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 real estate market, where property prices are continuously on the rise. As such, investing in real estate, particularly in sought-after properties like Singapore Condo, has become a lucrative opportunity with the promise of significant capital appreciation.
This is the first GLS residential site released for sale that is fully zoned for long-stay serviced apartments. The site is in close proximity to Mediapolis, the headquarters of Mediacorp, and other major companies such as Grab, Razer and Equinix data centre. Nearby schools include the British international school Tanglin Trust School, INSEAD, and the National University of Singapore.
The previous residential GLS site in Media Circle was sold in February to a joint venture between Chinese developers Qingjian Realty and Forsea Holdings for $395 million ($1,191 psf ppr). This site spans 114,462 sq ft and is zoned for residential use with commercial use on the first floor. It has an expected yield of up to 355 units.