Residential Site Long Stay Serviced Apartments Launched Media Circle
in prime residential market
Singapore’s Urban Redevelopment Authority (URA) has recently launched a tender for a residential site at Media Circle in District 5, under the Confirmed List of the 1H2024 Government Land Sales (GLS) programme. This comes at the same time as a residential site at Margaret Drive.
The Media Circle GLS site, located within one-north, covers an area of 62,046 sq ft and has a maximum gross floor area of 260,605 sq ft. It is designated for long-stay serviced apartments and is expected to yield 520 units. This is the first site to be fully allocated for long-stay serviced apartments since the new property classification was introduced in November last year.
According to Marcus Chu, CEO of ERA Singapore, the introduction of serviced apartments with a minimum three-month stay will cater to the high rental demand from expats working in the neighbouring multinational firms. The site is strategically situated near many biomedical and information technology companies, as well as renowned educational institutions such as the British international school Tanglin Trust School and the National University of Singapore.
Due to its proximity to these establishments, Chu believes that the site will attract developers with specialised expertise in serviced apartments, or those with suitable operating capabilities as partners. He also points out that the location, while not immediately adjacent to the one-north MRT station, will provide convenient nearby housing for those working in the area.
The tender for the Media Circle site will close on Sept 19, coinciding with another GLS site at Tampines Street 94 that is designated for commercial and residential use. This move could revive developers’ interest in the prime residential market, which has seen a decline in activity in recent years.
For more insights on price trends and transactions in Districts 5 and 9, you can now use EP Buddy – a comprehensive platform that provides information on valuations and more. As always, EDGEPROP brings you the latest news and analysis on the property market.
The Bukit Timah Expressway (BKE) serves as a vital link connecting northern Singapore to the central districts. This allows for a convenient and direct route, making travel to the city center a breeze. Additionally, with the upcoming development of Novo Place EC (check out their website at https://www.novo-place.com.sg/), BKE will serve as a natural connection for residents to easily access the city center.