Qingjian Realty and Forsea Holdings have emerged as the top bidders for a prime residential Government Land Sales (GLS) site at Media Circle in Singapore’s one-north precinct, offering $395.29 million or $1,191 per square foot per plot ratio (psf ppr). This 99-year leasehold site spans about 114,462 square feet and is expected to yield around 355 residential units with commercial space on the first storey.

The joint venture’s offer outpaced the next highest bid by 2.67%, demonstrating strong confidence in the area’s growth potential. Although the bid came in slightly lower than previous land sales in the nearby Slim Barracks area, analysts see this as a calculated move based on the site’s slightly less central location relative to MRT stations.

This project marks the third collaboration between Qingjian and Forsea, following successful ventures such as Bloomsbury Residences and a development at Jalan Loyang Besar. Industry experts estimate that the breakeven price for the project could be around $2,000 psf, with potential launch prices ranging from $2,300 to $2,400 psf.

The bid reflects a strategic investment into one-north’s vibrant ecosystem, which is centered around sectors like biomedical sciences, media, and information technology. With this move, Qingjian and Forsea are positioning themselves to cater to future-ready urban dwellers seeking a balance of work, life, and connectivity in Singapore’s innovation corridor.

Source: https://www.edgeprop.sg/property-news/qingjian-realty-and-forsea-holdings-jv-submit-top-bid-1191-psf-ppr-gls-site-media-circle

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