Qingjian Realty And Forsea Holdings Submit Top Bid 1037 Psf Ppr Media Circle Parcel Gls Site

Media Circle (Parcel A), a Government Land Sale (GLS) site located in Singapore’s one-north area, has closed its tender on March 4. The winning bid of $315 million was submitted by a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. The 99-year leasehold site, which has commercial space on the first storey and residential use on the rest of the site, measures 82,125 sq ft.

The top bid from the Qingjian-Forsea consortium translates to a land rate of $1,037 psf per plot ratio (ppr). The site has the potential to yield around 325 housing units, with a maximum gross floor area of 303,865 sq ft. Qingjian and Forsea have stated that the future development will consist of two high-rise residential towers with commercial spaces on the first level.

The site received a total of three bids. The bid from Qingjian and Forsea was 5.7% higher than the next bid from EL Development at $298 million or $981 psf ppr. The lowest bid was from SingHaiyi Group at $295 million or $971 psf ppr.

The winning bid from Qingjian and Forsea is lower than the land rate they paid for a neighboring Media Circle GLS site that is now the future location of the 358-unit Bloomsbury Residences. In January 2024, Qingjian and Forsea secured the 114,462 sq ft site for $395.28 million, or $1,191 psf ppr.

“We are confident in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in one-north precinct as announced in the 2025 budget,” says Qingjian Realty’s managing director, Du Dexiang.

Forsea Holdings’ director Wang Xin adds, “This project marks another important step in our commitment to developing high-quality residential communities that align with the growth of one-north, which is akin to Singapore’s ‘Silicon Valley.’”

This will be the third joint venture between Qingjian and Forsea. Last August, the partners were awarded an executive condominium site at Jalan Loyang Besar after submitting the top bid of $557 million ($729 psf ppr). The site can yield up to 710 new homes.

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Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that Qingjian’s latest bid for Media Circle (Parcel A) reflects their confidence in the demand for homes in the area. “If awarded, the developer will have a significant influence over the supply and pricing of new homes in Media Circle,” he adds.

The Media Circle (Parcel A) site was launched for sale in November 2024, alongside Media Circle (Parcel B), a neighboring plot measuring 107,936 sq ft that has the potential to yield around 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.

One-north also has an available site for application under the Reserve List of the 1H2025 GLS Programme. The 60-year leasehold site, zoned for residential with commercial at the first storey, is designated for long-stay serviced apartments only and can yield an estimated 520 units with retail space of 4,306 sq ft.

Huttons’ Lee points out that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. “There are only two precincts with land set aside for homes – one at Slim Barracks Rise and one at Media Circle,” he says, adding that non-landed residential properties in one-north are currently limited to just 987 units, with less than 100 new homes unsold.

Lee believes that given the high proportion of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, the area offers a strong pool of quality tenants while also being close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall, and Timbre+ One North.

Likewise, Leonard Tay, head of research at Knight Frank Singapore, believes that the future project at Media Circle (Parcel A) could have a starting selling price of $2,300 psf. Though it is located in the quieter section of one-north business park, it is still within walking distance to Mediapolis. “A residential project, or a mix of residences for sale with serviced apartments for lease, could appeal to workers in the media and entertainment industry,” he says.