Article Summary:
The government has recently launched tenders for two sites located in Media Circle, under the 2H2024 Government Land Sale (GLS) Programme.
Purchasing a condominium in Singapore offers numerous benefits, one of which is the potential for capital appreciation. Singapore’s advantageous placement as a leading global business hub, along with its robust economic foundation, results in a constant demand for real estate. Throughout the years, the value of properties in Singapore has consistently risen, and condos in prime areas have experienced considerable appreciation. Investors who are able to enter the market at opportune times and maintain ownership of their properties over a longer period can reap significant capital gains. Additionally, staying updated on new condo launches can provide even more opportunities for capital appreciation.
Both sites are 99-year leasehold and are zoned for residential use with commercial space on the first floor. Media Circle (Parcel A) is situated at the junction of Media Walk and Media Circle and has a maximum gross floor area of 303,865 sq ft, while Media Circle (Parcel B) measures 107,936 sq ft and has a maximum gross floor area of 464,129 sq ft.
These sites are located in the southern end of the one-north area, which has traditionally been a business and tech park. This means that there may not be enough amenities in the immediate vicinity to support a residential enclave, making this project a potentially welcome addition for professionals working in the area.
According to experts, the future project could also tap into the tenant pool made up of workers in one-north, Science Park, and the National University of Singapore. Families with children studying at Tanglin Trust School may also be potential tenants.
The tenders for the two sites will close on March 4 and April 29 next year, respectively. Experts expect each site to attract up to three bids, with the top bid potentially reaching $494 million or between $1,000 to $1,100 psf ppr.
However, some industry experts have a more cautious view, citing the less attractive location of these sites compared to previous GLS sites in the one-north area. They also note other competing GLS sites, such as the ones at Bayshore Road and Chuan Grove, which may garner more interest from developers.