URA Launches Residential Sites at Media Circle and Bayshore Road
On November 26, the Urban Redevelopment Authority (URA) released three residential land parcels under the second half of the 2024 Government Land Sales (GLS) programme. These include a site at Bayshore Road and two plots at Media Circle, offering exciting opportunities for property developers.
Bayshore Road: A Prime Opportunity Near the East Coast
The Bayshore Road site spans 10,497.3 square metres and is expected to deliver approximately 515 residential units, with a maximum gross floor area (GFA) of 44,089 square metres. Positioned near the East Coast, this 99-year leasehold site is likely to draw significant interest due to its strategic location and proximity to Bayshore MRT station.
Market experts highlight this plot as the first private residential site in the Bayshore precinct. With no major private condo launches in the area since The Bayshore and Costa Del Sol, this site is expected to attract both HDB upgraders and current residents of older projects nearby.
Developers are predicted to place competitive bids for this parcel, with expected offers ranging between $1,050 and $1,200 per square foot per plot ratio (psf ppr).
Media Circle Parcels: Mixed-Use Potential in a Growing Area
The Media Circle sites, located in the one-north area, are zoned for residential use with commercial spaces on the first storey. Parcel A measures 7,629.7 square metres and could yield 325 residential homes, while the larger Parcel B spans 10,027.6 square metres and is set to provide 500 units.
However, these sites may see a more subdued response from developers due to their distance from amenities and transportation hubs compared to other one-north developments like Blossoms by the Park. Despite this, experts suggest Parcel A may see more interest as it involves lower developmental risks.
Meeting Market Demand for New Homes
These GLS sites are part of Singapore’s effort to meet the rising demand for housing, contributing to the 5,050 residential units set to be launched under the confirmed list of the H2 2024 GLS programme.
For potential homeowners, this is an exciting time to explore opportunities in growing areas like Bayshore and one-north. Additionally, projects like Meyer Blue, offering Freehold luxurious coastal living, continue to highlight Singapore’s robust property market and the variety of options available for buyers and investors.
Stay tuned as tenders for these sites close in early 2025, paving the way for exciting new developments in Singapore’s dynamic property landscape.
