The tender for Media Circle (Parcel B), a Government Land Sale (GLS) site located in the one-north area, closed on April 29. According to a URA press release, no bids were received for the site.
The 99-year leasehold site is zoned for residential use with commercial at the first storey. It measures about 107,936 sq ft and can potentially yield about 500 residences.
The Media Circle (Parcel B) site and its adjacent site, Media Circle (Parcel A), were launched for tender last November. Parcel A was awarded last month to a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding for $315 million ($1,037 psf ppr). Zoned for residential use with commercial at the first storey, the site can yield about 325 housing units.
Before that, Qingjian Realty and Forsea Holdings had purchased another Media Circle GLS plot (the current site of Bloomsbury Residences) in January 2024 for $395.28 million or $1,191 psf ppr. The 358-unit Bloomsbury Residences launched earlier this month, sols 90 units (25.1%) at an average price of $2,474 psf during the launch weekend.
Justin Quek, CEO of Orangetee & Tie, points out that there is still existing inventory from already launched projects at Slim Barracks Rise and Media Circle at One-North. Based on URA monthly developer sales data as of March 2025, Blossoms by the Park has 19 out of 275 units available, while The Hill @ One-North still has 80 out of 142 units available. This is on top of the remaining units at Bloomsbury Residences.
The site at Media Circle (Parcel B) is the fourth GLS site launched for sale via tender in Media Circle in recent years (see Table 1). Two of the other three plots were awarded, while the URA rejected the bid for a pure long-stay serviced apartment (SA2) site as it was deemed too low, says Wong Siew Ying, PropNex head of research and content.
Wong notes that the lack of interest in the Media Circle Parcel B plot could stem from several factors. In particular, the site attributes are less attractive than the first two Media Circle plots awarded, as it is further away from the MRT station and is next to the highway. In addition, developers may have been more cautious in acquiring development sites, given that the evolving US trade tariffs situation may bring more significant uncertainty to the global economy. She adds that developers are likely to be more selective, gravitating towards plots with excellent location attributes, such as near the MRT station and amenities, as well as schools.
“The one-north cluster is a non-mature estate without a significant residential catchment, but is a strategic research and development (R&D) hub for the biomedical science, infocomm technology, media, and engineering sectors,” says Tricia Song, CBRE head of research for Singapore and Southeast Asia. “Living in such a location would appeal more to expats and young working professionals. The lack of HDB upgraders in the locality and comprehensive amenities such as schools, childcare, large retail malls, hawker centres, and coffee shops make this location less attractive to local owner-occupiers.”
The last time a GLS site had no takers during a tender was for Upper Thomson Road (Parcel A). The 99-year leasehold site, zoned for residential use with commercial at the first storey, was launched for sale in December 2023, with the tender subsequently closing the following June. The site can yield 640 units, including 100 long-stay serviced apartments.
Read also: No bids submitted for Upper Thomson Road GLS site
Leonard Tay, head of research at Knight Frank Singapore, believes that the lack of bids for Media Circle (Parcel B) signals a more conservative stance among developers in light of current global uncertainty triggered by US-led tariffs. “Already, most developers are mindful of development costs that constitute land and construction costs, as well as taxes, and might have stayed away from today’s tender to keep their powder dry for other sites in established residential areas rather than those in business zones,” he observes.
Tay adds that developers may have also decided to pause and take stock to assess the demand for private homes, while grappling with the impact of the ongoing trade war on the domestic economy.
Mark Yip, CEO of Huttons Asia, has a similar view. “The global tariffs may have made developers more circumspect and highly selective of the sites they want, even though the level of unsold units in the market has dropped to a new low of 18,270 units as of end-March 2025,” he comments.
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