A three-bedroom unit at One Holland Village Residences has set a new record for private condos sold from Feb 16 to 21, with a psf price of $3,781. The 1,238 sq ft unit was sold for $4.68 million on Feb 17, marking the first sale at the 99-year leasehold development this year. The previous record was set by a developer sale of a 2,088 sq ft, four-bedroom unit for $7.15 million in August 2022. One Holland Village Residences, a 296-unit development launched in 2019, comprises a mix of one- to five-bedroom units, with prices fully sold out. The most expensive unit sold at the development by absolute price was a 3,455 sq ft, five-bedroom apartment for $11.4 million ($3,300 psf).The second-highest psf-price in the period in review was reached at boutique condo Hill House, where a 452 sq ft, two-bedroom unit on the ninth floor was sold for $1.538 million, or $3,402 psf on Feb 21. This comes after another 452 sq ft, two-bedroom unit was sold for $1.536 million, or $3,398 psf on Feb 16. Hill House, a 72-unit development in District 9, comprises one- to three-bedroom units. The highest price achieved at the development was $3,155 psf, and a total of nine units have been sold since the start of the year at an average price of $3,213 psf. The third-highest psf-price for the period in review was recorded at Chuan Park along Lorong Chuan, where a 732 sq ft, two-bedroom unit on the 20th floor was sold for $2.04 million, or $2,785 psf on Feb 19. This narrowly beats the previous record of $2,765 psf set by a 743 sq ft, two-bedroom unit in November last year. Chuan Park is a 916-unit condo in District 19 with a mix of two- to five-bedroom apartments, fully sold out at a price of $2,589 psf.…
Three Storey Strata Terraced Factory Midview City 62 Mil
A highly sought-after three-storey terrace factory located at Midview City has recently been placed on the market with a guide price of $6.2 million or $688 per square foot (psf), exclusively marketed by Colliers International.
This impressive property, which includes a basement level and a roof terrace, is situated in the heart of the vibrant Sin Ming Industrial Estate, along Sin Ming Lane. Standing at an impressive total strata area of 9,009 square feet, this factory is zoned as a “Business 1” site under the URA Masterplan 2019.
According to Colliers International, this 60-year leasehold property is currently fully leased and has been approved for use as a childcare centre. It is presently tenanted by Star Learner preschool and childcare centre.
The property boasts an excellent location, with close proximity to the Bright Hill MRT Station on the Thomson-East Coast Line. It is also well-connected to the Bishan and Upper Thomson residential areas, with convenient access via Sin Ming Lane and Bright Hill Drive.
The property is expected to be sold with the existing preschool operator in place, making it a rare opportunity for potential investors. As a Business 1 light-industrial property, it also presents an attractive option for foreign buyers as it is not subject to Additional Buyer’s Stamp Duty (ABSD). The Expression of Interest (EOI) exercise will close on April 29 at 3pm.
For those seeking other industrial properties for sale, recent past transactions and price trends are available on EdgeProp Landlens. Raphael Lee, director of industrial services at Colliers, believes that this property presents an excellent opportunity for investors, given its prime location and existing tenant in place.
Browse through listings for both commercial and industrial properties to compare price trends and past rental transactions to make a well-informed decision.…
Investors Eye High Liquidity Real Estate Markets Apac Blackrock
There is a growing interest among investors to invest in real estate markets in Asia Pacific that have high liquidity, according to Hamish MacDonald, head and chief investment officer of APAC Real Estate at BlackRock. He has identified three property sectors – accommodation, logistics, and alternative assets – that are likely to benefit from economic tailwinds this year. MacDonald reveals that countries such as Australia, Japan, Singapore, and Auckland in New Zealand are the top choices of BlackRock for investments this year.
MacDonald predicts a more bullish investor sentiment this year compared to the past two years, with institutional investors showing more interest in discussing the allocation and recycling of capital in selective Asia Pacific real estate markets. In Singapore, BlackRock has been targeting serviced apartments and has recently formed a partnership with YTL Corp to buy Citadines Raffles Place for around $290 million. The firm has also teamed up with accommodation operator Weave Living to acquire Citadines Mount Sophia for $148 million in February 2024, which has since reopened as Weave Suites – Hillside.
MacDonald says that BlackRock’s strategy is not to build a portfolio but to carefully target acquisitions. They prefer existing properties that can be refurbished and repositioned with the help of a partner, and also value-added with new amenities. According to MacDonald, Singapore continues to attract high-skilled labour and capital, thanks to its strong business growth, making it a highly favourable market for investment. In Japan, BlackRock remains bullish on the economy and the real estate market, citing factors like domestic pricing power, wage growth, and corporate reforms as key drivers of growth. Daigo Hirai, head of Japan real estate at BlackRock APAC, predicts a 7% to 8% increase in residential rents across major cities like Tokyo and Osaka this year, and says that tenants prefer larger units over small studios.
BlackRock’s preferred strategy in Japan is to partner with an experienced accommodation operator to manage a hybrid residential investment strategy, focusing on inbound tourist accommodation and domestic rental demand. This would help BlackRock establish a strong investment presence in tourist-dominated cities like Kyoto and Fukuoka. Hirai shares that BlackRock will be targeting assets close to train stations in residential-commercial neighbourhoods and smaller developments in the range of JPY1 billion to JPY3 billion. MacDonald adds that the company’s key to success in Japan is deploying specialist ground teams that can identify potential deals at a significant discount.
Ben Hickey, Head of Australia Real Estate at BlackRock, believes that long-term population growth estimates will continue to support positive growth across most sectors in the Australian real estate market. He adds that most property sectors in Australia are typically characterised by under-supply and low vacancy rates. Hickey says that any investment strategy should focus on rental growth surpassing inflation, a favourable supply-demand balance, and a good exit strategy. BlackRock is currently focusing on specific niche asset classes in the country like childcare properties, last-mile logistics assets, life science real estate, and self-storage properties. These property types are expected to benefit from Australia’s long-term population growth and a relatively low supply compared to other regional markets, potentially generating higher returns with lower risk.…
Are Home Sizes Singapore Shrinking
The size of show flats may have shrunk in recent years, giving the impression that units are becoming smaller. This is partly due to our perception of size being relative to what we are used to. In the 1990s and 2000s, the homes we grew up in, whether HDBs or condos, were generally larger. For instance, the average size of a new condo was 1,272 sq ft in 1995, 1,286 sq ft in 2005, and 858 sq ft in 2015. However, household sizes have decreased over the years, with the average household now being 3.1 people compared to 4 in 1995. This means that on a per-household-member basis, the average space has actually increased from 318 sq ft in 1995 to 357 sq ft in 2005 before dropping to 252 sq ft in 2015. It has since rebounded by 19% to 300 sq ft in 2024.
Over the past 29 years, the average size of condos on a per-capita basis has decreased by 5.7%, which is impressive given the limited land in Singapore. This would not have been possible without the government’s intervention. In 2008, several condo projects in the Rest of Central Region (RCR) introduced small units of as little as 24 sq m (258 sq ft), equivalent to two parking spaces. This reduced the barriers to property investment, with units selling for as low as $375,000 and leading to the proliferation of such units in subsequent years.
To address this concern, the Urban Redevelopment Authority (URA) issued guidelines in 2011 to control the maximum number of dwelling units (DUs). Developers were required to use the average size of 70 sq m for projects outside the Central Area. Some areas had a more stringent requirement of 100 sq m. While the guideline was effective, the average DU size continued to decrease, reaching a low of 804 sq ft in 2018. To counter this, the URA revised the guideline in January 2019, leading to an 18.8% increase in the average DU size to 935 sq ft in 2024.
