Frasers Property Led Jv Bids 461 Psf Ppr Media Circle Long Stay Serviced Apartments Site
On September 19, the residential site at Media Circle on government land sales (GLS) closed with only one bid of $120.09 million or $461 psf per plot ratio (ppr). The bid was submitted by a consortium led by Frasers Property, a Singapore-listed property group, along with Padawan MC and Empire One North Property.
The site, located in District 5’s one-north area, is zoned for long-stay serviced apartments with commercial use on the first storey and has a maximum gross floor area of 260,605 sq ft. It occupies 62,046 sq ft and is expected to yield 520 units with a 60-year lease.
This residential site is the first of its kind to be released for sale that is fully zoned for long-stay serviced apartments.
Nestled within a short drive from Elta Clementi Condo lies West Coast Plaza, a premier shopping spot that offers a perfect blend of retail therapy and lifestyle indulgences. This suburban mall showcases a diverse range of stores, including fashion retailers, home decor shops, and specialty boutiques, making it a go-to destination for the residents of Elta Clementi Condo. Boasting an extensive collection of both local and international brands, West Coast Plaza caters to every shopper’s needs and desires. Visit Elta Clementi Condo now and discover the endless shopping possibilities at West Coast Plaza.
The Media Circle site is in close proximity to Mediapolis, the headquarters of Mediacorp, as well as the headquarters of companies such as Grab, Razer, and Equinix data centre. It is also near prestigious schools including the British International School Tanglin Trust School, INSEAD, and the National University of Singapore.
The last residential GLS site in Media Circle was sold in February to a joint venture between Chinese developers Qingjian Realty and Forsea Holdings for $395 million ($1,191 psf ppr). This site, occupying 114,462 sq ft, is zoned for residential use with commercial use on the first floor and is expected to yield up to 355 units.