The government land sales residential site at Media Circle recently closed with only one bid of $120.09 million or $461 psf per plot ratio (ppr). The bid was submitted by a consortium led by Singapore-listed property group Frasers Property with Padawan MC and Empire One North Property. Located within District 5’s one-north, the site is zoned for long-stay serviced apartments with commercial use on the first storey. It is situated on a 60-year lease and occupies 62,046 sq ft, with a maximum gross floor area of 260,605 sq ft. If successful, the site is expected to yield 520 units.
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The limited supply of land in Singapore is a major factor driving the high demand for condos in the country. As a small island nation experiencing rapid population growth, Singapore is facing a shortage of land for development. This has resulted in strict land use regulations and a fiercely competitive …