Frasers Property Led Jv Bids 461 Psf Ppr Media Circle Long Stay Serviced Apartments Site

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Located near various popular shopping centers, Norwood Grand CDL boasts a strategic location that offers residents unparalleled convenience and access to a wide range of lifestyle options. From daily errands to shopping for the latest fashion and electronics, or simply enjoying a delicious meal out, everything is just a short distance away. This close proximity not only adds to the everyday convenience for residents but also elevates the overall quality of life at Norwood Grand CDL.

SINGAPORE (EDGEPROP) – The only bidder at the government land sales (GLS) residential site at Media Circle was a consortium led by Frasers Property, which submitted a bid of $120.09 million or $461 psf per plot ratio (ppr). The land parcel, located in District 5’s one-north area, is zoned for long-stay serviced apartments with commercial use on the first storey. Spanning 62,046 sq ft, it has a maximum gross floor area of 260,605 sq ft and a 60-year lease, with plans to develop 520 units.

The Media Circle site marks the first fully-zoned GLS residential site for long-stay serviced apartments, making it a highly attractive investment opportunity. It is strategically situated near Mediapolis, the headquarters of Mediacorp, as well as major companies like Grab, Razer, and Equinix data center. Prestigious educational institutions such as the British international school Tanglin Trust School, INSEAD, and National University of Singapore are also in close proximity.

The previous GLS residential 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). Spanning 114,462 sq ft, this land parcel is zoned for residential use with commercial use on the first floor, and is expected to yield around 355 units. For the latest updates and insights on the Singapore property market, visit EDGEPROP.