However, this created an imbalance, with smaller units being built in the Central Area, contrary to the URA’s aim of making it an attractive place to live, work, and play. To address this, the URA extended the guidelines to the Central Area in 2023, requiring 20% of DUs in all projects to have a net internal area of at least 70 sq m.
In addition to these guidelines, the URA also harmonized the definition of strata area and gross floor area (GFA) in June 2023, which resulted in a 6% decrease in the average DU size due to developers omitting aircon ledges.
Overall, the RCR saw the most significant increase in average size (19.5%) since 2015, while the CCR witnessed a decline of 11.7%. With the harmonization of GFA definition, the average DU size may decrease further in the coming years. However, with better provisions such as smart home features and high-end appliances, buyers are getting better value for their purchases compared to a decade ago.…
Otto Place EC Hoi Hup Embracing Sustainability in Tengah New Town – A Perfect Blend of Modern Living and Eco-Friendly Design
Wong Swee Chun, chairman of Hoi Hup Realty, envisions Otto Place EC Hoi Hup as a top-notch development that takes advantage of the abundant new amenities in the emerging Tengah district, the proximity to Jurong Lake District, and the Second CBD.
One of the most significant features of Otto Place is its emphasis on biophilic design. Biophilic design is an architectural concept that incorporates natural elements into the built environment, promoting the well-being and health of its inhabitants. The development boasts lush greenery and landscaped gardens, providing residents a sense of connection to nature. Apart from being aesthetically pleasing, these green spaces also serve ecological purposes such as reducing carbon footprint, mitigating urban heat islands, and improving air quality. With more people becoming conscious of the impact of urban living on the environment, living in a biophilic environment can have a positive influence on one’s lifestyle choices.
Our commitment to sustainable living is evident in every aspect of the development, from the use of energy-efficient materials to the incorporation of green roofs and rainwater harvesting systems. With this approach, we not only reduce our impact on the environment, but also create a healthier and more livable community for our residents. When you choose to live at Otto Place EC, you are not just buying a home, but also investing in a greener and more sustainable future for Singapore.
Tengah New Town, a 700-hectare residential area, is Singapore’s first smart and sustainable town. With a focus on preserving and enhancing the natural landscape, Tengah aims to be a model for future developments in the country. The Tengah Forest Town project, under the Singapore Green Plan 2030, envisions a self-sustaining and livable town that prioritizes green spaces, community living, and smart infrastructure. Hoi Hup’s Otto Place EC perfectly aligns with this vision, making it a highly sought-after residential project in Tengah.
Moreover, Otto Place aims to promote a car-lite lifestyle through its network of cycling and pedestrian paths within the development. With the rise in eco-friendly modes of transportation, such as cycling and walking, residents can reduce their carbon footprint and contribute to a greener environment. The development also provides electric vehicle charging points, encouraging the use of electric cars among its residents. By promoting sustainable modes of transportation, Otto Place is setting a precedent for future developments to follow, making Tengah a more environmentally friendly town.
In addition to its biophilic design, Otto Place also integrates sustainable features such as solar panels, rainwater harvesting, and energy-efficient appliances. The use of solar energy not only reduces the development’s carbon footprint but also translates into cost savings for residents in the long run. Rainwater harvesting is another sustainable feature that helps reduce water consumption and promotes water conservation. With Singapore’s limited water resources, this feature is a crucial step towards building a more sustainable future for the city-state.
In conclusion, Otto Place EC by Hoi Hup is a prime example of a modern, sustainable development in Tengah New Town. With its biophilic design, use of sustainable features, promotion of eco-friendly living, and community-centric approach, Otto Place is a perfect blend of modern living and environmental sustainability. As Singapore continues to prioritize sustainable development, projects like Otto Place act as a stepping stone towards creating a greener and more livable city for its residents.
