Qingjian Realty And Forsea Holdings Submit Top Bid 1037 Psf Ppr Media Circle Parcel Gls Site

The bidding for the Government Land Sale (GLS) site in Media Circle (Parcel A) at one-north closed on March 4, with a winning bid of $315 million by a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. The 82,125 sq ft site has a 99-year leasehold and is zoned for residential use with commercial space on the first storey.

The consortium’s bid translates to a land rate of $1,037 psf per plot ratio (ppr) and has the potential to yield approximately 325 housing units with a maximum gross floor area of 303,865 sq ft. The future development is planned to have two high-rise residential towers and commercial spaces on the first level.

In a statement, Qingjian and Forsea expressed their confidence in the site’s potential, citing the well-designed master plan and the government’s continued investment in the one-north precinct as announced in the 2025 budget. Qingjian Realty’s managing director Du Dexiang stated that they were confident in the upcoming transformation of Media Circle, while Forsea Holdings’ director Wang Xin noted that the project aligned with the growth of one-north as Singapore’s “Silicon Valley.”

This is not the first collaboration between Qingjian and Forsea, as the partners were previously awarded an executive condominium site at Jalan Loyang Besar with a top bid of $557 million ($729 psf ppr).

The bid for Media Circle (Parcel A) is lower than the land rate paid for a neighboring site, which is now the upcoming 358-unit Bloomsbury Residences. The consortium was awarded the 114,462 sq ft site for $395.28 million, or $1,191 psf ppr, in January 2024.

Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that Qingjian’s bid reflects their confidence in the demand for homes in the area. He adds that if the developer is awarded the site, they will have control over the supply and pricing of new homes in Media Circle.

The Media Circle (Parcel A) site was launched for sale in November 2024 alongside Media Circle (Parcel B), an adjacent plot that can potentially yield about 500 residences. The tender for Parcel B will close on April 29. Both Media Circle Parcels A and B are on the Confirmed List of the 2H2024 GLS Programme.

Under the Reserve List of the 1H2025 GLS Programme, there is another Media Circle site available for application. The 60-year leasehold site, zoned for residential with commercial on the first level, is designated for long-stay serviced apartments only and can yield an estimated 520 units.

Location-wise, Media Circle is a unique area within the one-north district, surrounded by greenery and black and white bungalows. Currently, there are only two precincts in one-north with land set aside for homes, with non-landed residential properties limited to just 987 units. Huttons’ Lee notes that this scarcity and the high proportion of foreigners working in one-north, Science Park, and nearby schools make the area an attractive location for quality tenants. The area also offers various retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall, and Timbre+ One North.

Leonard Tay, head of research at Knight Frank Singapore, believes that the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. He notes that the site is located in a quieter section of one-north but is within walking distance of Mediapolis. He adds that a residential project or a mix of residences for sale together with serviced apartments for lease could potentially appeal to workers in the media and entertainment industry.