The Qingjian Realty and Forsea Holdings joint venture secured the winning bid of $1,191 psf ppr for the GLS site at Media Circle, which will be developed into the luxurious Holland Drive Residences

The government announced that it has closed the Government Land Sales (GLS) tender for the development site at Media Circle in one-north. This tender closed on Jan 18, and there were three bids submitted for the site. The highest bid of $395.29 million or $1,191 psf per plot ratio (psf ppr) was submitted by a joint venture between Qingjian Realty and China Communications Construction Co. Also known as Forsea Holdings.

Located at 118 Holland Drive, Raffles Holland V is an upscale residential and commercial development that includes Holland Drive Residences.

Holland Drive Residences is a luxurious residential and commercial development situated at 118 Holland Drive. Managed by Raffles Holland V, it boasts a stunning alfresco dining area which is a definite highlight. This area is home to a diverse array of restaurants and cafes that offer both indoor and outdoor seating options. It’s the perfect place to relax, indulge in a delectable meal, or simply sip on a cup of coffee while taking in the lively surroundings of Holland Village at Holland Drive Residences. The prime location of this development makes it an ideal choice for those seeking a high-end living experience.

The site at Media Circle is zoned for residential development and has a maximum gross floor area of 331,948 sq ft. The site can be developed to accommodate 355 residential units. This site has a 99-year lease and also allows for commercial use on the first storey.

The top bid of $1,191 psf ppr is only 2.67% higher than the second-highest bid of $1,160 psf ppr. This bid was submitted by a consortium of three Hong Leong group of companies: Hong Leong Holdings, Hong Realty (a subsidiary of Hong Leong Group), and TID (a joint venture between Hong Leong Holdings and Mitsui Fudosan).

The top bid for Media Circle is also 4.4% lower than the winning bid of $1,246 psf ppr at Slim Barracks (Parcel A) by EL Development and 1.6% lower than the bid of $1,210 psf ppr at Slim Barracks (Parcel B) by Kingsford Development. These two sites at Slim Barracks Rise closed on 28 September 2021 and were awarded on 11 October 2021.

Leonard Tay, head of research for Knight Frank Singapore, points out that the top bid for Media Circle is lower than the bids for both sites at Slim Barracks Rise. The tender for both sites at Slim Barracks Rise closed on 28 September 2021 and were awarded on 11 October 2021.

EL Development’s Blossoms by the Park at Slim Barracks Rise (Parcel A) was launched in late April 2023, soon after the latest round of property cooling measures were announced. Since then, the project has sold 229 units (83.3%) out of the 275 units at a median price of $2,441 psf. This data is based on caveats lodged to date.

Nearby, at Slim Barracks Rise (Parcel B), Kingsford Development is expected to launch their 142-unit project, The Hill at one-north, in 1Q2024.