Apart from its physical features, Otto Place also offers educational programs and events to educate residents on sustainable living. These initiatives include workshops on recycling and upcycling, community gardening, and composting. By involving residents in these activities, Otto Place cultivates a sense of responsibility towards the environment and promotes a more sustainable lifestyle. This community-centric approach not only strengthens the bond between residents but also creates a more eco-conscious community.
The sustainability efforts of Otto Place do not end with its physical features and educational programs. The development also aims to reduce waste generation through its green living concept. This concept encourages residents to adopt a zero-waste lifestyle by reducing, reusing, and recycling daily. The management also implements waste segregation and collection systems to ensure proper disposal and recycling of waste. By reducing waste, Otto Place contributes to Singapore’s goal of becoming a zero-waste nation and sets an excellent example for sustainable living.
In the bustling city of Singapore, where skyscrapers and urban developments dominate the landscape, it can be challenging to find a balance between modern living and environmental sustainability. However, the rise of eco-friendly developments in recent years has shown that it is possible to merge the two and create a harmonious community that benefits both its residents and the planet. One such development is the Otto Place Executive Condominium (EC) by renowned developer Hoi Hup, located in the up-and-coming Tengah New Town. With its innovative approach to sustainability and commitment to green living, Otto Place sets a new standard for modern housing developments.
The URA Master Plan has a strong focus on creating a sustainable and environmentally responsible Singapore, and this is exemplified in the development of Tengah New Town. As a resident of Otto Place EC, you are part of a community that embodies this vision, with its expansive green spaces, eco-friendly buildings, and efforts to reduce carbon emissions. Our goal is to achieve a harmonious balance between urban living and nature, offering residents a unique experience of modern comfort and environmental consciousness. Our dedication to sustainability is apparent in all aspects of the development, including the use of energy-efficient materials and the integration of green roofs and rainwater harvesting systems. By taking this approach, we are not only minimizing our impact on the environment, but also creating a healthier and more livable neighborhood for our residents. Choosing to make Otto Place EC your home not only provides you with a beautiful living space, but also contributes to a greener and more sustainable future for Singapore.
Moreover, the propinquity to the Jurong Lake District presents an opportunity for inhabitants to relish in waterfront gastronomic delights at upcoming establishments in the locality. These exceptional dining venues are forecasted to redefine the food scene, serving delectable dishes accompanied by scenic vistas.…
Cos 2025 Mnd Enhances Silver Housing Bonus And Fresh Start Scheme
Enhancement to the Silver Housing Bonus and Fresh Start Housing Scheme announced by MNDThe Ministry of National Development (MND) has announced that the Silver Housing Bonus (SHB) and Fresh Start Housing Scheme (Fresh Start) will be enhanced during the annual Committee of Supply debate. These changes are part of the government’s continuous efforts to support senior citizens in downsizing and to improve public housing accessibility for low-income households living in HDB rental flats.The SHB aims to encourage seniors to better prepare for their retirement by unlocking the value of their residential assets and transferring it to their CPF Retirement Account (RA). Currently, eligible applicants must be 55 years old and above, with a monthly income not exceeding $14,000. They must also own a property that does not exceed an Annual Value (AV) of $21,000 and their replacement property must be a three-room or smaller HDB flat (excluding three-room terraces).Read also: A Guide to The Enhanced CPF Housing Grant (EHG)AdvertisementAdvertisementUnder the current SHB scheme, applicants may choose to make a top-up of up to $60,000 into their CPF RA to receive a cash bonus of up to $30,000. This amount is pro-rated, with every $2 top-up receiving a $1 cash bonus.With effect from 1 December 2020, applicants can qualify for the SHB cash bonus as long as they can prove that their downsizing exercise resulted in a net increase in their CPF RA from any source, including CPF housing refunds. This means that seniors with outstanding loans for their properties using their CPF accounts might no longer need to make a cash top-up to be eligible for the SHB.The SHB has also been expanded to include seniors who own higher-value properties. Eligible applicants who own properties with