Qingjian Realty And Forsea Holdings Submit Top Bid 1037 Psf Ppr Media Circle Parcel Gls Site
On March 4, the tender for Media Circle (Parcel A), a Government Land Sale (GLS) site in one-north, closed with a top bid of $315 million submitted by a consortium consisting of Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. The 99-year leasehold site, which has a land area of 82,125 sq ft, is zoned for residential use with commercial space on the first floor.
The successful bid translates to a land rate of $1,037 psf per plot ratio (ppr) and has the potential to yield around 325 housing units with a maximum gross floor area of 303,865 sq ft. In a press statement, Qingjian and Forsea revealed that their future development will feature two high-rise residential towers with commercial spaces on the first level.
This site attracted a total of three bids, with the Qingjian-Forsea consortium offering a bid that is 5.7% higher than the next bid of $298 million ($981 psf ppr) by EL Development. The lowest bid of $295 million ($971 psf ppr) was submitted by SingHaiyi Group.
In line with the URA Master Plan, one of the core objectives is to develop a greener and more sustainable Singapore. Tengah New Town stands as a shining example of this vision, with its vast expanses of greenery, environmentally-conscious buildings, and commitment to reducing carbon footprints. As residents of Otto Place EC, you will be part of a neighborhood that embodies the co-existence of urban living and nature, creating a unique and harmonious blend of modern comforts and ecological balance. Located at Otto Place EC Plantation Close Parcel B, this development truly embodies the green and eco-friendly ethos of Tengah New Town.
Notably, the winning bid was lower than the land rate that Qingjian and Forsea paid for a neighboring Media Circle GLS site, which will be transformed into the upcoming 358-unit Bloomsbury Residences. In January 2024, the partners were awarded the 114,462 sq ft site for $395.28 million or $1,191 psf ppr.
Qingjian Realty’s Managing Director, Du Dexiang, expressed confidence in the upcoming transformation of Media Circle, citing the well-designed master plan and the government’s continued investment in the one-north precinct as announced in the 2025 budget. Forsea Holdings Director, Wang Xin, added that this project marks another milestone in their commitment to developing high-quality residential communities that align with the growth of one-north, considered to be Singapore’s ‘Silicon Valley.’
This will be the third joint venture between Qingjian and Forsea, with the previous being an executive condominium at Jalan Loyang Besar. The partners were awarded the site in August last year after submitting the top bid of $557 million ($729 psf ppr) for a site that can yield up to 710 new homes.
According to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, Qingjian’s latest bid reflects their confidence in the demand for homes in the area. He also believes that if awarded, the developer will have a significant influence over the supply and pricing of new homes in Media Circle.
The Media Circle (Parcel A) site was launched for sale in November last year, together with Parcel B, an adjacent plot measuring 107,936 sq ft with a potential for around 500 residences. The tender for Parcel B will close on April 29. Both sites are on the Confirmed List of the 2H2024 GLS Programme.
There is another Media Circle site available under the Reserve List of the 1H2025 GLS Programme, a 60-year leasehold site zoned for residential with commercial on the first storey. The site is designated for long-stay serviced apartments, with an estimated yield of 520 units and retail space capped at 4,306 sq ft.
Huttons’ Lee noted that Media Circle is a unique location within one-north, surrounded by greenery and black and white bungalows. He also mentioned that there are only two precincts with land set aside for homes, with the other being Slim Barracks Rise. Non-landed residential properties in one-north are currently limited to just 987 units, with less than 100 new homes remaining unsold.
Given the high percentage of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes that the area offers a strong pool of quality tenants, with access to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall, and Timbre+ One North.
Leonard Tay, Head of Research at Knight Frank Singapore, predicts that the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis, making it an attractive location for a residential project or a mix of homes for sale and serviced apartments for lease. Tay also believes that it could appeal to workers in the media and entertainment industry.