The Government Land Sales (GLS) tender for Media Circle (Parcel A), designated for residential development with commercial use on the first storey, concluded with a top bid of $315.0 million ($1,037 psf ppr). The top bid came from CNQC Realty (Bloomsbury) Pte. Ltd. (Qingjian Realty), Forsea Residence Pte. Ltd., and Hoovasun Holding Pte. Ltd. 

Having already secured another site in Media Circle, Qingjian Realty and Forsea Residence continue to expand their One-North presence. Their aggressive acquisition strategy underscores confidence in the area's long-term growth, given One-North’s role as a hub for innovation, research, and technology-driven industries. Their strong optimism in the demand for high-quality residential projects is reflected in their competitive bid, further reinforcing the precinct’s attractiveness.

Located within the Queenstown Planning Area, Media Circle (Parcel A) benefits from its strategic positioning in a vibrant mixed-use environment. The area’s limited housing stock presents a unique opportunity to meet demand while leveraging proximity to key industries, educational institutions, and transport networks. This creates a highly connected and convenient residential ecosystem that integrates seamlessly with the live-work-play model.

The Rest of Central Region (RCR) experienced 5.8% growth in non-landed home prices in 2024, surpassing the 3.1% increase in 2023. This price momentum signals renewed buyer interest, supported by new project launches such as The Hill @One-North, Emerald of Katong, and Nava Grove. These developments reinforce the RCR’s investment potential and desirability as a residential choice.

With the upcoming Bloomsbury Residences launch at Media Circle, expectations are set for new pricing benchmarks. Based on market trends and buyer sentiment, new launch prices are projected between $2,300 and $2,400 psf. This aligns with the premium pricing attached to RCR properties, reflecting strong demand and a resilient private residential market.

As Singapore’s property market continues to evolve, the sustained interest in One-North developments highlights the importance of strategic land acquisition in prime locations. Developers remain optimistic, recognizing the area’s growth potential and the need for well-integrated urban solutions.

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Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

Email: mohan@sri.com.sg