URA launches three sale sites at Media Circle, Bayshore Road
These have a 99-year lease period and are part of a total of 5,050 residential plots set to be released via the confirmed list of the H2 2024 GLS programme
THE Urban Redevelopment Authority (URA) on Tuesday (Nov 26) released three residential land parcels under the second half of the 2024 Government Land Sales (GLS) programme.
These include a residential plot at Bayshore Road, as well as sites at Media Circle (Parcel A) and Media Circle (Parcel B) which are zoned residential with commercial on the first storey.
All three sites were launched under the confirmed list.
The 7,629.7-square-metre (sq m) plot on Media Circle (Parcel A) is expected to yield 325 residential homes. It has a maximum gross floor area (GFA) of 28,230 sq m.
The site at Media Circle (Parcel B) spans 10,027.6 sq m and could provide around 500 residential units. It has a maximum GFA of 43,119 sq m.
At 10,497.3 sq m and a maximum GFA of 44,089 sq m, the plot at Bayshore Road could provide 515 housing units.
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All three sites have a lease period of 99 years. They are part of a total of 5,050 residential units set to be released via the confirmed list of the H2 2024 GLS programme.
Mark Yip, chief executive officer at Huttons Asia, expects stronger interest for the Bayshore Road site, given its attractive location near the East Coast. This is the first private residential site in the upcoming Bayshore precinct, he noted. The last GLS site sold along the East Coast was Seaside Residences for S$858 per square foot per plot ratio (psf ppr).
Potential demand
ERA Singapore chief executive Marcus Chu said that the Bayshore area remains “largely undeveloped”. He added: “Current residents of older projects nearby could be familiar with the area, and are likely to upgrade to a unit at the Bayshore Road site.”
The site could also potentially attract homeowners who wish to upgrade from their current Housing and Development Board (HDB) flats, given that about 2,012 flats will fulfil their minimum occupancy period within the next two years, said Chu. He explained that the “palatable size” of the development could attract smaller developers, who can “leverage on to place competitive bids with lower risks”.
PropNex chief executive Ismail Gafoor also noted that there may be some pent-up demand, including from HDB upgraders in Marine Parade and Bedok. “There have have not been any sizeable private condo launches near the site since The Bayshore, which was launched in the 1990s, and Costa Del Sol in 2000.”
He also highlighted the plot’s close proximity to the Bayshore MRT station – one of the most important attributes buyers seek in today’s market.
Market watchers, therefore, expect the Bayshore Road plot to receive around four to six bids, with a top bid at between S$500 million and S$570 million, based on a unit land cost of S$1,050 to S$1,200 psf ppr.
The land parcels in Media Circle, on the other hand, are likely to draw only a muted response from developers – probably just one to three bids, said market watchers.
Chu said that the sites do not offer an attractive location compared to previous sites in the one-north area, which are located more conveniently to transportation and amenities. Previous sites in the area include Blossoms by the Park, which is a five-minute walk to the Buona Vista MRT station and The Star Vista. However, the nearest amenities to Media Circle are within a 2-km radius and require a longer commute time, Chu highlighted.
He also expects developers to be more attracted to the Lentor Gardens site, whose tender is closing in the same month as Media Circle (Parcel B). “Lentor Gardens is the last planned GLS site for the area, resulting in a less-competitive environment from neighbouring launches as new stock in Lentor depletes,” he pointed out.
Between Media Circle Parcels A and B, Chu thinks that developers would be more inclined to choose the former as it has lower developmental risks with less capital costs.
Huttons’ Yip also noted that the different closing dates for both parcels allow developers to monitor interest in the area and formulate their tender bids. “It may also mean the supply of new homes in Media Circle will be well spaced out,” he added. Yip expects the top bid for the Media Circle sites to come in at between S$1,000 and S$1,100 psf ppr, or up to S$494 million.
The tenders for the Media Circle (Parcel A) site closes at noon on Mar 4, 2025, while that for the Media Circle (Parcel B) site at noon on Apr 29, 2025. The tender for the Bayshore Road plot closes at noon on Mar 18, 2025.
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