In a highly competitive government land sales (GLS) tender for the residential development site at Media Circle in the thriving one-north district, three bids for Land Parcel at Media Circle were received by URA.
The joint venture between renowned Chinese developers Qingjian Realty and China Communications Construction Co., known as Forsea Holdings, were the highest bidder. Their bid of $395.29 million, equivalent to $1,191 per square foot per plot ratio (psf ppr), marked a significant milestone in the real estate landscape.
The 114,462 square feet, 99-year leasehold site at Media Circle has been designated for residential development, with commercial usage permitted on the first floor. This prime piece of real estate boasts a maximum gross floor area of 331,948 square feet, providing ample space for the development of a residential project comprising 355 units.
The Three Bids for Land Parcel at Media Circle
Notably, the top bid of $1,191 psf ppr stands just 2.67% above the second-highest bid of $1,160 psf ppr, submitted by a consortium comprising the esteemed Hong Leong group of companies. This consortium includes Hong Leong Holdings, Hong Realty (a subsidiary of Hong Leong Group), and TID (a joint venture between Hong Leong Holdings and Mitsui Fudosan).
It is worth highlighting that the winning 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.
These tenders for both sites at Slim Barracks Rise concluded on September 28, 2021, and were officially awarded on October 11, 2021.
EL Development’s Blossoms by the Park at Slim Barracks Rise (Parcel A) made headlines when it achieved remarkable success, selling 229 units (83.3% of the total 275 units in the 99-year leasehold condo) at a median price of $2,441 psf, based on caveats lodged to date. Meanwhile, at Slim Barracks Rise (Parcel B), Kingsford Development is set to launch its 142-unit project, The Hill at one-north, in the first quarter of 2024.
This top bid in the GLS site at Media Circle underscores the strategic vision and capabilities of Qingjian Realty and Forsea Holdings in the Singapore property market.
