More homes planned in Media Circle to support housing demand

Analysts note that demand for housing has been strong due to its proximity to schools and the Science Park business area

May 3, 2024



LAND zoned for business park use in Media Circle may soon be set aside for new homes, indicated an update from the Urban Redevelopment Authority (URA) on Friday (May 3).

A plot of land opposite Infinite Studios in one-north, which was previously set aside for business park use, is being proposed for residential with commercial use on the first storey. A plot ratio of 3.7 is being proposed for the squarish plot bound by Media Walk and Media Circle.

Across at Portsdown Road, an irregular shaped land parcel – which is largely a white site currently – is being proposed for residential with commercial use as well, but is subject to detailed planning.

Another parcel along Portsdown Avenue may be set aside for residential with commercial use as well, and may be assigned a plot ratio of 4.3 by the authorities. A fourth parcel in the vicinity is being proposed for pure residential use.

URA said: “The proposed high-density residential developments will support demand for housing in one-north, and enhance the area as a vibrant mixed-use district.”

More information on the development plans for the site will be made known when ready.

Nicholas Mak, chief research officer of Mogul.sg, said that Media Circle had been envisioned as a business park serving the media technology industry about 20 years ago.

However, the area is still some distance away from the nearest MRT station and residential housing estates, he noted.

In recent years, more residential sites have been released under the Government Land Sales programme in Media Circle.

In February this year, Qingjian Realty and Forsea Residence were awarded a 10,632.1 square metre site for S$395 million or S$1,191 per square foot per plot ratio (psf ppr). Another site next to Infinite Studios is expected to be launched in May and is estimated to yield some 515 units.

The last new launch in the one-north area was in April 2024 when The Hill @ One-North sold 43 units on the first day it booked sales. The units were sold at an average price of approximately S$2,595 psf. The site was bought by Gao Xiuhua, one of the owners of Kingsford Development, for S$162.4 million or S$1,210 psf ppr in 2021.

Christine Sun, OrangeTee Group’s chief researcher and strategist, said: “Demand for private homes has been strong in the one-north district. One reason for this could be the area’s proximity to schools such as NUS (the National University of Singapore), Singapore Polytechnic, and NUS High School, as well as its location near the one-north business precinct and the Science Park business area.

“These factors make one-north an attractive location for potential tenants or buyers who work or study in the area.”

Lee Sze Teck, Huttons’ senior director of data analytics, noted that the supply of homes in one-north may have lagged demand, resulting in stronger rental growth in that area compared to Dover nearby.

“The estimated number of dwelling units in the site may exceed 1,500,” he said.

https://www.businesstimes.com.sg/pro...housing-demand