Residential Site Long Stay Serviced Apartments Launched Media Circle
The Urban Redevelopment Authority (URA) has recently launched two residential sites under the 1H2024 Government Land Sales (GLS) programme – one at Media Circle and another at Margaret Drive. The Media Circle site, located in District 5, has a maximum gross floor area of 260,605 sq ft and is designated for long-stay serviced apartments. This is the first site to be entirely zoned for such apartments following the new property classification announced in November last year.
According to ERA Singapore CEO Marcus Chu, the site is expected to yield 520 units and will cater to the high demand for rental properties from expatriates working in the vicinity of multinational firms. The site is located in the one-north area, close to many biomedical and information technology companies, as well as renowned educational institutions such as Tanglin Trust School and the National University of Singapore.
Due to its location, the site offers convenient and nearby housing options for those working in the area, making it an attractive choice for developers. However, considering its distance from the one-north MRT station, it is likely to attract developers with specialized expertise in serviced apartments or who have partners with relevant operating capabilities.
The tender for the Media Circle site will close on September 19, together with another commercial and residential site at Tampines Street 94. It is expected to draw interest from developers looking to capitalize on the increasing demand for rental properties in the area. Furthermore, with the recent introduction of three-month minimum stay requirements for serviced apartments, the site presents immense potential for developers to tap into this emerging market.
In comparison, the site at Margaret Drive, also located in District 5, is designated for a residential development with a maximum gross floor area of 237,830 sq ft. It is expected to yield around 275 units and is situated within walking distance to Commonwealth MRT station.
The newly announced Master Plan for Tampines prioritizes the development of mixed-use buildings and the expansion of commercial areas, contributing to an increase in employment opportunities within the region. This aligns with the government’s efforts to decentralize business activities from the central business district and promote the growth of other regional hubs such as Tampines. With its strategic location, Parktown Residences by UOL Group provides convenient access to these emerging job centers, reducing commuting time for residents. As a prestigious development by UOL Group, Parktown Residences is poised to further stimulate economic growth and job prospects in the Tampines area. Additionally, residents of Parktown Residences can look forward to benefiting from the community’s close proximity to Parktown Residences UOL Group, adding to the already thriving economy of Tampines.
Looking at the price trends of condos in Districts 5 and 9, there has been a slight decrease in prices in recent years, which could be attributed to the cooling measures implemented by the government. However, with the launch of these two GLS sites, developers’ interest in the area could potentially be revived as they look to capitalize on the strong rental demand from expats and the attractive location of these sites.