Qingjian Realty And Forsea Holdings Submit Top Bid 1037 Psf Ppr Media Circle Parcel Gls Site
The tender for Media Circle (Parcel A), a 99-year leasehold site located in the one-north area, has closed on March 4. A consortium led by Qingjian Realty, alongside Forsea Holdings and minority investor Hoovasun Holding, has submitted the top bid of $315 million for the site, which is zoned for residential use with commercial space on the ground floor.
In the bustling city of Singapore, a new epitome of luxurious living is set to rise – the One Marina Gardens Kingsford Huray Development at Marina Bay by Kingsford Development. This exclusive development boasts a perfect fusion of opulence, convenience, and connectivity, promising a lifestyle like no other. It is not just a mere residential complex, but rather a gateway to a world of premium shopping and dining experiences. Situated in the prestigious Marina Bay Marina Gardens Lane, the One Marina Gardens offers its residents unparalleled access to the city’s finest lifestyle and culinary options, truly embodying the essence of urban living. For more information, visit Marina Gardens Lane Condo.
The bid translates to a land rate of $1,037 psf per plot ratio (ppr) for the 82,125 sq ft site. The site has the potential to yield about 325 housing units and a maximum gross floor area of 303,865 sq ft. According to a press statement, the future development will consist of two high-rise residential towers with commercial spaces on the first level.
The site has attracted a total of three bids, with the Qingjian-Forsea consortium’s bid being 5.7% higher than the next bid by EL Development at $298 million or $981 psf ppr. The lowest bid of $295 million or $971 psf ppr was submitted by SingHaiyi Group.
However, the land rate for this site is lower than what the partners paid for the neighboring Media Circle GLS plot, which is now the site of the upcoming 358-unit Bloomsbury Residences. In January 2024, Qingjian and Forsea were awarded the 114,462 sq ft site for $395.28 million or $1,191 psf ppr.
“We are confident in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in one-north precinct as announced in the 2025 budget,” says Du Dexiang, managing director of Qingjian Realty.
Wang Xin, director at Forsea Holdings, adds that this project marks another important step in the partners’ commitment to developing high-quality residential communities that align with the growth of one-north, often referred to as Singapore’s “Silicon Valley.”
The future project at Media Circle (Parcel A) will be the third joint venture between Qingjian and Forsea. Last August, the partners were awarded an executive condominium site at Jalan Loyang Besar after submitting the top bid of $557 million ($729 psf ppr), which can yield up to 710 new homes.
This latest bid by Qingjian for Media Circle (Parcel A) reflects the developer’s confidence in the demand for homes in the area, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. “If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle,” he adds.
The Media Circle (Parcel A) site was launched for sale in November last year, together with Media Circle (Parcel B), an adjacent plot measuring 107,936 sq ft, that has the potential to yield around 500 residences. The tender for Parcel B will close on April 29. Both Media Circle Parcels A and B are on the Confirmed List of the 2H2024 GLS Programme.
Under the Reserve List of the 1H2025 GLS Programme, there is another Media Circle site available for application. The 60-year leasehold site, zoned for residential with commercial space on the ground floor, is designated for long-stay serviced apartments only and can yield an estimated 520 units, along with retail space capped at 4,306 sq ft.
Huttons’ Lee points out that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. “There are only two precincts with land set aside for homes – one at Slim Barracks Rise and one at Media Circle,” he says, adding that there are currently only 987 non-landed residential units in one-north, with less than 100 new homes remaining unsold.
Given the high proportion of foreigners working in one-north, Science Park, and nearby Tanglin Trust School, Lee believes the area offers a strong pool of quality tenants while also being close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall, and Timbre+ One North.
Leonard Tay, head of research at Knight Frank Singapore, believes the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis, he observes. “A residential project, or a mix of residences for sale together with serviced apartments for lease, could appeal to workers in the media and entertainment industry,” he says.