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Nov 16, 2025Residential and commercial development at Media Circle (Parcel A) GLS site awarded to Qingjian-Forsea consortium The tender for Media Circle (Parcel A), a 99-year leasehold Government Land Sale (GLS) site located in the one-north area, closed on March 4. The winning bid of $315 million was submitted by a consortium comprising Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding. The consortium’s successful bid translates to a land rate of $1,037 psf per plot ratio (ppr) for the 82,125 sq ft site that is zoned for residential use with commercial at the first storey. The site has the potential to yield about 325 housing units with a maximum gross floor area of 303,865 sq ft. The development, which will be the third joint venture between Qingjian and Forsea, is set to feature two high-rise residential towers and commercial spaces on level 1. This project marks a significant step in the development of high-quality residential communities in the one-north area, which is often referred to as Singapore’s “Silicon Valley”, says Du Dexiang, managing director of Qingjian Realty. Wang Xin, director at Forsea Holdings, adds that this project is a testament to the company’s commitment to developing in line with the growth of one-north. The tender for Media Circle (Parcel A) attracted a total of three bids, with Qingjian-Forsea consortium’s bid being 5.7% higher than the next bid submitted by EL Development at $298 million, or $981 psf ppr. SingHaiyi Group submitted the lowest bid of $295 million, or $971 psf ppr. While the winning bid is lower than the land rate paid for a neighbouring GLS site by the same partners in January 2014, it still reflects their confidence in the demand for residential homes in the one-north area. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, if the bid is awarded, Qingjian and Forsea will have significant influence in determining the supply and pricing of new homes in the area. The neighbouring GLS site awarded to the consortium has already been developed into the 358-unit Bloomsbury Residences, and the developers will be looking to make similar strides in the transformation of Media Circle. The one-north area, which is home to many expatriates due to the presence of Science Park and the nearby Tanglin Trust School, also has a limited supply of non-landed residential properties, notes Lee. With the low unsold units in the area, the consortium’s upcoming project is expected to be well received by buyers. The site for Media Circle (Parcel A) was launched for sale in November 2014 together with an adjacent plot, Media Circle (Parcel B), which has yet to be awarded. The tender for Parcel B will close on April 29. Additionally, under the Reserve List of the 1H2015 GLS Programme, there is another Media Circle site designated for long-stay serviced apartments, with an estimated yield of 520 residential units and retail spaces. According to Leonard Tay, head of research at Knight Frank Singapore, the future project at Media Circle (Parcel A) will likely have an average selling price of $2,300 psf. Despite being situated in a quieter section of one-north business park, it is within walking distance to Mediapolis, making it an attractive location for workers in the media and entertainment industries. With limited supply and strong demand from quality tenants, buyers can expect good rental yield from this development.…