More homes are planned in Media Circle to support housing demand
The Urban Redevelopment Authority (URA) in a post on update on Friday (3 May) update, said that land zoned for use as a business park in Media Circle could soon be set aside for new homes.
The top floor of the plot opposite Infinite Studios, in One-North which was originally intended for business park use it is now proposed as residential. The squarish plot located between Media Walk and Media Circle is being proposed to be a plot ratio of 3.7.
A parcel of land in irregular form, that is predominantly white, could be used for commercial and residential purposes. However, careful planning is required.
Authorities may decide to assign a plot-ratio in the range of 4.3 to a different parcel on Portsdown Avenue for both residential and commercial use. A fourth parcel in the vicinity is being proposed for purely residential use.
URA said: “The proposed residential high-density developments will help meet the growing demand for housing and will enhance one-north’s appeal as a lively, mixed-use district.”
As soon as we’re ready, we’ll give more details about the plans for development of the site.
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Nicholas Mak, chief research officer of Mogul.sg has stated that Media Circle had been envisioned as a commercial park catering to the industry of media technology around 20 years ago.
He noted that the nearest MRT station is a bit from the estates of residential homes and the region.
Media Circle has seen an increase in the number of residential plots released through the Government Land Sales Programme.
In February of this year, Qingjian Realty and Forsea Residence were granted a 10,632.1 square metre site for S$395 million, or S$1,191 per square foot per plot ratio (psf ppr). A second site adjacent to Infinite Studios is expected to be launched in May and will yield approximately 515 units.
The most recent new launch in the One-North region was in April 2024, when The Hill @ One-North sold 43 units on the first day of sales. The units were sold at an average cost of S$2,595 psf. The property was acquired by Gao Xiuhua, one of the owners of Kingsford Development, for S$162.4 million or S$1,210 psf per ppr in 2021.
Christine Sun, OrangeTee Group’s chief researcher and strategist said: “Demand for private homes is booming in the one-north area. It could be because of the proximity of schools like NUS (the National University of Singapore), Singapore Polytechnic and NUS High School as well as the Science Park and one-north precinct.
These factors make One-North an attractive place for prospective tenants or buyers who work or study there.
Lee Sze Teck is the director of the senior level at Huttons data analytics. He said that supply might have lagging behind demand in one-north, leading to a stronger rental growth that is higher than Dover, which is nearby.
He said that the estimated amount of units available could be more than 1,500.
