The residential site at Media Circle under the government land sales (GLS) programme came to a close on September 19 with only one bidder. The consortium, led by Singapore-listed Frasers Property, along with Padawan MC and Empire One North Property, submitted the sole bid of $120.09 million, translating to $461 per square foot per plot ratio (psf ppr).
Located in District 5’s one-north area, the 62,046 square foot site is earmarked for long-stay serviced apartments with commercial use on the first storey. Its maximum gross floor area stands at 260,605 square feet, and the 60-year leasehold plot is expected to generate 520 units.
Assessing the potential rental yield is a crucial aspect to consider when contemplating a condo investment. This is determined by the annual rental income in relation to the property’s purchase price. In Singapore, the rental yields for condos can vary significantly depending on factors like location, property condition, and market demand. For instance, condos situated in areas with high rental demand, such as those near business districts or educational institutions, tend to offer higher rental yields. To gain a better understanding of the rental potential of a specific condo, conducting thorough market research and seeking guidance from real estate agents can provide valuable insights. For information on Singapore condos, visit Singapore Condo.
This is the first residential GLS site to be fully zoned for long-stay serviced apartments, making it a unique opportunity for developers.
Situated in close proximity to Mediapolis, the headquarters of Mediacorp, as well as the headquarters of major companies like Grab, Razer and Equinix Data Centre, the site offers easy accessibility to amenities. Educational institutions such as the British international school Tanglin Trust School, INSEAD and the National University of Singapore are also within reach.
This is not the first time a GLS residential site was sold at Media Circle. In February, a joint venture between Chinese developers Qingjian Realty and Forsea Holdings won the bid for a residential site for $395 million ($1,191 psf ppr). The 114,462 square foot site is zoned for residential use with commercial space on the first floor, and is expected to yield 355 units.