20 Sep 2024
September 2024 GLS Tender Review: Tampines Street 94 & Media Circle Analysis
Property Insight

The September 2024 GLS (Government Land Sales) commentary outlines the tender results for two key sites: Tampines Street 94 and Media Circle.

Tampines Street 94:

This site, zoned for mixed-use residential and commercial development, attracted six bids. The top bid came from a joint venture between Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd, offering $668.3 million (equivalent to $1,004 per square foot per plot ratio (psf ppr)). The second-highest bid by Sing Holdings Residential Pte. Ltd. was just 1.9% lower at $655.6 million ($985 psf ppr), highlighting competitive bidding despite a cautious market.

The keen interest in this site demonstrates continued demand for strategically located mixed-use parcels, offering both residential and commercial potential. The proximity to amenities and the Tampines West MRT station enhances its appeal. Recent mixed-use projects, like J’den, which saw over 80% of units sold at launch, indicate strong market demand. The upcoming Executive Condominium (EC) at Tampines Street 95 is expected to further increase foot traffic and commercial viability for the development, making it an attractive proposition for developers and investors alike.

The Tampines Street 94 development also benefits from its location within a residential area dense with HDB blocks, ensuring a ready customer base for its commercial offerings. Situated near educational institutions like Temasek Polytechnic, St. Hilda’s Secondary School, and others, the site is ideal for families. Given the market conditions, the expected launch price is projected to range between $2,200 to $2,300 psf, aligned with the Outside Central Region (OCR) median price of $2,107 psf as of Q2 2024. This site’s launch could be influenced by the earlier-launched Tampines Avenue 11 project, potentially setting price expectations for buyers.

Media Circle:

This site, located within the one-north Mediapolis precinct, was tendered for residential use (specifically for long-stay serviced apartments) with commercial space on the first storey. It attracted only one bid, submitted by Frasers Property in collaboration with Padawan MC Pte Ltd and Empire One North Property Pte Ltd, for $120.1 million ($461 psf ppr).

Frasers Property, known for its experience in serviced apartments, sees potential in the site's strategic location, close to media and technology job hubs within the vibrant Mediapolis area. This contrasts sharply with the lack of interest in the Upper Thomson Road (Parcel A) site, which also included a serviced apartment component. The one-north area's connectivity and appeal to expatriates and professionals looking for convenience and proximity to work explain the interest in Media Circle.

Click here for the full report   

 

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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19 Mar 2025
GLS Tender Results: Bayshore Road Site Attracts Strong Developer Interest

Sing-Haiyi Garnet Pte. Ltd. secured the Bayshore Road residential site with a top bid of $658.9 million ($1,388 psf ppr), narrowly surpassing Sing Holdings Residential Pte. Ltd. by 0.8%. The tender attracted eight bidders, reflecting strong developer interest in this well-located site.

This marks the highest number of bidders for a non-EC GLS site since Jalan Tembusu in 2022, underscoring the continued demand for well-located private residential plots. The Bayshore precinct is undergoing major transformation, presenting an opportunity for developers to establish an early foothold in a future waterfront district.

The site’s strategic location enhances its appeal. It is close to Temasek Junior College, Temasek Secondary School, and the upcoming Bayshore MRT station on the Thomson-East Coast Line. Connectivity is further strengthened by the East Coast Parkway (ECP), providing easy access to the CBD and Changi Airport.

This land parcel is the first private residential site launched in the Bayshore neighbourhood, an area envisioned as a dynamic residential and community hub. The Urban Redevelopment Authority (URA) plans to integrate development with green spaces, places of worship, sports and recreational facilities, and educational institutions, fostering a holistic living environment.

The precinct's long-term potential likely contributed to the keen competition, with developers leveraging the First-Mover Advantage to set a benchmark for future developments. The Bayshore transformation began in October 2024 with the launch of two Build-To-Order (BTO) projects. This signals the evolution of Bayshore into a vibrant, well-integrated residential enclave with a blend of coastal living and urban convenience.

The site's proximity to a prestigious landed housing enclave provides an opportunity to attract potential upgraders. Homeowners in these exclusive estates may transition to new condominiums offering modern facilities, enhanced security, and a low-maintenance lifestyle. Additionally, a mature residential catchment could encourage existing homeowners to downsize or invest, further supporting demand.

Overall, this GLS tender reinforces Bayshore’s potential as a desirable residential district, offering connectivity, urban transformation, and investment potential. The strong bidding interest reflects developers’ confidence in the area's long-term value.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

  

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18 Mar 2025
February 2025 New Launches Drive Strong Developer Sales

Developers sold a total of 1,575 units (excluding ECs) in February, maintaining strong market momentum from January’s 1,083 private residential units transacted. This marks the second consecutive month of robust sales, driven by sustained demand for newly launched projects. The key contributors to February’s performance were Elta and Parktown Residence, the only two new launches, which played a pivotal role in sustaining buyer interest and driving sales.

The Outside Central Region (OCR) was the primary driver of sales, accounting for 92.2% of total private residential units (excluding ECs) sold, significantly surpassing the Rest of Central Region (RCR) at 6.2% and the Core Central Region (CCR) at 1.6%. This highlights the ongoing demand for mass-market homes, particularly in well-connected suburban locations offering attractive price points. The influx of new launches provided fresh options, stimulating activity in this segment.

GLS Supply Pipeline Strengthens Market Resilience

While new home sales transactions remain substantial, they align with market demand, reflecting measured absorption of available supply. With more project launches expected and an increase in Government Land Sales (GLS) sites, the market maintains a steady pace.

Most recent project launches originated from GLS sites, as collective sale activity has moderated. 

Best-Selling Projects in February

The top-selling project was Parktown Residence, which transacted 1,041 units at a median price of $2,363 psf. The strong response is attributed to Tampines' first fully integrated development, which seamlessly blends thoughtfully designed residences with a retail mall, MRT connectivity, and bus interchange access, transforming it into a self-sustaining lifestyle hub.

The second best-selling project was Elta, with 326 units sold at a median price of $2,538 psf. Its success stems from pent-up demand, as it is the first new residential project in the Clementi planning area since 2020.

Market Outlook: Sustained Momentum in 1Q2025

March is expected to sustain market momentum, supported by Aurelle @ Tampines, Lentor Central Residences, and Aurea. These new projects will drive continued buyer interest, reinforcing market resilience.

With the transition into 2Q2025, upcoming launches—including Arina East Residences, Marina View Residences, Artisan 8, and One Marina Gardens—are set to energize the market, providing new opportunities for homebuyers and investors while ensuring stability.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

 

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10 Mar 2025
One-North’s Growth: Qingjian Realty & Forsea Residence Submit Top Bid for Media Circle

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.

 

Click

here

for the full report  

  

  

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg