Qingjian Realty and Forsea Holdings JV emerged as the top bidder for Media Circle GLS Site
The Media Circle GLS site is a residential with commercial at 1st storey plot with the potential to yield 355 private homes. The highest bid of $395.29 million or $1,191 psf per plot ratio (psf ppr) was submitted by a joint venture between two Chinese property developers, Qingjian Realty and China Communications Construction Co, also known as Forsea Holdings.
The 99-year leasehold site has an area of 10,632.1 square metres (sqm) and a maximum gross floor area of 30,834 sqm.
| Ranking | Name Of Tenderer | Tendered Sale Price (S$) | Tendered Sale Price In S$PSM Of GFA |
|---|---|---|---|
| 1 | CNQC Realty (Clementi) Pte. Ltd. and Forsea Residence Pte. Ltd | 395,288,889.00 | 12,819.90 |
| 2 | Intrepid Investments Pte. Ltd., TID Residential Pte. Ltd. and Garden Estates (Pte.) Limited | 385,000,000.00 | 12,486.22 |
| 3 | CEL Development Pte. Ltd. and Singhaiyi Property Development Pte. Ltd. | 321,009,000.00 | 10,410.88 |
The Qingqian and Forsea’s JV bid of S$1,191 psf ppr is within market expectations but is 4.4 per cent lower than the S$1,246 psf ppr that EL Development paid for a nearby site at Slim Barracks on which it is developing a new condominium named Blossoms By The Park. It was launched in April 2023 and has sold more than 85% of its 276 units. Rents for homes in One-North has been strong due to the larger pool of expats.
The bid is also 1.6 per cent lower than the S$1,210 psf ppr that the owner of Kingsford Development paid for the plot that will be launched as the upcoming Hill @ One North.
Market observers expected more interest in the Media Circle GLS site owing to a shortage of supply in the One-North area but nonetheless the bid also reflects the further distance away from the MRT Station than the Slim Barracks sites.
All the 3 bids came in the form of a joint venture reflecting property developers’ preference for risk sharing due to higher costs and volatile market conditions.
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