The tender for the 99-year leasehold site, Media Circle (Parcel A), which is located in the one-north area, was closed on March 4. The top bid of $315 million for the 82,125 sq ft site was made by a consortium comprising Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding. The development, which is zoned for residential use with commercial at the first storey, has a land rate of $1,037 per sq ft per plot ratio (ppr) and can potentially yield about 325 housing units with a maximum gross floor area of 303,865 sq ft.
Securing financing is a crucial factor when investing in a Singapore condo. The country offers a variety of mortgage choices, though it is vital to familiarize oneself with the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can take based on their income and existing debt obligations. Having a clear understanding of the TDSR and seeking guidance from financial advisors or mortgage brokers can assist investors in making well-informed decisions regarding their financing options, preventing them from over-leveraging themselves.
In a press statement, Qingjian and Forsea announced that their future development will consist of two high-rise residential towers with commercial spaces on level 1. The site attracted a total of three bids, with Qingjian and Forsea’s bid being 5.7% higher than the next bid by EL Development, at $298 million or $981 psf ppr. SingHaiyi Group submitted the lowest bid of $295 million or $971 psf ppr.
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However, before jumping into any investment, it is crucial to carefully consider various factors. Location is a key aspect as it can greatly impact the value and desirability of a condo. Another important factor to consider is financing. It’s essential to have a sound financial plan in place to ensure a smooth and profitable investment.
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To make the most out of investing in a condo in Singapore, it’s advisable to conduct thorough research and seek professional advice. This will help you understand the market and make informed decisions based on your financial goals and risk tolerance. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, condos in Singapore are a compelling opportunity. With careful consideration and proper planning, investing in a Singapore condo can yield significant returns in the dynamic real estate market of Singapore.
Qingjian and Forsea’s bid for the Media Circle (Parcel A) site is lower than the land rate they paid for a neighbouring site that is now the upcoming Bloomsbury Residences. The neighbouring site, which is zoned for residential with commercial at the first storey, measures 114,462 sq ft and was awarded to Qingjian and Forsea for $395.28 million or $1,191 psf ppr in January 2024. Du Dexiang, managing director of Qingjian Realty, expressed confidence in the transformation of the Media Circle area, supported by a well-designed master plan and the government’s continued investment in the one-north precinct as announced in the 2025 budget. Wang Xin, director at Forsea Holdings, added that this project marks another important step in their commitment to developing high-quality residential communities that align with the growth of one-north, which is akin to Singapore’s ‘Silicon Valley’.
The future project at Media Circle (Parcel A) will be the third joint venture between Qingjian and Forsea. Last August, the partners were awarded an executive condominium site at Jalan Loyang Besar after submitting the top bid of $557 million ($729 psf ppr). The site can yield up to 710 new homes. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, Qingjian’s latest bid for the Media Circle (Parcel A) site reflects the developer’s confidence in the demand for homes in the area. If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle.
The Media Circle (Parcel A) site was launched for sale last November, along with an adjacent plot, Media Circle (Parcel B), measuring 107,936 sq ft 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 at the first storey, has been designated for long-stay serviced apartments only and can yield an estimated 520 units, along with retail space capped at 4,306 sq ft.
Lee Sze Teck of Huttons Asia noted that the Media Circle area is a unique location within one-north, framed by greenery and black and white bungalows. “There are only two precincts with land set aside for homes – one at Slim Barracks Rise and one at Media Circle,” he added. He also pointed out that the Media Circle area is a popular area for non-landed residential properties, with only 987 units currently available, and less than 100 new homes remaining unsold. Given the high proportion of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes that the area offers a strong pool of quality tenants, while also being close to diverse 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. While the site is located in a quieter section of the one-north business park, it is within walking distance to Mediapolis, he added. “A residential project, or a mix of residences for sale together with serviced apartments for lease, could appeal to workers in the media and entertainment industry,” Tay said.