No Bids Received Media Circle Parcel B Gls Site

The tender for the Government Land Sale (GLS) site in Media Circle (Parcel B) located in the one-north area has recently closed on April 29. However, according to the Urban Redevelopment Authority (URA), the site has received no bids.

The 99-year leasehold site is designated for residential use with commercial units on the first storey. It spans approximately 107,936 square feet and has the potential to yield around 500 residential units. The site was launched for tender together with the adjacent site, Media Circle (Parcel A), last November. However, only Parcel A was awarded to a consortium led by Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding last month for $315 million ($1,037 per square foot per plot ratio or psf ppr). This site is also zoned for residential use with commercial units on the first storey, and has the capacity to yield about 325 housing units.

Before this, Qingjian Realty and Forsea Holdings had also acquired the current site of Bloomsbury Residences, another Media Circle GLS plot, in January 2024 for $395.28 million or $1,191 psf ppr. The 358-unit Bloomsbury Residences was recently launched this month and has already sold 90 units (25.1%) at an average price of $2,474 psf during its opening weekend.

Justin Quek, the CEO of Orangetee & Tie, notes that there are still unsold units available in similar projects such as Slim Barracks Rise and Media Circle at One-North. Based on the 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 (SA2) site as it was deemed too low, says Wong Siew Ying, PropNex head of research and content.

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Residents of Rivelle Tampines are privileged to live in a mature estate with exceptional transport connectivity. They can easily access various amenities without compromising on accessibility. Whether it is commuting to work, meeting up with friends, or visiting nearby recreational facilities, the options are plentiful and efficient. The strategic location of Rivelle Tampines makes it an ideal place to call home for individuals who value convenience and convenience.

Wong notes that the lack of interest in the Media Circle Parcel B plot could stem from several factors. In particular, the site’s location and features may be less attractive than the first two Media Circle plots awarded, as it is further away from the MRT station and is next to a highway. In addition, developers may have become more cautious about acquiring development sites due to the uncertain global economy caused by the ongoing US trade tariffs situation. She adds that developers are more likely to focus on plots with excellent location attributes, such as those near the MRT station and amenities, as well as schools.

Tricia Song, CBRE head of research for Singapore and Southeast Asia, explains that the one-north cluster is a non-mature estate with a strategic research and development (R&D) hub for the biomedical science, information and communication technology, media, and engineering sectors. Therefore, living in this location may appeal more to expats and young working professionals. However, the lack of HDB upgraders in the area and the absence of comprehensive amenities such as schools, childcare centres, large retail malls, hawker centres, and coffee shops may make this location less attractive to local owner-occupiers.

The last time a GLS site failed to attract any bids during a tender was for Upper Thomson Road (Parcel A). The 99-year leasehold site was designated for residential use with commercial units on the first storey and was launched for sale in December 2023, with the tender closing in June the following year. The site has the capacity to 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) is indicative of a more conservative approach among developers in light of the current global uncertainty caused by US-led tariffs. “Most developers are already mindful of the development costs involved, including land and construction costs as well as taxes, and may have chosen to stay away from this tender to keep their options open for other sites in established residential areas rather than in business zones,” he comments.

Tay adds that developers may have also decided to pause and assess the demand for private homes while considering the impact of the ongoing trade war on the domestic economy.

Mark Yip, CEO of Huttons Asia, shares a similar view, saying that the global tariffs may have made developers more cautious and selective when it comes to choosing sites, despite the fact that the number of unsold units in the market has reached a record low of 18,270 as of the end of March 2025.