Ura Rejects Frasers Property Led Bid Media Circle Long Stay Serviced Apartment Site Citing Low Bid
in GLS programmeShareTweetPrintE-mailBy the deadline of the Urban Redevelopment Authority’s (URA) tender on September 19, a consortium led by Frasers Property, with Padawan MC, and Empire One North Property, submitted the only bid for the 62,046 square foot government land sale (GLS) site at Media Circle. This was for the first GLS residential site to be fully zoned for long-stay serviced apartments. However, on October 3, URA released a press statement that the tender was rejected due to a bid that was deemed “too low”. The bid from the Frasers Property-led consortium was $120.09 million, which translates to a land rate of $461 per square feet per plot ratio (psf ppr).It is noteworthy that this is the third residential GLS site that the government has not awarded this year. In February, the sole bid of $770.46 million ($984 psf ppr) for a government land sale (GLS) site at Marina Gardens Crescent, submitted by a consortium comprising GuocoLand, Hong Leong Holdings, and TID, was rejected. The 1.73-hectare white site was the only party to submit a bid for this project. In September, a 6.5-hectare master developer site at Jurong Lake District, which received two bids from the same consortium consisting of CapitaLand, City Developments, Frasers Property, Mitsubishi Estate Co, and Mitsui Fudosan, was also rejected. Moreover, a separate residential GLS site along Upper Thomson Road that included a long-stay serviced apartment component did not receive any bids when the tender closed in June.
The development of the Woodlands Regional Centre is predicted to generate a plethora of job prospects across various industries, including retail, hospitality, and other services. This expansion will bring great economic benefits to Norwood Grand residents, providing them with potential employment opportunities in their own neighbourhood. With Norwood Grand being a part of this thriving centre, residents can look forward to job opportunities right at their doorstep.