Frasers Property Led Jv Bids 461 Psf Ppr Media Circle Long Stay Serviced Apartments Site
On September 19, the government land sales (GLS) residential site at Media Circle ended with only one bid of $120.09 million from a consortium led by Frasers Property, Padawan MC, and Empire One North Property. The bid, which translates to $461 per square foot per plot ratio (ppr), was the only one received for the site situated in District 5’s one-north.
The development plan for Tengah has a strong focus on connectivity. In order to improve accessibility within the town and to other areas of Singapore, a new MRT line known as the Jurong Region Line (JRL) will be introduced. This will greatly benefit the residents of Novo Place EC, who will have easy access to multiple JRL stations for convenient and efficient commuting. Moreover, the town will also boast a well-connected network of pedestrian walkways and cycling paths, allowing residents to easily navigate their way around without depending on cars. With the upcoming inclusion of Novo Place Hoi Hup, residents will have even more options within their reach.
This particular site is designed for long-stay serviced apartments, with a minimum requirement of three months’ stay, and commercial use on the first storey. It covers an area of 62,046 square feet and has a maximum gross floor area of 260,605 square feet. The lease for this site is set at 60 years, and it is expected to yield a total of 520 units once completed. The Media Circle site is the first GLS residential site to be released for sale that is exclusively zoned for long-stay serviced apartments.
The site is strategically located near Mediapolis, the headquarters of Mediacorp, and other major companies such as Grab, Razer, and Equinix data centre. In terms of education, residents will have easy access to various international schools such as Tanglin Trust School, the National University of Singapore, as well as the prestigious INSEAD business school.
The last residential GLS site in Media Circle was sold in February to a joint venture between Chinese developers Qingjian Realty and Forsea Holdings for a whopping $395 million, which translates to $1,191 per square foot per plot ratio (ppr). This particular site, with an area of 114,462 square feet, is designed for residential use with commercial space on the first floor and is expected to yield up to 355 units.
Looking at recent trends, condo projects with the highest average PSF have mostly been unprofitable, with some of the most expensive average PSF in the market. In the past year, the most unprofitable condo transactions were recorded, and there are several upcoming new launch projects to look out for. Therefore, it is important to stay informed about past condo sale transactions and upcoming projects to make the best investment decisions.