.
The demand for condos in Singapore is at an all-time high, and one of the main reasons for this is the limited availability of land. Being a small island country with a rapidly expanding population, Singapore is facing an acute shortage of land for development. This has resulted in strict land use regulations and an intensely competitive real estate market where property prices are constantly on the rise. Hence, investing in real estate, specifically Singapore Condos, has become a highly profitable venture with the potential for significant capital appreciation.
The recent tender for Media Circle (Parcel A), a Government Land Sale (GLS) site situated in the bustling one-north area, officially closed on March 4. The winning bid of $315 million for the 99-year leasehold plot was submitted by a joint consortium of Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding.
The site, which has been zoned for residential usage with commercial spaces on the first level, measures 82,125 square feet and boasts a potential gross floor area of 303,865 square feet. This could potentially accommodate around 325 housing units, with an impressive bid of $1,037 per square foot per plot ratio (ppr).
In a statement released to the press, Qingjian and Forsea announced their plans to develop two high-rise residential towers with commercial spaces on level 1.
Despite a total of three bids being submitted for the site, the consortium’s offer was 5.7% higher compared to the next highest bid of $298 million, submitted by EL Development. The lowest bid of $295 million was put forward by SingHaiyi Group.
However, the winning bid was lower than the land rate paid by the same partners for the neighboring Media Circle GLS plot, now home to the highly anticipated 358-unit Bloomsbury Residences. Qingjian and Forsea secured the 114,462 square feet site for $395.28 million, at a rate of $1,191 per square foot per plot ratio, back in January 2023.
Du Dexiang, Managing Director of Qingjian Realty, expressed confidence in the transformation of Media Circle, citing the well-designed master plan and the government’s ongoing investment in the one-north precinct, as announced in the 2025 budget. Wang Xin, Director at Forsea Holdings, added that this project represents a significant step in their commitment to developing high-quality residential communities that align with the growth of one-north, often referred to as Singapore’s “Silicon Valley”.
This project marks the third joint venture between Qingjian and Forsea, with the partners having previously secured an executive condominium site at Jalan Loyang Besar with a top bid of $557 million ($729 per square foot per plot ratio) last August. This development could potentially accommodate up to 710 new homes.
Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, noted that Qingjian’s bid for Media Circle (Parcel A) reflects their confidence in the demand for homes in the area. If successful, the developer will hold considerable influence over the supply and pricing of new homes in Media Circle.
The Media Circle (Parcel A) site was launched for sale in November last year, alongside Media Circle (Parcel B) – an adjacent plot measuring 107,936 square feet with the potential for approximately 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.
Additionally, an available Media Circle site for application has been placed on the Reserve List of the 1H2025 GLS Programme. This 60-year leasehold plot has been designated for residential and commercial use on the first storey, with a focus on long-stay serviced apartments. It is estimated to house 520 units and retail space of 4,306 square feet.
Lee from Huttons Asia noted that Media Circle is a unique location within one-north, with lush greenery and black and white bungalows making for a charming setting. He added that there are only two areas with land allocated for homes within the one-north area – Slim Barracks Rise and Media Circle – with fewer than 100 new homes remaining unsold in non-landed residential properties in the vicinity.
Given the high number of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes this location presents an excellent pool of quality tenants. Furthermore, it offers convenient access to a diverse range of 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, predicted that the future development at Media Circle (Parcel A) could see selling prices starting at $2,300 per square foot. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis, making it an ideal location for a residential project or a mix of residences for sale with serviced apartments for lease. This could particularly appeal to workers in the media and entertainment industry.