HomeLand Sales3 Bidders For Media Circle GLS Site With A Top Bid Of $395.29 Million
3 Bidders For Media Circle GLS Site With A Top Bid Of $395.29 Million

3 Bidders For Media Circle GLS Site With A Top Bid Of $395.29 Million

Qingjian Realty and Forsea Holdings JV emerged as the top bidder for Media Circle GLS Site

The Media Circle GLS site is a residential with commercial at 1st storey plot with the potential to yield 355 private homes. The highest bid of $395.29 million or $1,191 psf per plot ratio (psf ppr) was submitted by a joint venture between two Chinese property developers, Qingjian Realty and China Communications Construction Co, also known as Forsea Holdings.

The 99-year leasehold site has an area of 10,632.1 square metres (sqm) and a maximum gross floor area of 30,834 sqm.

RankingName Of TendererTendered Sale Price (S$)Tendered Sale Price In S$PSM Of GFA
1CNQC Realty (Clementi) Pte. Ltd. and
Forsea Residence Pte. Ltd
2Intrepid Investments Pte. Ltd., TID
Residential Pte. Ltd. and Garden Estates
(Pte.) Limited
3CEL Development Pte. Ltd. and Singhaiyi
Property Development Pte. Ltd.

The Qingqian and Forsea’s JV bid of S$1,191 psf ppr is within market expectations but is 4.4 per cent lower than the S$1,246 psf ppr that EL Development paid for a nearby site at Slim Barracks on which it is developing a new condominium named Blossoms By The Park. It was launched in April 2023 and has sold more than 85% of its 276 units. Rents for homes in One-North has been strong due to the larger pool of expats.

The bid is also 1.6 per cent lower than the S$1,210 psf ppr that the owner of Kingsford Development paid for the plot that will be launched as the upcoming Hill @ One North. 

Market observers expected more interest in the Media Circle GLS site owing to a shortage of supply in the One-North area but nonetheless the bid also reflects the further distance away from the MRT Station than the Slim Barracks sites. 

All the 3 bids came in the form of a joint venture reflecting property developers’ preference for risk sharing due to higher costs and volatile market conditions.  

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