Media Circle will be able to satisfy the demand for housing with the addition of more homes
The Urban Redevelopment Authority (URA), in a Friday (3 May) update, said that land designated as an office park within Media Circle could soon be reserved for new homes.
The first floor of a plot that is located opposite Infinite Studios, in One-North which was originally reserved for use as a business park is now being proposed to be residential. A plot ratio of 3.7 is being proposed for the squarish plot, which is bound by Media Walk and Media Circle.
A parcel of land in an irregular shape, that is mostly white, could be used for both commercial and residential uses. However, detailed planning is needed.
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 uses. In the area, a fourth parcel is proposed to be used for residential purposes only.
URA stated: “The proposed residential high-density developments will support the demand for housing as well as enhance one-north as a vibrant mixed-use district.”
Once we are ready, we will provide more information about the future plans for the site.
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Nicholas Mak, chief research officer of Mogul.sg, said that Media Circle had been envisioned as a commercial park catering to the media technology industry about 20 years ago.
He pointed out that the closest MRT station is a bit from the estates of residential homes and the area.
In recent times, more residential land were released under the Government Land Sales programme in Media Circle.
Qingjian Realty & Forsea Residence won the rights to a 10,632.1-square-metre plot in February for S$395,000,000, or S$1,191 for a square foot of plot ratio. Infinite Studios will launch a second location in May, which is expected to provide 515 apartments.
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 it booked sales. The average price per square foot was S$2,595 Gao Xiuhua bought the site for S$162.4million or S$1,210 per sq ft by 2021.
Christine Sun, OrangeTee Group’s chief researcher and strategist stated: “Demand for private homes is high in the one-north area. One reason for this may be due to the district’s close proximity to schools like NUS (the National University of Singapore), Singapore Polytechnic as well as NUS High School, as and its location close to the business district of one-north as well as the Science Park business area.
These factors make One-North an attractive place for potential tenants or purchasers who study or work there.
Lee Sze Teck, Huttons Director of Data analytics, said that the housing supply in the one-north region may have been less than demand, which has led to higher rental growth in that area compared to Dover close by.
“The estimated number of dwelling units in the area could be more than 1500,” he said.