Qingjian Realty and Forsea Holdings JV submit top bid of $1,191 psf ppr for GLS site at Media Circle
By Nicholas Lam
/ EdgeProp Singapore |
The government land sales (GLS) tender for the residential development site at Media Circle in one-north closed on Jan 18 with three bids. The highest bid of $395.29 million or $1,191 psf per plot ratio (psf ppr) was submitted by a joint venture between two Chinese developers, Qingjian Realty and China Communications Construction Co., also known as Forsea Holdings.
The 114,462 sq ft, 99-year leasehold site at Media Circle is zoned for residential development with commercial use on the first storey. The site has a maximum gross floor area of 331,948 sq ft and could be developed into a residential project with 355 units.
The top bid of $1,191 psf ppr is just 2.67% above the second highest bid of $1,160 psf ppr submitted by a consortium made up of the Hong Leong group of companies, namely Hong Leong Holdings, Hong Realty (a subsidiary of Hong Leong Group) and TID (a joint venture between Hong Leong Holdings and Mitsui Fudosan).
The top bid for Media Circle is also 4.4% lower than the winning bid of $1,246 psf ppr at Slim Barracks (Parcel A) by EL Development and 1.6% lower than the winning bid of $1,210 psf ppr at Slim Barracks (Parcel B) by Kingsford Development, points out Leonard Tay, head of research for Knight Frank Singapore. The tender for both sites at Slim Barracks Rise closed on 28 September 2021 and were awarded on 11 October 2021.
EL Development's Blossoms by the Park at Slim Barracks Rise (Parcel A). Launched in late April 2023, right after the latest round of property cooling measures were unleashed, the project has sold 229 units (83.3%) of the 275 units in the 99-year leasehold condo at a median price of $2,441 psf based on caveats lodged to date.
Nearby at Slim Barracks Rise (Parcel B) is Kingsford Development's 142-unit The Hill at one-north, which is expected to be launched sometime in 1Q2024.
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