Frasers Property Led Jv Bids 461 Psf Ppr Media Circle Long Stay Serviced Apartments Site
The impressive sales results of Tenet from the previous year have likely instilled a sense of confidence among developers in the potential market of the area. This is evident by the rapid purchase of 616 units, with an average price of $1,382 per square foot, as of October 10. Furthermore, the Parcel B site’s advantageous location in a well-established neighborhood, in close proximity to the Tampines North MRT Station and a future mixed-use development at Tampines Avenue 11, has only added to its appeal. The recent addition of Tampines Street 62 EC has only contributed to the already bustling neighborhood.
The sale of the government land sales (GLS) residential site at Media Circle on September 19 had only one bidder, with Frasers Property, Padawan MC, and Empire One North Property consortium submitting a bid of $120.09 million or $461 per square feet (psf) per plot ratio (ppr). Located in District 5’s one-north area, the site is intended for long-stay serviced apartments with commercial usage on the first floor. It has a lease of 60 years and encompasses a total area of 62,046 square feet, with a maximum gross floor area of approximately 260,605 square feet. This development is expected to comprise of 520 units.
This site is also the first GLS residential site to be fully designated for long-stay serviced apartments. Situated near Mediapolis – home to Mediacorp’s headquarters – and the headquarters of renowned companies such as Grab, Razer, and Equinix data centre, this development is poised to attract professionals seeking accommodation in the one-north area. It is also in close proximity to reputable educational institutions such as the British international school Tanglin Trust School, INSEAD, and the National University of Singapore.
Prior to this, the latest residential GLS site in Media Circle was sold in February to a joint venture between Chinese developers Qingjian Realty and Forsea Holdings for $395 million ($1,191 psf ppr). This site, which occupies 114,462 square feet, is zoned for residential use with commercial usage on the first floor and is estimated to yield up to 355 units. For more information on the most expensive average psf and most unprofitable condo transactions in the past year, check out our past condo sale transactions and upcoming new launch projects.