an AV exceeding $21,000 but not more than $13,000 can now qualify for the SHB. This enhancement is expected to benefit an additional 15,000 seniors, according to MND.Such applicants will still receive a cash bonus based on the amount their RA increases, capped at $60,000. However, the amount will be pro-rated to a $1 cash bonus for every $6 their RA increases, capped at $10,000. On top of this pro-rated amount, successful SHB applicants will receive an additional $10,000 cash bonus when they downsize to a two-room or smaller HDB flat (including Community Care Apartments). This amount is not pro-rated and will apply regardless of the amount committed to their RA.Read also: HDB resale prices up by 0.1% q-o-q in 3Q2019, resale transactions down 0.2%AdvertisementAdvertisementSeniors can apply for the SHB within a year of their second property transaction. This means that seniors who complete their downsizing after 1 December 2024 can apply for SHB on 1 December 2025, under the enhanced scheme.Fresh Start Housing Scheme expandedThe Ministry of National Development has also announced enhancements to the Fresh Start Housing Scheme, which was first launched in 2016. This scheme aims to assist Second Timers (ST) families who have previously bought a subsidised HDB flat, by providing financial assistance and social support to help them attain homeownership.Under the current Fresh Start scheme, eligible applicants can purchase two-room Flexi or three-room standard BTO flats with shorter leases, typically between 45 and 65 years, with a minimum lasting until the youngest owner turns 95. Flats purchased under this scheme are subject to an extended Minimum Occupation Period of 20 years, compared to the usual five years.Enhancements to the scheme include an increase in financial support. Eligible families will now receive $75,000 from the Fresh Start Housing Grant, up from the previous $50,000. This new grant includes an initial disbursement of $60,000 into applicants’ CPF Ordinary Account (OA) before their key collection date, with the remaining $15,000 disbursed over the next five years to support mortgage payments.The criteria for eligibility have also been expanded to include First-Timer (FT) families. Although FT families are ineligible for the Fresh Start Housing Grant as they are still eligible for the larger Enhanced CPF Housing Grant (EHG) of up to $120,000, they can still benefit from the reduced cost of shorter-lease BTO units and the social support provided under this scheme.Read also: HDB Optional Component Scheme (OCS) – Is It Worth Opting In?AdvertisementAdvertisementEligible FT families can apply for Fresh Start starting from April 2025, while the revised Fresh Start Grant amount will take effect from the July 2025 BTO exercise.…
Developers Given Extension Absd Remission Timelines Large En Bloc Sites And Complex Projects
The Ministry of National Development (MND) has announced changes to the Additional Buyer’s Stamp Duty (ABSD) regime for licensed housing developers, which will come into effect on March 6. The revisions also include an extension of the ABSD remission timeline for developers undertaking complex projects from six to 12 months. This move is aimed at encouraging developers to undertake urban transformation developments, optimize land use through intensification or integration, rejuvenate older estates, or adopt new construction technologies.
The extension will apply to several types of projects, including en bloc redevelopments that will yield at least 700 units upon completion, with at least 1.5 times the number of homes of the existing development. Other projects include those with complex technical or instructional requirements, such as those integrated with major public transport facilities. Additionally, projects approved under the Strategic Development Incentive (SDI) scheme and those aiming to achieve higher productivity targets through the adoption of new construction technologies, methodologies, or practices will also be eligible for the extension.
Projects that fall into any of these categories will receive a six-month extension, while those that meet the criteria of more than one category will be granted a one-year extension. These changes will apply to all residential land acquired on or after March 6.
Currently, licensed housing developers purchasing residential redevelopment sites are subjected to an upfront 5% ABSD, which is non-remittable, and another 35% ABSD, which is remittable when the developer completes and sells all the units within the five-year timeframe.
These revisions come after changes were announced in February last year, which offered a lower clawback rate for residential developments with at least 90% of units sold. PropNex Realty CEO Ismail Gafoor says that “such extensions will give developers more flexibility and may help to mitigate development risks to some extent, as they have a bit more time to sell units, particularly for mega projects.”
