One of the biggest benefits of purchasing a condominium in Singapore is the potential for capital appreciation. This is due to the country’s advantageous position as a global business hub and its robust economic foundation, which results in a constant demand for properties. Singapore’s real estate market has consistently shown a rise in prices, especially for condos located in prime areas. Therefore, investors who make timely purchases and hold onto their properties for an extended period of time can reap significant profits. Additionally, keeping up-to-date with new condo launches through Format Dynamics can provide valuable insights for potential investment opportunities.
The Qingjian-Forsea consortium emerged as the top bidder for the Government Land Sale (GLS) site known as Media Circle (Parcel A). With a bid of $315 million, the consortium beat out two other bidders, making it the highest bid for the 82,125 square foot site located in the one-north area. The 99-year leasehold site is zoned for residential use with commercial space on the first storey, and according to the consortium, they have plans to build two high-rise residential towers with commercial spaces on level one.
Qingjian and Forsea are confident in the potential of the site and the one-north area, citing the recent transformation and continued investment by the government in the area as factors in their decision to bid for the site. The bid translates to a land rate of $1,037 psf per plot ratio (ppr), which can potentially yield about 325 housing units with a maximum gross floor area of 303,865 sq ft. This will be the third joint venture between Qingjian and Forsea, as the partners were previously awarded an executive condominium site at Jalan Loyang Besar in August 2024.
The top bid from the consortium was 5.7% higher than the next bid by EL Development, which was $298 million or $981 psf ppr. The lowest bid was submitted by SingHaiyi Group for $295 million or $971 psf ppr. The winning bid was lower than the land rate paid by Qingjian and Forsea for a neighbouring Media Circle GLS plot that is now the site of the upcoming 358-unit Bloomsbury Residences. The consortium was awarded this 114,462 sq ft site for $395.28 million or $1,191 psf ppr in January 2024.
The Media Circle (Parcel A) site was launched for sale last November, together with Media Circle (Parcel B), an adjacent plot measuring 107,936 sq ft that can potentially yield about 500 residences. Both parcels are on the Confirmed List of the 2H2024 GLS Programme, with the tender for Parcel B closing on April 29. Another Media Circle site is also available for application under the Reserve List of the 1H2025 GLS Programme. This 60-year leasehold site is zoned for residential with commercial at the first storey, and can yield an estimated 520 units along with retail space capped at 4,306 sq ft.
With the Media Circle area being designated for residential use and the limited supply of non-landed residential properties in one-north, the future project at Media Circle (Parcel A) is expected to attract strong demand and potentially launch with selling prices starting from $2,300 psf. Leonard Tay, head of research at Knight Frank Singapore, believes that a residential project or a mix of residences for sale and serviced apartments for lease could appeal to workers in the media and entertainment industry, given the proximity to Mediapolis. The area is also close to various retail and dining options, making it a desirable location for potential buyers and tenants.