Nestled in the heart of Singapore’s buzzing Mediapolis within the one-north precinct, the GLS site at Media Circle Parcel B has recently made headlines, though not for the reasons one might hope. This 99-year leasehold plot, zoned for residential use with a small commercial component on the first storey, was launched with much anticipation on November 26, 2024, as part of the 2H2024 Government Land Sales Program.
Spanning a hefty 107,936 square feet with a maximum gross floor area of 464,129 square feet, it’s the largest GLS site in the one-north area, potentially yielding around 500 private homes. Yet, when the tender closed on April 29, 2025, not a single bid was received—a surprising turn for a site in such a dynamic tech and media hub. This marks the second time in about a year that a URA site has attracted no bidders.
Situated at the southern end of one-north, surrounded by Infocomm Technology and Media precincts, the location seems promising at first glance. It’s just four bus stops from the one-north MRT station and accessible via major roads like the AYE. Additionally, the proximity to Science Park offers potential for growth in attracting professionals working in tech and innovation sectors.
Nestled in one-north’s southern edge, amid tech and media hubs, it’s a mere four bus stops from one-north MRT and near the AYE.
However, the lack of an immediate MRT connection might have dimmed its appeal for developers, who often prioritize seamless public transport for future residents. Add to that the limited amenities in the immediate vicinity, and it’s no wonder some hesitated. The Media Circle area, primarily a business and tech park, only recently added residential elements to ease commutes, but it’s not quite the cozy neighborhood yet—hardly a place to grab a quick coffee on a whim!
Market watchers weren’t entirely shocked, though. Analysts had predicted a lukewarm response, expecting zero to four bids, with a top price range of S$925 to S$1,150 per square foot per plot ratio.
Nearby, competing supply like Bloomsbury Residences, launched in April 2025 with 358 units, and Media Circle Parcel A, awarded in March 2025 with 325 units, might have split developer interest. Plus, housing in one-north often leans toward co-living or serviced apartments, not permanent homes. The restraint shown by developers aligns with broader market trends where companies exhibit caution in new land bids due to international competition and economic headwinds.
This zero-bid outcome hints at deeper concerns about economic viability, reflecting cautious developer sentiment. Could this be a missed opportunity, or just a sign of smarter, pickier investments? Only time will tell.