Huttons Asia senior director of data analytics Lee Sze Teck adds that the ABSD revisions will “give a much-needed boost to the en bloc market, in particular, bigger en bloc projects.” While the proposed policy change will likely be welcomed, OrangeTee Group chief researcher and strategist Christine Sun notes that “developers may still face challenges despite the deadline extension as there are other considerations.” She explains that the success rate of en bloc sales will depend on the willingness of buyers and sellers to negotiate prices.
ERA managing director of capital markets and investment sales Tay Liam Hiap believes that it could be “an opportune time” for older projects like Braddell View and Pine Grove to explore en bloc opportunities. These projects may yield around 2,000 new homes, which could take more time to sell. “In such cases, the extension of six to 12 months may not be sufficient for developers to sell out their projects,” adds Tay.
However, Gafoor believes that this policy change may not “spark a revival in the en bloc market,” and expects developers to continue to be cautious due to the high cost of redevelopment, ample oncoming private housing supply, and potential policy risk.…
Two New Mrt Lines Being Studied West Coast Mrt Extension Proceed
The Land Transport Authority (LTA) has announced that it is currently conducting feasibility studies for two new MRT lines, with an estimated completion date in the 2040s. These lines are expected to serve over 400,000 households.
One of the proposed rail lines, known as the Seletar Line, is planned to connect areas such as Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang and the Greater Southern Waterfront. Meanwhile, the second line, tentatively called the Tengah Line, will complement the western and northwestern regions by connecting Tengah, Bukit Batok, Queensway and Bukit Merah.
In a recent speech, Transport Minister Chee Hong Tat revealed that depending on the results of the feasibility studies, the Seletar Line and Tengah Line could be joined. This would provide a more comprehensive public transport network for commuters travelling to and from these areas.
Chee also announced LTA’s plans to move forward with the West Coast Extension (WCE), which will extend the Jurong Region Line (JRL) and connect it to the Circle Line (CCL) and Cross Island Line (CRL). The WCE will be carried out in two phases, with the first phase connecting the JRL to the CRL by the late 2030s. The second phase will connect the JRL to the CCL’s Kent Ridge Station by the early 2040s.
Upon completion, the WCE is expected to save commuters up to 20 minutes of travel time from the West to the city centre. This is in line with the government’s plans to continually improve and expand the rail network in Singapore.
In addition, LTA has announced its intention to invest up to $1 billion in the next five years to maintain high-reliability standards for existing and new train systems. The investment will go towards condition monitoring systems, new technologies and training programmes for rail workers, all of which aim to improve the efficiency and effectiveness of maintenance work and provide a better experience for commuters.
“With these efforts to expand the rail network, improve the management of rail assets, and train our rail workforce, we aim to continue providing convenient, reliable and resilient public transport for our commuters,” says LTA.…
Elias Green Launch Collective Sale 928 Mil
The redevelopment of Elias Green, a 99-year leasehold condo in Pasir Ris, is in the works as it is set to be launched for collective sale on March 6. According to ERA Realty Network, which has been appointed as the marketing agent, the development has a price guide of $928 million.
Built in 1994, Elias Green sits on a land area of approximately 516,871 sq ft that is zoned for residential use with a gross plot ratio of 1.4. The development comprises several blocks, with a total of 419 apartments ranging from 1,367 to 1,636 sq ft. The site has a 99-year lease from 1991, leaving about 65 years on its lease.
Based on ERA’s estimate, the guide price of $928 million equates to a land rate of $1,355 psf per plot ratio (ppr). This figure accounts for an estimated land betterment charge of $150.8 million for intensification, as well as a top-up to a fresh 99-year lease. It also includes a 10% bonus gross floor area.
(Image: EdgeProp LandLens)
ERA also highlights that the owners of Elias Green are currently in the process of submitting an Outline Application to the Urban Redevelopment Authority (URA) for a residential development at a gross plot ratio of 1.8. If approved, the land rate for the development would be approximately $1,245 psf ppr.
