New Residential Project Slated for one-north: Developer Clinches Media Circle (Parcel A) Site for S$315 Million

Under the Government Land Sales (GLS) programme, the tender for the residential site at Media Circle (Parcel A) in one-north closed on 4 March. A consortium comprising Qingjian Realty and Forsea Holdings (including minority investor Hoovasun Holding) submitted the top bid of S$315 million, which translates to a land rate of S$1,037 per square foot per plot ratio (psf ppr).

Prime Location with Potential for 325 Residential Homes

Spanning a site area of 82,125 sq ft with a maximum gross floor area (GFA) of 303,865 sq ft, Media Circle (Parcel A) is expected to yield approximately 325 residential units along with commercial space on the first storey.

Qingjian and Forsea plan to develop two high-rise residential towers with commercial amenities on the site to enhance daily convenience for future residents.

Keen Competition Sees Winning Bid Edge Out Competitors by 5.7%

The tender drew three bids in total. Qingjian and Forsea's top bid was 5.7% higher than the second-highest bid of S$298 million (S$981 psf ppr) submitted by EL Development. The third bidder was SingHaiyi Group, which lodged an offer of S$295 million (S$971 psf ppr).

Notably, the consortium's winning land rate this time is lower than the adjacent site they secured in January 2024 for S$395 million. At the time, Qingjian and Forsea clinched the parcel at S$1,191 psf ppr, which is now slated to launch as the 358-unit Bloomsbury Residences.

Promising Growth Potential in one-north

Qingjian Realty stated that it remains highly confident in the future growth of Media Circle, pointing to the enhanced government investments and planning initiatives for one-north announced in Budget 2025, which are set to unlock the precinct's full potential.

Forsea Holdings also noted that the company has always been committed to building high-quality residential communities, and that the ongoing development of one-north will further cement the area's reputation as Singapore's "Silicon Valley".

Strategic Long-Term Presence to Anchor Media Circle Housing Supply

Media Circle (Parcel A) marks the third joint venture between Qingjian and Forsea. In August last year, both developers jointly bagged an executive condominium (EC) site at Jalan Loyang Besar for S$557 million (S$729 psf ppr), which is expected to yield around 710 new homes.

Qingjian's latest successful tender underscores its confidence in residential demand within one-north. Subject to award, the developers will hold a commanding stake in the housing supply and pricing dynamics across the Media Circle enclave.

Upcoming Surrounding Sites Intensify Market Dynamics

Media Circle (Parcel A) was launched for tender in November 2023 alongside the adjacent Parcel B (107,936 sq ft), which can yield around 500 units and had its tender close on 29 April 2024.

In addition, the government has placed another Media Circle site on the Reserve List under the 1H2025 GLS programme. Zoned for a 60-year lease specifically for long-stay serviced apartment development, that site can yield an estimated 520 units alongside approximately 4,306 sq ft of commercial space.

Media Circle is one of only two designated residential pockets within one-north, the other being Slim Barracks Rise. Surrounded by lush greenery and proximate to heritage black-and-white bungalows, the enclave offers a distinct, tranquil living environment. Currently, there are only 987 non-landed residential homes in one-north, with fewer than 100 units remaining unsold.

Steady Demand with Future Launch Prices Estimated from S$2,300 psf

Future selling prices for the project could potentially start from S$2,300 psf. While situated in a quieter precinct of the one-north tech cluster, the site is within walking distance of Mediapolis, making upcoming residential or mixed-use developments particularly appealing to professionals in the media and creative industries.

At the same time, the precinct enjoys robust rental demand driven by a strong expatriate and professional workforce across one-north, Science Park, and institutions such as Tanglin Trust School. A comprehensive suite of amenities is readily accessible nearby, including Anchorpoint Shopping Centre, Alexandra Central Mall, and Timbre+ One North for dining and lifestyle needs.

As one-north continues to evolve, the future development at Media Circle (Parcel A) is poised to become another highly sought-after residential offering, well-positioned to meet the aspirations of both homebuyers and investors.