The tender for Media Circle (Parcel A), a Government Land Sale (GLS) site in the vibrant one-north area, concluded on March 4 with a winning bid of $315 million submitted by a consortium consisting of Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. This 99-year leasehold site is zoned for residential use with commercial space on the first storey and covers a land area of 82,125 square feet.
The Qingjian-Forsea consortium’s bid translates to a land rate of $1,037 per square foot per plot ratio (psf ppr) and can potentially yield around 325 housing units with a maximum gross floor area of 303,865 square feet. In a statement released by Qingjian and Forsea, they mentioned that the upcoming development will be a two-tower residential complex with commercial spaces on the first level.
The site attracted a total of three bids, with the Qingjian-Forsea consortium’s bid being 5.7% higher than the second highest bid of $298 million or $981 psf ppr submitted by EL Development. SingHaiyi Group’s bid of $295 million or $971 psf ppr was the lowest.
The winning bid by Qingjian and Forsea is lower than the land rate they paid for a neighboring Media Circle GLS site, now known as the upcoming Bloomsbury Residences, with 358 units. In January 2024, the partners secured the 114,462 square feet site for $395.28 million or $1,191 psf ppr.
Du Dexiang, managing director of Qingjian Realty, expressed confidence in the 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, stated that this project marks another significant step in their commitment to developing high-quality residential communities that align with the growth of one-north, often referred to as Singapore’s “Silicon Valley.”
Media Circle (Parcel A) will be the third joint venture between Qingjian and Forsea, with the partners being awarded an executive condominium site at Jalan Loyang Besar in August last year after submitting the highest bid of $557 million ($729 psf ppr). This site can yield up to 710 new homes.
Lee Sze Teck, senior director of data analytics at Huttons Asia, observed that Qingjian’s latest bid reflects the developer’s confidence in the demand for homes in the area. “If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle,” he adds.
Launched for sale in November last year, the Media Circle (Parcel A) site was part of the 2H2024 GLS Program’s Confirmed List, together with another adjacent plot, Media Circle (Parcel B). The land area of Parcel B is 107,936 square feet and can potentially yield around 500 residences. The tender for Parcel B will close on April 29. Under the Reserve List of the 1H2025 GLS Program, there is another Media Circle site available for application. The 60-year leasehold site 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 unique, surrounded by greenery and black and white bungalows. “There are only two precincts with land set aside for homes – one at Slim Barracks Rise and one at Media Circle,” he adds, noting that there are currently only 987 non-landed residential units in one-north, with less than 100 new units left unsold.
Given the high proportion 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 while also being close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall, and Timbre+ One North.
Leonard Tay, head of research at Knight Frank Singapore, believes that the upcoming project at Media Circle (Parcel A) might have a starting price of around $2,300 psf. While the site is located in a quieter section of the one-north business park, it is within walking distance to Mediapolis. Tay also said 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.