The tender for the Government Land Sale (GLS) site known as Media Circle (Parcel A) closed on March 4, with a winning bid of $315 million from a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. This 99-year leasehold site, located in the one-north area, is zoned for residential use with commercial spaces on the first floor. The top 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 and can potentially yield 325 housing units with a maximum gross floor area of 303,865 square feet.The future development at Media Circle (Parcel A) will feature two high-rise residential towers with commercial spaces on the first floor, according to a press statement by Qingjian and Forsea. The site attracted a total of three bids, with Qingjian and Forsea’s bid being 5.7% higher than the next bid by EL Development, at $298 million or $981 psf ppr. The lowest bid of $295 million or $971 psf ppr was submitted by SingHaiyi Group.Qingjian and Forsea’s bid for Parcel A is lower than the land rate they had paid for the neighboring Media Circle GLS plot, which is now the site of the upcoming 358-unit Bloomsbury Residences. In January 2024, the partners were awarded the 114,462 square feet site for $395.28 million, or $1,191 psf ppr. “We are confident in the upcoming 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,” 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’.” This will be the third joint venture between Qingjian and Forsea, following their successful bid for an executive condominium site at Jalan Loyang Besar, which can yield up to 710 new homes.That said, the site’s media circle sits within a unique location in one-north, framed by greenery and black and white bungalows. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, the area only has two precincts with land set aside for homes, one at Slim Barracks Rise and one at Media Circle. With limited developments in the one-north area, this new project is expected to appeal to potential tenants, especially those working in one-north, Science Park, and the nearby Tanglin Trust School. Furthermore, its proximity to Anchorpoint Shopping Centre, Alexandra Central Mall, and Timbre+ One North provides a diverse range of retail and dining options.In terms of pricing, 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. According to him, while the site is located in a quieter section of the one-north business park, it is still within walking distance to Mediapolis, making it an ideal location for workers in the media and entertainment industry.
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It is crucial for foreign investors to familiarize themselves with the rules and regulations regarding property ownership in Singapore. Unlike landed properties, the purchase of condos is generally less restricted for foreigners. However, it’s important to note that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property purchase. Despite this added expense, the stability and potential for growth in the Singapore real estate market make it a top choice for foreign investment. In fact, many are drawn to purchase Singapore Condo due to its attractive market conditions.