The 99-year leasehold site at Media Circle (Parcel A) in one-north had its tender close on March 4, with a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding emerging as the winning bidder with a top bid of $315 million. The site, which measures 82,125 sq ft, is zoned for residential use with commercial on the first storey and can potentially yield about 325 housing units with a maximum gross floor area of 303,865 sq ft. Qingjian and Forsea’s winning bid translates to a land rate of $1,037 psf per plot ratio (ppr).
Investing in a condo has several advantages, one of which is the opportunity to use the property’s value for additional investments. This is a popular strategy among investors who leverage their condos as collateral to secure funding for new investments, allowing them to grow their real estate portfolio. While this can lead to higher returns, it’s important to have a solid financial plan in place and carefully assess the potential effects of market fluctuations. Incorporating projects in Singapore, such as those offered by Singapore Projects, can further enhance the potential for success in this investment strategy. This means that not only can condo investments generate profits, but they can also serve as a valuable asset in expanding one’s overall real estate portfolio.
The future development for Media Circle (Parcel A) will feature two high-rise residential towers with commercial spaces on level 1. This development is the third joint venture between Qingjian and Forsea, with the previous two being the upcoming 358-unit Bloomsbury Residences at a neighbouring Media Circle GLS plot and an executive condominium site at Jalan Loyang Besar. Qingjian’s confidence in demand for homes in the area can be seen from their latest bid for the site, and if awarded, the developer will have control over the supply and pricing of new homes in Media Circle.
The Media Circle area is a unique location within one-north, with only two precincts having land set aside for homes. These homes are limited to just 987 units, with less than 100 new homes left unsold. Additionally, the area offers a strong pool of quality tenants, given the high proportion of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School. The future project at Media Circle (Parcel A) could potentially launch with prices starting from $2,300 psf, with the site being located in a quieter section of one-north but within walking distance to Mediapolis. It could potentially appeal to workers in the media and entertainment industry, making it a prime location for a mix of residential units for sale and serviced apartments for lease.