Frasers Property Led Jv Bids 461 Psf Ppr Media Circle Long Stay Serviced Apartments Site
The government land sales (GLS) residential site at Media Circle has been closed with only one bid of $120.09 million or $461 psf per plot ratio (ppr) on September 19. The bid was placed by a consortium led by Frasers Property, along with Padawan MC and Empire One North Property, all of who are listed in the Singapore stock market.
The site is located in District 5’s one-north, and it is earmarked for long-stay serviced apartments with commercial use on the first storey. It spans over 62,046 sq ft with a maximum gross floor area of 260,605 sq ft and is expected to yield 520 units. This is the first GLS residential site that is fully zoned for long-stay serviced apartments in Singapore.
The Media Circle site is strategically located near Mediapolis, the headquarters of Mediacorp, as well as offices of companies like Grab, Razer, and Equinix data centre. It is also close to renowned schools such as the British international school Tanglin Trust School, INSEAD, and the National University of Singapore.
Previously, a residential GLS site was sold to a joint venture between Chinese developers Qingjian Realty and Forsea Holdings for $395 million ($1,191 psf ppr) in February. The site covers 114,462 sq ft and is zoned for residential use with commercial use on the first floor, expected to yield up to 355 units.
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