URA launches development sites at Marina Gardens Crescent and Media Circle for tender

The government has launched two sites under the 1H2023 Government Land Sales (GLS) Programme. The first is a white site at Marina Gardens Crescent offering 775 residential units and 64,560 sq ft of commercial space, with a gross plot ratio of 4.2. The second site is a residential and commercial development at Media Circle in the one-north precinct, with a gross plot ratio of 2.9 and estimated to yield 355 residential units and 4,304 sq ft of commercial space.

The 1.73ha white site at Maina Gardens Crescent is adjacent to a different site awarded to a Kingsford Group-led consortium of developers on June 27 at a tender price of $1.034 billion, translating to a land rate of $1,402 psf per plot ratio (ppr). This site is zoned “residential with commercial at 1st storey” and will be connected to the future Marina South MRT Station on the Thomson-East Coast Line and close to the Marina South Pier Station on the North-South Line.

Given the higher additional buyer’s stamp duty (ABSD) rates on foreigners and investors, as well as the lack of schools in the vicinity, developers are likely to be cautious about the potential demand for this site. Additionally, a pipeline of new private residential projects in the CBD and downtown areas has yet to enter the market, such as Newport Residences, Skywaters Residences and the project at Marina View that was awarded in September 2021.

The developer that manages to clinch this particular Marina Gardens Crescent site would benefit from having the first-mover advantage as they could provide much-needed commercial amenities, according to Justin Quek, deputy CEO of OrangeTee & Tie. He adds that no new GLS sites in the Marina South precinct were announced in the 2H2023 GLS programme, so it may be a while before the next plot is launched for tender.

Furthermore, the condominium also features an array of facilities, including a 50m pool, gym, playground, and even a concierge service, to keep The Myst Bukit Panjang residents happy and well-entertained. In addition to its strategic location and extensive facilities, The Myst Condo also has an attractive price tag that makes it even more appealing.

Wong Siew Ying, head of research and content at PropNex Realty, estimates that the highest bid price for this plot may be between $1,400 to $1,500 psf ppr, given the attractiveness of this plot as the first white site in the Marina South area.

The second GLS site of Media Circle in the one-north precinct could appeal to smaller developers who are currently reluctant to take on the risk of a larger site, says Wong. Lee Sze Teck, senior director of research at Huttons Asia, notes that this site may benefit from strong tenant demand from companies in nearby Mediapolis. However, he adds that this site is relatively far from public transport options and amenities. Thus, He expects this site to close with no more than five bids and a top bid of no more than $1,100 psf ppr. Quek, on the other hand, expects this site could draw in seven to 10 bids and a top bid price of between $1,150 psf ppr to $1,250 psf ppr.

The tender for the sale of both the Marina Gardens Crescent site and Media Circle site will close on Jan 18, 2024.

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