Qingjian Realty, Forsea Holdings, and Hoovasun Holding have submitted the top bid of $315 million—equating to $1,037 per square foot per plot ratio—for a Government Land Sales (GLS) site at Media Circle (Parcel A) in Singapore’s one-north district. This bid is notably 13% lower than their previous successful offer for a neighboring plot, signaling a calculated and price-sensitive approach in a changing market landscape.

The 99-year leasehold parcel is zoned for residential development with limited commercial space on the ground floor and is projected to support approximately 325 private residential units. The commercial component is restricted to about 4,306 square feet of gross floor area, ensuring a primary focus on housing.

This move reinforces the joint venture’s long-term commitment to developing within one-north, a district known for its vibrant ecosystem of innovation, research, and technology enterprises. Their consistent interest in this area suggests a belief in its sustained growth and appeal, especially among professionals seeking a home near key employment nodes. The bid reflects a strategy that balances development potential with financial prudence amid evolving market dynamics.

Source: https://www.edgeprop.sg/property-news/qingjian-realty-and-forsea-holdings-submit-top-bid-1037-psf-ppr-media-circle-parcel-gls-site

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