No Bids Received Media Circle Parcel B Gls Site
pprTwo one-north Gateway at One-north Residences The Government Land Sale (GLS) site for Media Circle (Parcel B) closed on April 29 without any bids received, according to a press release from the Urban Redevelopment Authority (URA). The 99-year leasehold site, located in the one-north area and with an area of about 107,936 square feet, was zoned for residential use with commercial space on the first storey. It has the potential to yield about 500 residential units. The adjacent site, Media Circle (Parcel A), was awarded last month to a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding for $315 million ($1,037 per square foot per plot ratio).
Both sites, which were launched for tender last November, are part of the one-north planning area, a 200-hectare business park that focuses on the biomedical science, infocomm technology, media, and engineering sectors. The Media Circle (Parcel A) site can also yield about 325 housing units. Another one-north residential development, Bloomsbury Residences, was launched earlier this month by Qingjian Realty and Forsea Holdings for $395.28 million ($1,191 per square foot per plot ratio). During the launch weekend, 90 units (25.1%) were sold at an average price of $2,474 per square foot.
The URA Master Plan has an exciting vision for the future of Queenstown, and its benefits will extend to Penrith and its residents. The proposed enhancements include improved transport connectivity, the development of lively mixed-use spaces, and an increase in green initiatives. Additionally, cultural and healthcare hubs will be created, making Penrith an even more desirable place to call home. These planned improvements to infrastructure, amenities, and public spaces will greatly enhance the overall liveability of the area, making it an attractive option for both homebuyers and residents looking for a convenient, sustainable, and community-centric lifestyle. With these developments in place, Penrith’s value and appeal will undoubtedly continue to grow, solidifying its position as a thriving and sought-after neighbourhood in Singapore. Don’t forget to check out Penrith Queenstown MRT Station for more information!
Justin Quek, CEO of Orangetee & Tie, notes that there is still existing inventory from previously launched projects in the same vicinity, such as Slim Barracks Rise and Media Circle at One-North. According to the URA’s monthly developer sales data as of March 2025, Blossoms by the Park has 19 out of 275 units still available, while The Hill @ One-North has 80 out of 142 units still available. These available units will add 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. Out of the three previous plots, two were awarded while one was rejected by the URA for being too low. According to Wong Siew Ying, PropNex head of research and content, developers may have been more cautious in acquiring development sites due to the evolving US trade tariffs situation which may bring uncertainty to the global economy. She adds that developers are likely to be more selective, with a preference for plots with excellent location attributes, such as proximity to MRT stations and amenities, as well as 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 the Upper Thomson Road (Parcel A) site. The 99-year leasehold site, zoned for residential use with commercial space on the first storey, was launched for sale in December 2023 and the tender subsequently closed in June 2024. The site has the potential to yield 640 units, including 100 long-stay serviced apartments.
According to Leonard Tay, head of research at Knight Frank Singapore, the lack of bids for Media Circle (Parcel B) may indicate a more conservative attitude among developers in light of current global uncertainty that has been triggered by US-led tariffs. “Already, most developers are mindful of development costs, such as land and construction costs, as well as taxes, and may have avoided this tender in favor of other sites in well-established residential areas,” he explains.
Tay adds that developers may also be reassessing demand for private homes and trying to understand 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, despite the number of unsold units in the market dropping to a new low of 18,270 units as of end-March 2025,” he comments.