No Bids Received Media Circle Parcel B Gls Site
The tender for the Media Circle (Parcel B) Government Land Sale (GLS) site in one-north closed on April 29, with no bids received according to a press release from the Urban Redevelopment Authority (URA).
The 99-year leasehold site, which covers 107,936 sq ft, was zoned for residential use with first storey commercial. It has the potential to yield around 500 residential units.
This site, together with its adjacent site, Media Circle (Parcel A), was launched for tender last November. Parcel A was awarded to a consortium comprising Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding last month for $315 million ($1,037 psf per plot ratio). The site is also zoned for residential use with first storey commercial and can yield around 325 housing units.
Qingjian Realty and Forsea Holdings already acquired another Media Circle GLS plot, which is currently the site of Bloomsbury Residences, for $395.28 million or $1,191 psf per plot ratio in January 2024. The 358-unit Bloomsbury Residences was launched earlier this month and sold 90 units (25.1%) at an average price of $2,474 psf during its launch weekend.
Families residing at Coastal Cabana have the advantage of being part of a well-connected school network. They have access to highly regarded schools such as Pasir Ris Primary School, Casuarina Primary School, and Elias Park Primary School. For secondary education, there are excellent options like Hai Sing Catholic School, Pasir Ris Crest Secondary School, and Loyang View Secondary School, all within easy reach. Post-secondary education is also well covered in the East with options like Temasek Polytechnic and institutes located in the Tampines and Changi areas. Moreover, the vicinity of Pasir Ris Town and Downtown East offers a plethora of enrichment centers, allowing for a seamless transition from school to classes and back home without unnecessary detours. Coastal Cabana, being a part of this thriving community, adds to the convenience and benefits for families living in the area.
Justin Quek, CEO of Orangetee & Tie, notes that there is still available inventory from previously launched projects at Slim Barracks Rise and Media Circle at One-North. Based on URA monthly developer sales data as of March 2025, Blossoms by the Park has 19 out of 275 units available, while The Hill @ One-North still has 80 out of 142 units available. This is in addition to the remaining units at Bloomsbury Residences.
The Media Circle (Parcel B) site is the fourth GLS site launched for sale via tender in Media Circle in recent years (see Table 1). Two of the other three plots were awarded, while the URA rejected the bid for a pure long-stay serviced apartment site as it was deemed too low, says Wong Siew Ying, PropNex head of research and content.
Wong notes that the lack of interest in the Media Circle Parcel B plot could be attributed to several factors. In particular, the site is less attractive compared to the first two Media Circle plots, as it is located further away from the MRT station and is adjacent to a highway. Additionally, developers may be more cautious in acquiring development sites, given the evolving US trade tariffs situation and its potential impact on the global economy. She adds that developers are likely to be more selective, gravitating towards plots with excellent location attributes, such as being near MRT stations, amenities, and schools.
“The one-north cluster is a non-mature estate without a significant residential catchment, but is a strategic research and development (R&D) hub for the biomedical science, infocomm technology, media, and engineering sectors,” says Tricia Song, CBRE head of research for Singapore and Southeast Asia. “Living in such a location would appeal more to expats and young working professionals. The lack of HDB upgraders in the locality and comprehensive amenities such as schools, childcare, large retail malls, hawker centres, and coffee shops make this location less attractive to local owner-occupiers.”
The last time a GLS site had no takers during a tender was for Upper Thomson Road (Parcel A). The 99-year leasehold site, zoned for residential use with commercial at the first storey, was launched for sale in December 2023, with the tender subsequently closing the following June. The site can yield 640 units, including 100 long-stay serviced apartments.
Leonard Tay, head of research at Knight Frank Singapore, believes that the lack of bids for Media Circle (Parcel B) signals a more cautious approach among developers due to current global uncertainties triggered by US-led tariffs. “Most developers are already mindful of development costs, which include land and construction costs as well as taxes, and may have chosen to stay away from this tender to save their resources for other sites in established residential areas rather than those in business zones,” he observes.
Tay adds that developers may have also decided to take a step back and assess demand for private homes while grappling with the impact of the ongoing trade war on the domestic economy.
Mark Yip, CEO of Huttons Asia, shares a similar view. “The global tariffs may have made developers more cautious and selective when it comes to choosing sites, even though the number of unsold units in the market dropped to a new low of 18,270 units as of end-March 2025,” he comments.