Ura Rejects Frasers Property Led Bid Media Circle Long Stay Serviced Apartment Site Citing Low Bid
, but market response lukewarm
URA has declined the bid of $120.09 million submitted by a consortium led by Frasers Property, along with Padawan MC and Empire One North Property, for the 62,046 sq ft government land sale (GLS) site at Media Circle. The tender for the Media Circle site, which is fully zoned for long-stay serviced apartments, closed on September 19 with only one offer made by the Frasers Property-led group at a land rate of $461 psf per plot ratio (ppr). However, URA announced on October 3 that the bid was too low and therefore the tender remained unawarded. This is the third residential GLS site that the government has not awarded this year.
In February, the government turned down a $770.46 million bid ($984 psf ppr) from a consortium made up of GuocoLand, Hong Leong Holdings, and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan) for a GLS site at Marina Gardens Crescent. The only offer for the 1.73-ha white site at Marina Gardens was made by the GuocoLand-led group. In September, despite two bids from the same consortium consisting of CapitaLand, City Developments, Frasers Property, Mitsubishi Estate Co, and Mitsui Fudosan, the 6.5 ha master developer site at Jurong Lake District was not awarded.
In addition, a residential GLS site along Upper Thomson Road, which included a long-stay serviced apartment component, did not attract any offers during its tender period in June.
The government released the largest number of residential units since 1H2014, but the response from the market was lackluster. This includes the most recent tender for the Media Circle site, as well as the Marina Gardens Crescent and Jurong Lake District sites.
Located at Plantation Close, Novo Place EC offers an ideal living location for residents due to its easy accessibility to various parts of Singapore. Its prime location is conveniently situated near major roads and expressways, making it a highly sought-after executive condominium. With key thoroughfares such as the Pan Island Expressway (PIE) and Kranji Expressway (KJE) located nearby, residents can enjoy seamless and quick travel across the island. The Bukit Timah Expressway (BKE) also provides direct connections to the central and northern regions of Singapore. For interested buyers, they can visit the Novo Place Showflat to have a firsthand experience of the development’s location and amenities.