No Bids for Media Circle GLS Site at One-North Amid Market Caution and Supply Concerns

For the second time in a year, a residential site launched under the Government Land Sales (GLS) programme has closed with no bids. The latest site, Media Circle (Parcel B) in the one-north precinct, failed to attract any developer interest when the tender closed on April 29, 2025.

Analysts attributed the muted response to a combination of site-specific challenges, growing supply in the area, and macro uncertainties, including recent US tariff hikes and their potential impact on Singapore’s economic growth.

Site Details: Media Circle Parcel B

• Tenure: 99-year leasehold
• Zoning: Residential with commercial at first storey
• Estimated yield: ~500 private homes
• Commercial space cap: 4,306 sq ft GFA

Despite being located in the heart of Mediapolis at one-north, the site lacks immediate access to an MRT station, schools, and lifestyle amenities like hawker centres and malls—a drawback for owner-occupier demand, said Tricia Song, Head of Research for Singapore and Southeast Asia at CBRE.

“The absence of nearby HDB upgraders and essential conveniences made this site less appealing,” she added.

Backdrop: Weaker Demand & Nearby Project’s Slow Sales
The lacklustre response is further compounded by soft launch performance at Bloomsbury Residences, a nearby condo project by Qingjian Realty and Forsea Holdings. Launched earlier in April, Bloomsbury sold only 90 out of 358 units (25%) at an average price of S$2,474 psf, well below the 58% average sell-through rate for new launches since September 2024, when interest rate cuts began.

Bloomsbury’s developers previously secured the Parcel A site at S$1,191 psf ppr in early 2024, attracting three bids. The tepid buyer response this month likely deterred interest in Parcel B.

Upcoming Supply Adds to Developer Caution
The immediate vicinity already has substantial incoming supply:

Parcel A (Media Circle): Expected to yield ~325 homes; awarded in March 2025 at S$1,036.64 psf ppr to a Qingjian-Forsea partnership.

A previously unawarded long-stay serviced apartment site in the same area is on the reserve list and may enter future GLS programmes.

“Developers are factoring in oversupply risk in Media Circle,” said Justin Quek, CEO of OrangeTee & Tie.

Developers Holding Out for Better Sites
According to analysts, developers may be conserving resources for more attractive confirmed list sites in the H1 2025 GLS programme, including:

• Dunearn Road (former Turf City)
• Telok Blangah Road (former Keppel Golf site)
• Chuan Grove, Lakeside Drive, and a mixed-use site at Hougang Central

“These plots are closer to MRT stations and established neighbourhoods, offering stronger buyer appeal,” said Wong Siew Ying, Head of Research and Content at PropNex.

“With trade tensions escalating and global headwinds in play, developers are exercising caution,” added Nicholas Mak, Chief Research Officer at Mogul.sg.

One-North: Still a Growth Node, But With Gaps
The one-north precinct, master-planned by JTC, is envisioned as Singapore’s hub for biomedical sciences, infocomm, and media industries. URA had positioned Media Circle Parcel B as a catalyst for vibrancy—bringing homes closer to the area\\\\\\\\\\\\\\\’s workplaces and education institutions.

But without better infrastructure and transport access, the current market suggests developers remain unconvinced.

Previous Tender With No Bids: A Pattern Emerging?
The last instance of a failed URA tender was in June 2024, for Upper Thomson Road (Parcel A)—which included a now-optional long-stay serviced apartment component. That plot has since been re-listed on the confirmed GLS list for H1 2025, minus the mandatory requirement.

Long-stay serviced apartments—first introduced in November 2023—must meet a minimum three-month stay requirement, unlike regular serviced apartments, which allow stays as short as seven days.

More Caution, More Selectivity Ahead
The no-bid outcome at Media Circle (Parcel B) underscores a growing caution among developers, driven by location constraints, oversupply risk, and macro uncertainty. While one-north remains a strategic growth area, developers appear to be prioritizing better-connected, mature precincts for their next land acquisition moves.

As Singapore’s GLS landscape evolves, all eyes will be on upcoming tenders at prime MRT-linked sites, which may offer greater upside in a sentiment-driven housing market.