Media Circle will be able to satisfy the demand for housing through the addition of additional homes
The Urban Redevelopment Authority (URA) in a news release on Friday (3 May) update, said that land zoned for use as an office park in Media Circle could soon be reserved for new homes.
The first floor of a plot adjacent to Infinite Studios, in One-North the area that was previously designated for business park purposes is now being proposed to be residential. A plot ratio of 3.7 is considered for the squarish plot, which is bound by Media Walk and Media Circle.
Across at Portsdown Road, an irregular rectangular land parcel – which is mostly white at present – is being considered as a residential area with commercial uses as well, but is subject to detailed planning.
Another parcel located along Portsdown Avenue may be set aside for residential with commercial use as well and could be given an area ratio of 4.3 by the authorities. A fourth parcel within the vicinity is being proposed to be used for residential purposes only.
URA said: “The proposed residential high-density developments will support the demand for housing as well as enhance one-north as a vibrant 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 at Mogul.sg told the media outlet that Media Circle had been envisioned as a business park that would serve the media technology industry about 20 years ago.
But, the region is still away from the closest MRT station and residential housing estates, he noted.
Media Circle has seen an increase in the number of residential properties released through the Government Land Sales Programme.
In February, Qingjian Realty and Forsea Residence were awarded a 10,632.1 square metre plot at a cost of S$395 million or $1,191 per square foot per plot ratio (psf ppr). A second site adjacent to Infinite Studios is expected to be completed in May and is expected to produce 515 units.
The most recent new launch in the One-North area was April 2024 when The Hill @ One-North sold 43 units on the first day that it announced sales. The average price per square foot was approximately S$2,595 The site was bought by Gao Xiuhua, one of the owners of Kingsford Development, for S$162.4 million, or S$1,210 per sq ft in 2021.
Christine Sun, OrangeTee Group’s chief researcher and strategist said: “Demand for private homes has been strong in the one-north area. It could be because of the 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.
“These elements make one-North an attractive area for potential tenants or buyers who study or work in the region.”
Lee Sze Teck is the director of the senior level at Huttons data analytics. He said that supply could have lagged ahead of demand in one-north. This could lead to a greater growth in rental that is higher than Dover, which is nearby.
“The estimated amount of dwelling units on the area could be more than 1,500,” he said.
