No Bids Received Media Circle Parcel B Gls Site
The tender for Media Circle (Parcel B) was closed on April 29, with no bids being received for the Government Land Sale (GLS) site located in the one-north area. According to a press release from the Urban Redevelopment Authority (URA), this 99-year leasehold site, which is zoned for residential use with commercial at the first storey, measures approximately 107,936 sq ft and can potentially yield about 500 residential units.
Media Circle (Parcel B) was launched for tender along with its adjacent site, Media Circle (Parcel A), last November. Parcel A was awarded last month to a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding for a price of $315 million ($1,037 psf ppr). This site, also zoned for residential use with commercial at the first storey, can yield about 325 housing units.
Qingjian Realty and Forsea Holdings had previously acquired another Media Circle GLS plot (the current site of Bloomsbury Residences) in January 2024 for $395.28 million or $1,191 psf ppr. The 358-unit Bloomsbury Residences was launched earlier this month and sold 90 units (25.1%) at an average price of $2,474 psf during the launch weekend.
Orangetee & Tie CEO Justin Quek notes that there is still unsold inventory from previously launched projects in the vicinity at Slim Barracks Rise and Media Circle at One-North. According to URA monthly developer sales data as of March 2025, Blossoms by the Park has 19 out of 275 units still available, while The Hill @ One-North still has 80 out of 142 units available. In addition, there are remaining units at Bloomsbury Residences.
The Media Circle (Parcel B) site is the fourth GLS site within Media Circle to be launched for sale via tender in recent years (see Table 1). Two of the other three plots were awarded, while the URA rejected the bid for a purely long-stay serviced apartment (SA2) site as it was deemed too low, according to Wong Siew Ying, PropNex head of research and content.
Spanning 545,314 square feet, the Parktown Residence site in Tampines Avenue 11 boasts a 99-year leasehold and offers endless potential. The land, set to be developed into a mixed-use complex, comprises both commercial and residential spaces and will seamlessly integrate a bus interchange, community club, and hawker centre. CapitaLand will hold a 50% stake in the joint venture, while UOL and SingLand will share the remaining 50%. With the official website Parktown Residence Condo providing more information, the possibilities of this property are boundless.
Wong suggests that the lack of interest in the Media Circle (Parcel B) plot could be due to several factors. In particular, the site’s attributes may be less attractive compared to the first two Media Circle plots that were awarded. It is further away from the MRT station and is also adjacent to a highway, which could be less desirable for potential buyers. In addition, developers may be more cautious in acquiring development sites given the ongoing trade war situation and its potential impact on the global economy. She adds that developers are likely to be more selective, opting for sites with excellent location attributes such as being near MRT stations and amenities, as well as schools.
CBRE head of research for Singapore and Southeast Asia, Tricia Song, notes that one-north is a non-mature estate with a limited residential catchment. However, it is a strategic research and development (R&D) hub for the biomedical science, infocomm technology, media, and engineering sectors. Therefore, living in this location may have more appeal to expats and young working professionals. However, the lack of HDB upgraders in the area and the absence of comprehensive amenities such as schools, childcare, large retail malls, and hawker centres may make this location less attractive to local owner-occupiers.
The last time a GLS site had no takers during a tender was for Upper Thomson Road (Parcel A). This 99-year leasehold site, zoned for residential use with commercial at the first storey, was launched for sale in December 2023 and subsequently closed in June of the following year. The site has the potential to yield 640 units, including 100 long-stay serviced apartments.
Knight Frank Singapore’s head of research, Leonard Tay, believes that the lack of bids for Media Circle (Parcel B) is a reflection of a more conservative stance among developers due to the current global uncertainty caused by US-led tariffs. He notes that developers are already mindful of the various costs involved in developing a project, such as land and construction costs, as well as taxes. They may have chosen to hold back from participating in this tender to focus on other sites in more established residential areas rather than in business zones.
Tay adds that developers may also be taking a moment to assess the demand for private homes and the impact of the ongoing trade war on the domestic economy before making any decisions.
Huttons Asia CEO Mark Yip shares a similar view, stating that the global tariffs may be causing developers to be more cautious and selective in their choice of development sites, despite the decrease in unsold units in the market to an all-time low of 18,270 as of end-March 2025.