Media Circle will be able to meet the housing needs of its customers by adding more homes
The Urban Redevelopment Authority (URA) in a news release on update on Friday (3 May) update, announced that the land zoned as an office park within Media Circle could soon be designated for the construction of new homes.
The top floor of the plot adjacent to Infinite Studios, in One-North which was originally reserved for use as a business park is now being proposed to be residential. The squarish plot located between Media Walk and Media Circle is expected to have a plot-to-plot ratio of 3.7.
A piece of land with irregular form, that is predominantly white, is planned to be used for both commercial and residential purposes. However, careful planning is needed.
Authorities could give a plot-ratio of 4.3 to a different parcel on Portsdown Avenue for both residential and commercial uses. In the vicinity there is a fourth parcel planned to be used for residential purposes only.
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, mixed-use area.”
Once we are ready, we will give more details about the plans for development of the site.
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Nicholas Mak, Chief Research Officer of Mogul.sg stated that Media Circle was envisioned about 20 years ago to be an enterprise-park for the media-technology industry.
He pointed out that the closest MRT station is a bit from the estates of residential homes and the surrounding area.
Media Circle has seen an increase in the number of residential properties that are available through the Government Land Sales Programme.
Qingjian Realty & Forsea Residence was awarded the rights to a 10,632.1-square-metre plot in February for S$395,000,000, or S$1,191 per square foot for the plot ratio. Infinite Studios will launch a second site in May that is expected to create 515 apartments.
The Hill @ One North sold 43 units on the first day of sales on April 20, 2024. This was the last time a brand new development was introduced in the one-north. The price per square foot was approximately S$2,595 Gao Xiuhua bought the site for S$162.4million or S$1,210 per sq ft in 2021.
Christine Sun, OrangeTee Group’s chief strategist, researcher and researcher, said: “Demand has been high for homes that are private in the one-north region. It could be because of the close proximity of schools such as NUS (the National University of Singapore), Singapore Polytechnic and NUS High School as well as the Science Park and one-north precinct.
This makes One-North a desirable location for prospective tenants or buyers who study or work there.
Lee Sze Teck is the director of the senior level at Huttons data analytics. He said that supply might have lagging ahead of demand in one-north, which led to a higher rate of rental growth that is higher than Dover close by.
He stated that the estimated number of units located on the site could be greater than 1,500.