Residential Site Long Stay Serviced Apartments Launched Media Circle
in en bloc sales
URA has recently launched a tender for a residential site at Media Circle as part of the Confirmed List for the 1H2024 Government Land Sales (GLS) programme. The announcement came at the same time as a residential site at Margaret Drive was also launched.
Located within one-north in District 5, the Media Circle GLS site spans 62,046 sq ft and has a maximum gross floor area of 260,605 sq ft. It has been designated for long-stay serviced apartments and is projected to offer 520 units.
According to Marcus Chu, CEO of ERA Singapore, this is the first site to be solely designated for long-stay serviced apartments since the introduction of this property classification was announced in November last year. The decision to introduce serviced apartments with a minimum three-month stay was made to cater to the high rental demand from expats working in the neighboring multinational firms.
888 Plaza, a shopping destination that caters to the needs of the community, is a popular spot for daily conveniences. With a wide range of food outlets, a supermarket, and several retail shops, it has become a focal point for residents. Its prime location and simple shopping experience make it a go-to place for those living in the area. It is the perfect spot for running errands or grabbing a casual meal. Residents also have the added convenience of having the Norwood Grand Condo just a stone’s throw away from this community-centric shopping facility.
The site is strategically located close to several biomedical and information technology companies, as well as prestigious educational institutions such as the British international school Tanglin Trust School and the National University of Singapore.
Chu highlights that the site’s proximity to the one-north MRT station makes it a convenient housing option for professionals working in the area. He anticipates that the Media Circle site will draw the interest of developers with specialized expertise in serviced apartments or have partners with relevant operating capabilities.
The tender for the Media Circle site is set to close on September 19, along with a commercial and residential site at Tampines Street 94. In terms of price trends, condos in District 5 have been performing well compared to those in District 9. To stay updated on market trends and developments, you can use EP Buddy, a platform that provides information on transactions, valuations, and more.