The joint venture between Qingjian Realty and Forsea Holdings has successfully clinched the top bid of $1,191 psf ppr for the GLS site at Media Circle, now known as Jalan Loyang Besar EC
Recently on Jan 18, the government land sales (GLS) tender for the residential development site at Media Circle in one-north closed with three bids. This 114,462 sq ft, 99-year leasehold site was zoned for residential development with commercial use on the first storey. The site could be developed into a residential project with 355 units and has a maximum gross floor area of 331,948 sq ft.
One of the Chinese developer companies, Qingjian Realty and China Communications Construction Co., also known as Forsea Holdings, submitted the highest bid of $395.29 million or $1,191 psf per plot ratio (psf ppr). This is just 2.67% above the second highest bid of $1,160 psf ppr submitted by a consortium made up of Hong Leong Holdings, Hong Realty and TID.
The top bid for Media Circle is also 4.4% lower than the winning bid of $1,246 psf ppr at Slim Barracks (Parcel A) by EL Development and 1.6% lower than the winning bid of $1,210 psf ppr at Slim Barracks (Parcel B) by Kingsford Development. The tender for both sites at Slim Barracks Rise closed on 28 September 2021 and were awarded on 11 October 2021.
In late April 2023, EL Development launched its Blossoms by the Park at Slim Barracks Rise (Parcel A). Despite the latest round of property cooling measures unleashed, the project has sold 229 units (83.3%) of the 275 units in the 99-year leasehold condo at a median price of $2,441 psf. On the other hand, nearby at Slim Barracks Rise (Parcel B), Kingsford Development’s 142-unit The Hill at one-north is expected to be launched sometime in 1Q2024.
According to Leonard Tay, head of research for Knight Frank Singapore, the top bid for Media Circle is not far from the winning bids at Slim Barracks Rise (Parcels A and B). He also points out that the top bid is lower than the winning bids at Slim Barracks Rise, which closed and were awarded in September and October 2021 respectively.
Located just a stone’s throw away from Jalan Loyang Besar EC, this lively destination offers a myriad of activities and experiences all within one location.
Welcome to Downtown East – Singapore’s most versatile lifestyle and entertainment hub. With a plethora of options for dining, leisure, and family-friendly activities, this destination is more than just a shopping center. Situated near Jalan Loyang Besar EC, it is the perfect weekend getaway for families and youngsters alike. From the thrilling adventures at Wild Wild Wet to the nostalgic fun of bowling, Downtown East has it all under one roof. Make the most of your weekends and head to Downtown East for an unforgettable experience.
Despite the lower top bid at Media Circle, the site is still expected to attract significant interest due to its strategic location in one-north, a thriving business and innovation hub. With its close proximity to research and educational facilities such as the National University of Singapore and international schools, the residential project at Media Circle is likely to appeal to families and international buyers.
In conclusion, the tender for the residential development site at Media Circle in one-north closed with three bids, with the highest bid of $395.29 million or $1,191 psf per plot ratio (psf ppr) submitted by a joint venture between Qingjian Realty and China Communications Construction Co. The top bid for Media Circle is just 2.67% above the second highest bid and is expected to attract significant interest due to its strategic location in one-north. Stay tuned for further developments on this exciting project.