If the collective sale goes through at the guide price, owners are expected to receive gross sale proceeds of around $2.04 million to $2.31 million per unit.
Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, notes that Pasir Ris Town is undergoing significant improvements as part of the Housing and Development Board’s (HDB) “Remaking Our Heartland” initiative. These enhancements will enhance the vibrancy and connectivity of the area.
Additionally, the new Pasir Ris Bus Interchange is slated to be completed by 2025 and will be integrated with the future Pasir Ris Integrated Transportation Hub, which will also include the Cross Island Line (CRL). The CRL is set to be operational by 2030 and will further enhance connectivity across Singapore.
This is not the first time owners at Elias Green have attempted a collective sale. The first attempt was in 2018, when the condo was launched for tender at $780 million. The current guide price of $928 million is approximately 19% higher than the previous asking price.
The public tender for Elias Green will close on April 22 at 2pm. Interested buyers and investors can check out the latest listings for Elias Green properties on the market.…
Qingjian Realty And Forsea Holdings Submit Top Bid 1037 Psf Ppr Media Circle Parcel Gls Site
The tender for Media Circle (Parcel A), a Government Land Sale (GLS) site located in the one-north area, closed on March 4th with a top bid of $315 million. The winning bid was submitted by a consortium of Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding. The site, which is zoned for residential use with commercial spaces on the first floor, has a 99-year leasehold.
The consortium’s bid translates to a land rate of $1,037 per square foot per plot ratio (psf ppr) for the site which spans 82,125 square feet. It has the potential to yield approximately 325 housing units with a maximum gross floor area of 303,865 square feet. In a press statement, Qingjian and Forsea revealed that their future development plans include two high-rise residential towers with commercial spaces on the first level.
Overall, the site attracted three bids in total. Qingjian and Forsea’s bid is 5.7% higher than the second bid by EL Development at $298 million or $981 psf ppr. The lowest bid was submitted by SingHaiyi Group at $295 million or $971 psf ppr.
Although Qingjian and Forsea’s winning bid is lower than the land rate they paid for a neighboring GLS site in Media Circle, where the upcoming 358-unit Bloomsbury Residences is located, the developers remain confident in the transformation of the area. According to Du Dexiang, managing director of Qingjian Realty, the well-designed masterplan and government’s investment in the one-north precinct, as announced in the 2025 budget, are reasons to be optimistic.
Wang Xin, director at Forsea Holdings, adds that this project marks another important step in their commitment to developing high-quality residential communities in line with the growth of one-north, often referred to as Singapore’s “Silicon Valley.”
This will be the third joint venture between Qingjian and Forsea, with the partners previously being awarded an executive condominium site at Jalan Loyang Besar. The site, which has the potential to yield 710 new homes, was acquired for $557 million or $729 psf ppr. The developers’ latest bid for Media Circle (Parcel A) reflects their confidence in the demand for homes in the area, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
The Media Circle (Parcel A) site was launched for sale in November 2024, along with an adjacent plot, Media Circle (Parcel B), which is expected to yield around 500 residences. The tender for Parcel B will close on April 29th. 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, which is zoned for residential use with commercial spaces on the first floor, is designated for long-stay serviced apartments only and can yield an estimated 520 units, along with retail space capped at 4,306 square feet.
Huttons’ Lee points out that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. He notes that there are only two precincts with land set aside for homes in one-north – one at Slim Barracks Rise and one at Media Circle. Currently, non-landed residential properties in one-north are limited to 987 units, with 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 offers a strong pool of quality tenants. He adds that there are also diverse retail and dining options nearby such as Anchorpoint Shopping Centre, Alexandra Central Mall and Timbre+ One North.
Leonard Tay, head of research at Knight Frank Singapore, estimates 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, which could make it appealing to workers in the media and entertainment industry.…