For the second time in a year, a residential site launched under the Government Land Sales (GLS) programme has closed with no bids. The latest site, Media Circle (Parcel B) in the one-north precinct, failed to attract any developer interest when the tender closed on April 29, 2025.<\/p>\n
Analysts attributed the muted response to a combination of site-specific challenges, growing supply in the area, and macro uncertainties, including recent US tariff hikes and their potential impact on Singapore\u2019s economic growth.<\/p>\n
Site Details: Media Circle Parcel B<\/p>\n
Despite being located in the heart of Mediapolis at one-north, the site lacks immediate access to an MRT station, schools, and lifestyle amenities like hawker centres and malls\u2014a drawback for owner-occupier demand, said Tricia Song, Head of Research for Singapore and Southeast Asia at CBRE.<\/p>\n
\u201cThe absence of nearby HDB upgraders and essential conveniences made this site less appealing,\u201d she added.<\/p>\n
Backdrop: Weaker Demand & Nearby Project\u2019s Slow Sales<\/strong> Bloomsbury\u2019s developers previously secured the Parcel A site at S$1,191 psf ppr in early 2024, attracting three bids. The tepid buyer response this month likely deterred interest in Parcel B.<\/p>\n Upcoming Supply Adds to Developer Caution<\/strong> Parcel A (Media Circle<\/a>): Expected to yield ~325 homes; awarded in March 2025 at S$1,036.64 psf ppr to a Qingjian-Forsea partnership.<\/p>\n A previously unawarded long-stay serviced apartment site in the same area is on the reserve list and may enter future GLS programmes.<\/p>\n \u201cDevelopers are factoring in oversupply risk in Media Circle<\/a>,\u201d said Justin Quek, CEO of OrangeTee & Tie.<\/p>\n Developers Holding Out for Better Sites \u201cThese plots are closer to MRT stations and established neighbourhoods, offering stronger buyer appeal,\u201d said Wong Siew Ying, Head of Research and Content at PropNex.<\/p>\n \u201cWith trade tensions escalating and global headwinds in play, developers are exercising caution,\u201d added Nicholas Mak, Chief Research Officer at Mogul.sg.<\/p>\n One-North: Still a Growth Node, But With Gaps<\/strong> But without better infrastructure and transport access, the current market suggests developers remain unconvinced.<\/p>\n Previous Tender With No Bids: A Pattern Emerging?<\/strong> Long-stay serviced apartments\u2014first introduced in November 2023\u2014must meet a minimum three-month stay requirement, unlike regular serviced apartments, which allow stays as short as seven days.<\/p>\n
\nThe lacklustre response is further compounded by soft launch performance at Bloomsbury Residences, a nearby condo project by Qingjian Realty and Forsea Holdings. Launched earlier in April, Bloomsbury sold only 90 out of 358 units (25%) at an average price of S$2,474 psf, well below the 58% average sell-through rate for new launches since September 2024, when interest rate cuts began.<\/p>\n
\nThe immediate vicinity already has substantial incoming supply:<\/p>\n
\nAccording to analysts, developers may be conserving resources for more attractive confirmed list sites in the H1 2025 GLS programme, including:<\/p>\n\n
\nThe one-north precinct, master-planned by JTC, is envisioned as Singapore\u2019s hub for biomedical sciences, infocomm, and media industries. URA had positioned Media Circle<\/a> Parcel B as a catalyst for vibrancy\u2014bringing homes closer to the area’s workplaces and education institutions.<\/p>\n
\nThe last instance of a failed URA tender was in June 2024, for Upper Thomson Road<\/a> (Parcel A)\u2014which included a now-optional long-stay serviced apartment component. That plot has since been re-listed on the confirmed GLS list for H1 2025, minus the mandatory requirement.<\/p>\n