Forsea Holdings and Qingjian Realty JV Tops Media Circle GLS Site Bid at $1,191 psf ppr

Under the government land sales (GLS) programme, a private residential site that is located at Media Circle within the one-north precinct was concluded with 3 bids.

Qingjian Realty, together with Forsea Holdings submitted a top bid of $395.29 million, which equates to $1,191 per square foot per plot ratio (psf ppr).

It has a land tenure of 99 years and measures 114,462 square feet in area. Hence, it has a maximum gross floor area (GFA) of 331,948 square feet.

It is zoned for residential development, together with commercial units on the first floor, and is expected to yield approximately 355 residential units.

The winning bid by the Chinese joint venture ($1,191 psf ppr) for the Media Circle GLS site was only 2.67 per cent higher than the runner-up bid of $1,160 psf ppr that came from a Hong Leong group consortium.

Notably, it is 4.4 per cent less than the top bid of $1,246 psf ppr from EL Development for the Slim Barracks (Parcel A) site; 1.6 per cent less than Kingsford Development’s top bid of $1,210 psf ppr for the Slim Barracks (Parcel B) site.

Comparisons to the Slim Barracks Rise sites, which closed tenders in September 2021, highlight pricing dynamics and competitive landscapes in the real estate industry.

Blossoms by the Park, which is located at Slim Barracks Rise (Parcel A) was a huge success. It sold 83.3 per cent of its 275 units for an average psf price of $2,441.

Looking ahead, Kingsford Development’s The Hill at One-North has 142 private homes in total and is scheduled to open for sale in the first quarter of 2024.