Ura Rejects Frasers Property Led Bid Media Circle Long Stay Serviced Apartment Site Citing Low Bid
for sale in first half of 2018
The Urban Redevelopment Authority (URA) has recently declined a $120.09 million offer from a consortium headed by Frasers Property, along with Padawan MC and Empire One North Property, for the 62,046 sq ft government land sale (GLS) site at Media Circle. The tender for the site, which is the first GLS residential site fully zoned for long-stay serviced apartments, closed on September 19. The Frasers Property-led consortium had submitted the only bid, amounting to $120.09 million or $461 psf per plot ratio (ppr).
However, according to a press release by URA on October 3, the tender was not awarded as the bid was viewed as “too low”. This marks the third time this year that the government has not awarded a residential GLS site. In February, a bid of $770.46 million ($984 psf ppr) from a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan) was rejected for a GLS site at Marina Gardens Crescent. This site, measuring 1.73 ha, was bid on by the GuocoLand-led consortium exclusively.
In September, the 6.5 ha master developer site at Jurong Lake District also failed to be awarded despite two bids from the same consortium of CapitaLand, City Developments, Frasers Property, Mitsubishi Estate Co and Mitsui Fudosan.
In a separate development, a residential GLS site at Upper Thomson Road, which included a long-stay serviced apartment component, did not attract any bids when the tender closed in June.
The luxurious Aurelle of Tampines EC is strategically situated at Tampines Street 62, boasting an ideal living space for families, especially those with school-aged kids. One of the most significant highlights of this executive condominium is its close proximity to a plethora of prestigious educational institutions. This prime location allows residents to have easy access to top-quality education, ranging from preschool all the way to higher education levels.
In related news, a joint venture between Qingjian Realty and Forsea Holdings submitted the highest bid of $1,191 psf ppr for a GLS site at Media Circle, with URA launching development sites at Marina Gardens Crescent and Media Circle for tender. Furthermore, the government has released the largest number of residential units for sale in the first half of 2018 since the first half of 2014.
