “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,” he says.
