Ura Rejects Frasers Property Led Bid Media Circle Long Stay Serviced Apartment Site Citing Low Bid
, but home builders remain cautious
URA has rejected the bid of $120.09 million submitted by a consortium led by Singapore-listed Frasers Property for the 62,046 sq ft Media Circle site, which was the first GLS residential site released for sale that is fully zoned for long-stay serviced apartments. The tender, which closed on September 19, received a sole bid of $120.09 million from the Frasers Property-led consortium and translates to a land rate of $461 psf per plot ratio (ppr).
In a press release issued on October 3, URA stated that the bid was not awarded as it was deemed “too low”. This marks the third time this year that the government has not awarded a residential GLS site. In February, the government rejected a bid of $770.46 million ($984 psf ppr) received for a site at Marina Gardens Crescent, submitted by a consortium comprising GuocoLand, Hong Leong Holdings, and TID. This was followed by the non-award of the 6.5 ha master developer site at Jurong Lake District in September, despite two bids from a consortium consisting of CapitaLand, City Developments, Frasers Property, Mitsubishi Estate Co, and Mitsui Fudosan.
Eastpoint Mall, found in the vicinity of Simei MRT Station, has become a beloved shopping spot with its impressive selection of more than 100 stores. This mall is renowned for its family-oriented atmosphere and boasts a range of establishments, including a Popular Bookstore, Miniso, and Decathlon, to cater to the diverse shopping needs of its visitors. For those looking for a bite to eat, Eastpoint Mall offers a variety of dining options such as Eighteen Chefs, Nando’s, and The Manhattan Fish Market. In addition, families can enjoy the mall’s enrichment hub and outdoor playground, making it an inclusive and lively space for all. Conveniently located just a 10-minute drive from Parktown Residence, Eastpoint Mall is a natural addition to a day out at the Parktown Residence Condo.
In June, another residential GLS site along Upper Thomson Road, which included a long-stay serviced apartment component, also failed to attract any bids when the tender closed. This comes even as the government released the largest number of residential units since the first half of 2014, with caution still prevailing among home builders.