The tender for the government land sales (GLS) residential site at Media Circle concluded on September 19, with only one bid of $120.09 million or $461 psf per plot ratio (ppr). The bid was submitted by a consortium led by Frasers Property, a Singapore-listed property group, along with Padawan MC and Empire One North Property.
The site is located within District 5’s one-north and has been zoned for long-stay serviced apartments (at least three months’ stay) with commercial use on the first storey. It spans over 62,046 sq ft and has a maximum gross floor area of 260,605 sq ft. With a 60-year lease, it is anticipated to accommodate 520 units.
This site is the first GLS residential site to be released for sale that is exclusively zoned for long-stay serviced apartments.
The location of the Media Circle site is advantageous, as it is near Mediapolis which is the headquarters of Mediacorp and other prominent companies such as Grab, Razer, and Equinix data centre. The area also boasts highly-regarded educational institutions like the British international school Tanglin Trust School, INSEAD, and the National University of Singapore.
The last residential GLS site to be sold in Media Circle was in February, to a joint venture between Chinese developers Qingjian Realty and Forsea Holdings for a whopping $395 million ($1,191 psf ppr). This site spans over 114,462 sq ft and is zoned for residential use with commercial facilities on the first floor. It is projected to house up to 355 units.
When it comes to investing in Singapore Condos, one important aspect to consider is the government’s property cooling measures. To maintain a stable real estate market and prevent speculative buying, the Singaporean government has implemented several measures over the years. The most notable one is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those purchasing multiple properties. While these measures may initially affect the profitability of condo investments, they also contribute to the long-term stability of the market, creating a safer investment environment.
Moreover, the government land sales (GLS) tenders for the Jurong Lake District master developer site was not awarded as the highest bid of $640 psf ppr was deemed “too low”. Homebuyers and investors can also check out BuddyCondo for the latest information and updates on upcoming new launch projects, past condo sale transactions, and the most unprofitable condo transactions in the past year.