The Government Land Sale (GLS) tender for Media Circle (Parcel A) closed on March 4, with the top bid of $315 million coming from a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. The 99-year leasehold site, which measures 82,125 sq ft and is located in the one-north area, is zoned for residential use with commercial space on the first storey.
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The winning bid translates to a land rate of $1,037 psf per plot ratio (ppr) and the potential to yield about 325 housing units with a maximum gross floor area of 303,865 sq ft. Qingjian and Forsea have announced that the future development will feature two high-rise residential towers with commercial spaces on the first level.
Only three bids were submitted for the site. The next highest bid, at $298 million or $981 psf ppr, came from EL Development, followed by the lowest bid of $295 million or $971 psf ppr from SingHaiyi Group.
The bid from Qingjian and Forsea is lower than the land rate they paid for a neighboring Media Circle GLS plot, which is now the location of the upcoming 358-unit Bloomsbury Residences. In January 2024, Qingjian and Forsea won the 114,462 sq ft site with a bid of $395.28 million, or $1,191 psf ppr.
In a press statement, Du Dexiang, managing director of Qingjian Realty, stated that they are confident in the future 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, also added that this project marks another important step in their commitment to developing high-quality residential communities that align with the growth of one-north, which is akin to Singapore’s ‘Silicon Valley’.
This will be the third joint venture between Qingjian and Forsea, with the partners previously winning an executive condominium site at Jalan Loyang Besar with a bid of $557 million ($729 psf ppr) in August 2024. The site has the potential to yield up to 710 new homes.
Lee Sze Teck, senior director of data analytics at Huttons Asia, believes that Qingjian’s latest bid reflects the developer’s confidence in the demand for homes in the one-north area. He also points out that if awarded, the developer will have control over the supply and pricing of new homes in Media Circle. Only two precincts within one-north have land set aside for homes, one being at Slim Barracks Rise and the other at Media Circle. Furthermore, there are only 987 non-landed residential units in one-north, with less than 100 unsold units.
Under the Reserve List of the 1H2025 GLS Programme, another Media Circle site is available for application. The 60-year leasehold site is zoned for residential with commercial space on the first storey and designated for long-stay serviced apartments only. It has the potential to yield an estimated 520 units, along with retail space capped at 4,306 sq ft.
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. Although located in a quieter section of one-north business park, it is within walking distance to Mediapolis. He further states 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.