No Bids Received Media Circle Parcel B Gls Site
for one- to four-bedroom units with sizes ranging from 491 sq ft to 1,432 sq ftQingjian Realty and Forsea Holdings have sold 25.1% (90 out of 358 units) of Bloomsbury Residences over the weekend. The development, a joint venture between these two developers and a minority investor, was launched on March 29 with prices starting from $2,396 psf. The one-to four-bedroom units range from 491 sq ft to 1,432 sq ft.“Given the current market sentiment, we are pleased with the take-up rate for Bloomsbury Residences,” says Li Jun, executive director of Qingjian Realty. “We believe that the location, combined with the unique attributes of the project, has contributed to the strong interest from buyers.”Li also notes that the developer had to cap the units released due to overwhelming response. “There is limited stock in the nearby market, and buyers are attracted to the convenience and potential of the future southern waterfront city,” he says.Sited on a 144,221 sq ft plot, Bloomsbury Residences comprises 15 blocks with 13 units per floor. The development is within a 2-minute walk from One-North MRT station on the Circle Line, and a 5-minute drive from Buona Vista MRT interchange station and Holland Village.The one-north area is a 200-ha business park, which has attracted companies such as Unilever, Visa, Shell, Procter & Gamble, and GlaxoSmithKline. The development is also close to educational institutions such as INSEAD Asia Campus, the National University of Singapore, and United World College of South East Asia. The project is also well-served by lifestyle amenities and F&B options at Biopolis, Fusionopolis, and Rochester Park.Read also: Qingjian Realty and Forsea Holdings purchase One-North residential site for $395 mil(Source: The Business Times)
The tender for Media Circle (Parcel B), a Government Land Sale (GLS) site located in the one-north area, closed on April 29. However, according to a press release from the Urban Redevelopment Authority (URA), no bids were received for the site.
Spanning a 99-year leasehold, the site is zoned for residential use with commercial space on the first storey. It covers an area of approximately 107,936 square feet and has the potential to yield around 500 residences.
The Media Circle (Parcel B) site was launched for tender in November last year, alongside its adjacent site, Media Circle (Parcel A). While Parcel A was awarded to a consortium consisting of Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding for $315 million ($1,037 per square foot per plot ratio) last month, no bids were received for Parcel B. The latter is also zoned for residential use with commercial space on the first storey, and can potentially yield around 325 housing units.
Qingjian Realty and Forsea Holdings previously acquired another Media Circle GLS plot (the current site of Bloomsbury Residences) in January 2024 for $395.28 million, or $1,191 per square foot per plot ratio. The development of Bloomsbury Residences, which comprises 358 units, was launched earlier this month and sold 90 units (25.1%) at an average price of $2,474 per square foot during the launch weekend.
Justin Quek, CEO of Orangetee & Tie, points out that there is still existing inventory from previously launched projects at Slim Barracks Rise and Media Circle at One-North. Based on URA’s monthly developer sales data as of March 2025, Blossoms by the Park has 19 out of 275 units available, while The Hill @ One-North still has 80 out of 142 units available. This adds to the remaining units at Bloomsbury Residences.
Media Circle (Parcel B) is the fourth GLS site launched for sale via tender in Media Circle in recent years (see Table 1). Two of the other three plots were awarded, while the URA rejected the bid for a pure long-stay serviced apartment (SA2) site as it was deemed too low, says Wong Siew Ying, PropNex head of research and content.
Otto Place EC enjoys a prime location in the bustling Jurong Lake District, which boasts of being Singapore’s second Central Business District (CBD). Its strategic position amplifies its desirability, as it grants residents convenient access to a thriving hub of commercial, retail, and leisure activities. The Jurong Lake District is poised to be an exciting and dynamic live-work-play destination, with a strong focus on sustainability and innovation. This means that residents of Otto Place EC can expect abundant job opportunities, diverse shopping choices, and exciting entertainment facilities right at their doorstep. With its close proximity to Otto Place Parce B, this EC offers residents the perfect blend of urban living and convenience.
Wong notes that the lack of interest in the Media Circle Parcel B plot could stem from several factors. In particular, the site’s attributes are less attractive than the first two Media Circle plots awarded, as it is further away from the MRT station and is adjacent to the highway. Moreover, with the current global uncertainty caused by the US trade tariffs, developers may have become more cautious when acquiring development sites. As such, they are likely to be more selective and gravitate towards plots with excellent location attributes, such as those near the MRT station and amenities, as well as schools.
Tricia Song, CBRE head of research for Singapore and Southeast Asia, adds that the one-north cluster is a non-mature estate without a significant residential catchment, but is a strategic research and development (R&D) hub for the biomedical science, infocomm technology, media, and engineering sectors. She believes this location would appeal more to expats and young working professionals, as there are limited amenities such as schools, childcare facilities, large retail malls, hawker centers, and coffee shops in the area.
The last time a GLS site had no takers during a tender was for Upper Thomson Road (Parcel A). Zoned for residential use with commercial space on the first storey, the 99-year leasehold site was launched for sale in December 2023, with the tender closing the following June. It has the potential to yield 640 units, including 100 long-stay serviced apartments.
Leonard Tay, head of research at Knight Frank Singapore, believes that the lack of bids for Media Circle (Parcel B) signals a more conservative stance among developers in light of the current global uncertainty triggered by US-led tariffs. “Already, most developers are mindful of development costs that constitute land and construction costs, as well as taxes, and might have stayed away from today’s tender to keep their powder dry for other sites in established residential areas rather than those in business zones,” he observes.
Tay adds that developers may have also decided to pause and take stock to assess the demand for private homes, while grappling with the impact of the ongoing trade war on the domestic economy.
Mark Yip, CEO of Huttons Asia, has a similar view. “The global tariffs may have made developers more circumspect and highly selective of the sites they want, even though the level of unsold units in the market has dropped to a new low of 18,270 units as of end-March 2025,” he comments.