As a foreign investor, it is crucial to have a thorough understanding of the regulations and limitations surrounding property ownership in Singapore. In comparison to landed properties, which have stricter ownership rules, foreigners are typically able to purchase condos with fewer restrictions. However, it is important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their first property purchase. Despite this added expense, the Singapore real estate market remains a stable and lucrative option for foreign investment, making Singapore Condos a desirable choice for many.
The Qingjian-Forsea consortium emerged as the winner of the tender for Media Circle (Parcel A), one of the Government Land Sale (GLS) sites in the one-north area. The 99-year leasehold site, measuring 82,125 square feet, was put up for sale in November last year and closed on March 4. The consortium’s bid of $315 million was the highest among the three bids received for the site. This translates to a land rate of $1,037 per square foot per plot ratio (psf ppr).The site is zoned for residential use and will have commercial space on the first storey. It is expected to yield approximately 325 housing units with a maximum gross floor area of 303,865 sq ft. In a press statement, Qingjian and Forsea stated that the development will include two high-rise residential towers with commercial spaces on the first level.AdvertisementThe Media Circle (Parcel A) site received a total of three bids. The winning bid from Qingjian and Forsea was 5.7% higher than the second-highest bid of $298 million, submitted by EL Development. SingHaiyi Group came in with the lowest bid of $295 million.Qingjian and Forsea’s bid is lower than the land rate paid for a neighbouring Media Circle GLS site, which was awarded to them in January 2024. The neighbouring site, which is now the location of the upcoming 358-unit Bloomsbury Residences, was purchased for $395.28 million, or $1,191 psf ppr. “We are confident in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in the one-north precinct as announced in the 2025 budget,” commented Du Dexiang, managing director of Qingjian Realty.Wang Xin, director at Forsea Holdings, added that this project is another important step in their commitment to developing high-quality residential communities that align with the growth of one-north, which is comparable to Singapore’s “Silicon Valley”. This marks the third joint venture between Qingjian and Forsea, with the previous two being an executive condominium site at Jalan Loyang Besar and a site for 114,462 sq ft, with potential for 710 new homes.Lee Sze Teck, senior director of data analytics at Huttons Asia, noted that Qingjian’s latest bid reflects their confidence in the demand for housing in the area. He also mentioned that if awarded the bid, Qingjian will have a hand in determining the supply and pricing of new homes in Media Circle.The Media Circle (Parcel A) site was launched for sale in November last year, together with the adjacent Parcel B, which measures 107,936 sq ft and is expected to yield about 500 housing units. In total, there are three Media Circle sites available for application, both on the Confirmed List and Reserve List of the Government Land Sale Programme for 2024 and 2025. Qingjian and Forsea had also been awarded the Parcel B site in January 2024.The Media Circle area is unique as it is set among greenery and black and white bungalows. It is also one of two precincts in the one-north neighbourhood earmarked for housing. In total, there are only 987 non-landed residential properties in the area, with less than 100 new homes remaining unsold. Due to the high proportion of foreigners working in one-north, as well as the nearby Science Park and Tanglin Trust School, Lee believes the area offers a strong pool of quality tenants while also being close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall and Timbre+ One North.Leonard Tay, head of research at Knight Frank Singapore, believes that the future project at Media Circle (Parcel A) will launch with selling prices starting from $2,300 psf. While it may be in a quieter section of the one-north business park, it is also within walking distance to Mediapolis. Tay believes that a residential project, or a mix of residences with serviced apartments for lease, could appeal to workers in the media and entertainment industry.