No Bids Received Media Circle Parcel B Gls Site

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(Credit: CBRE)> On April 29, the tender for Media Circle (Parcel B), a Government Land Sale (GLS) site located in the one-north area, closed. According to a press release from the Urban Redevelopment Authority (URA), no bids were submitted for the 99-year leasehold site, which measures approximately 107,936 sq ft and is zoned for a mix of residential and commercial use. If developed, the site has the potential to yield up to 500 residential units.> The Media Circle (Parcel B) site was launched for tender last November, together with its adjacent site, Media Circle (Parcel A). Parcel A was awarded to a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding last month for $315 million ($1,037 psf ppr). The site is also zoned for a mix of residential and commercial use, with a potential of about 325 housing units.> Prior to this, Qingjian Realty and Forsea Holdings had acquired another GLS plot in Media Circle, which is now the location of Bloomsbury Residences, in January 2024 for $395.28 million ($1,191 psf ppr). The 358-unit development, which was launched earlier this month, has already sold 25.1% of its units at an average price of $2,474 psf during its launch weekend.> Justin Quek, CEO of Orangetee & Tie, notes that there is still available inventory from previously launched projects in the one-north area, including Slim Barracks Rise and Media Circle. Based on URA’s monthly developer sales data as of March 2025, there are still 19 out of 275 units left unsold at Blossoms by the Park, while The Hill @ One-North still has 80 out of 142 units available. This is on top of the remaining units at Bloomsbury Residences.> The Media Circle (Parcel B) site is the fourth GLS site launched for tender in Media Circle in recent years. Two out of the three previously launched sites were awarded, while the bid for a purely long-stay serviced apartment (SA2) site was rejected by URA for being too low, says Wong Siew Ying, PropNex head of research and content.> Wong notes that the lack of interest in the Media Circle (Parcel B) site could be due to several factors. The site’s location is less attractive compared to the first two Media Circle sites that were awarded, as it is further away from the nearest MRT station and is situated next to a busy highway. Additionally, with the ongoing trade tariffs situation affecting the global economy, developers may have been more cautious in acquiring development sites. This could lead them to prefer sites with better location attributes, such as being close to MRT stations, amenities, and schools.> Tricia Song, CBRE head of research for Singapore and Southeast Asia, points out that the one-north area is a non-mature estate without a significant residential catchment, but is a strategic research and development hub for various industries such as biomedical science, infocomm technology, media, and engineering. As such, living in this location might be more appealing to expats and young professionals working in these industries. However, the lack of HDB upgraders in the area and limited amenities like schools, childcare, large retail malls, hawker centres, and coffee shops could make it less attractive for local owner-occupiers.> The last time a GLS site had no bids during a tender was for Upper Thomson Road (Parcel A). The 99-year leasehold site was launched for sale in December 2023 and had its tender close in June 2024. However, no bids were submitted for the site that could potentially yield 640 residential units including 100 long-stay serviced apartments.> According to Leonard Tay, head of research at Knight Frank Singapore, the lack of bids for the Media Circle (Parcel B) site is an indication of developers adopting a more cautious approach in light of current global uncertainties caused by trade tariffs. He believes that developers are already mindful of development costs such as land and construction costs, as well as taxes, and may have chosen to hold back on submitting bids for this site in favor of more established residential areas.> On top of that, Tay suggests that developers may also be taking a pause to evaluate the demand for private homes and the potential impact of ongoing trade wars on the domestic economy.> Mark Yip, CEO of Huttons Asia, shares a similar view, saying that the ongoing trade tariffs might have made developers more cautious and selective in their choice of development sites. However, despite these uncertainties, the level of unsold units in the market has dropped to a new low of 18,270 units as of end-March 2025. It remains to be seen if developers will continue to adopt a more cautious stance and be more selective in their future bids.