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.