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Bids Closed for Media Circle and Marina Gardens Crescent GLS Sites

The URA Government Land Sales (GLS) for Media Circle and Marina Gardens Crescent GLS Sites were closed today on 18th Jan 2024.

Some surprises were in store for us. The announcement on URA web site took the form of 2 PDF files with Annex A on Marina Gardens Crescent and Annex B on Media Circle.

Marina Gardens Crescent GLS Site

Firstly, for the Marina Gardens Crescent site, there was only 1 bidder !

GuocoLand (Singapore) Pte. Ltd., Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd. were the sole bidder for the white site at Marina Bay.

The bid came from a consortium comprising GuocoLand, Intrepid Investments and TID Residential, which bid nearly S$770.5 million or S$984 per square foot per plot ratio (psf ppr).

Marina Gardens Crescent GLS Bid Details
Marina Gardens Crescent GLS Bid Details

Intrepid Investments’ parent company is Hong Leong Holdings. TID Residential is held by Hong Leong Holdings and Mitsui Fudosan. These three were, of course, the developers for Lentor Hills Residences so they are close to each other and has worked well together.

The Marina Gardens Crescent site, designated for “white” use, presents a compelling opportunity for development, offering an expansive maximum gross floor area (GFA) approaching 783,000 square feet. This substantial canvas affords the potential for the creation of approximately 775 residential units, further enriching the urban landscape.

In addition to residential prospects, the successful bidder is entrusted with the responsibility of establishing an early-childhood development center on this strategically located site. Nestled adjacent to the Marina South MRT station, the property encompasses four distinct plots, with the largest spanning an impressive 186,422 square feet. A second plot, spanning 58,238 square feet, has been thoughtfully designated as an open space, intended to serve as a vibrant pedestrian mall. Furthermore, two underground spaces have been earmarked to facilitate seamless pedestrian connectivity, enhancing the overall accessibility and appeal of this premier development.

Media Circle GLS Site

On the other hand, the Media Circle GLS site attracted three bids !

LAND PARCEL AT MEDIA CIRCLE
LAND PARCEL AT MEDIA CIRCLE

The highest bid for the residential development site at Media Circle, Singapore, was submitted by the joint venture between Qingjian Realty and China Communications Construction Co., marking a significant milestone in the real estate landscape.

Three competitive bids were received for the Land Parcel at Media Circle during the URA GLS. The highest bid of $395.29 million, equivalent to $1,191 per square foot per plot ratio (psf ppr), was placed by Qingjian Realty and Forsea Holdings.

The site spans 114,462 square feet and is designated for residential development with commercial usage on the first floor. It has a maximum gross floor area of 331,948 square feet, allowing for the development of 355 residential units.

The winning bid was 2.67% higher than the second-highest bid of $1,160 psf ppr.

Interestingly, the bid for Media Circle was 4.4% lower than the winning bid for Slim Barracks (Parcel A) and 1.6% lower than Slim Barracks (Parcel B). EL Development’s Blossoms by the Park in Slim Barracks Rise achieved significant success, selling 229 units at a median price of $2,441 psf. Kingsford Development is set to launch The Hill at one-north in the first quarter of 2024.

Media Circle and Marina Gardens Crescent GLS Sites : Summary

It is pretty interesting to see how the “more prestigious” site of Marina Gardens Crescent only attracted one bid while the slightly more out of the way Media Circle site attracted more bids.

The property market in Singapore is currently having pretty much a good launch of new sites and we will be pleased to work with you on what your needs are, and which new launches suit your lifestyle, budget and family.

Indeed, in May 2024, the area received a further boost in the release of more land for housing in the Media Circle area.

Do contact us !

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