Media Circle can meet housing demand with adding more homes

Analysts have noted that the demand for housing is high due to its close proximity to schools and Science Park.According to an update released by the Urban Redevelopment Authority on Friday, May 3, land zoned for use as a business park in Media Circle could soon be reserved for new homes.

The first floor of a plot opposite Infinite Studios, in One-North, that was previously designated for business park purposes, has been proposed as residential. The squarish parcel between Media Walk and Media Circle is proposed to have a plot ratio of 3.7.

A parcel of land in an irregular shape, which is mostly white, is proposed to be used for both residential and commercial purposes. However, detailed planning is required.

Authorities may assign a plot-ratio of 4.3 to another parcel on Portsdown Avenue for both residential and commercial use. In the area, a fourth parcel is proposed for residential use only.

The URA suggested that the proposed residential high-density developments would support the demand for housing in One-North and enhance the district as a vibrant, mixed-use area.

When ready, we will provide more information about the development plans of the site.

Media Circle was envisioned about 20 years prior as a business district serving the media and technology industries.

He noted that the area was still quite a distance from the closest MRT station as well as residential housing estates.

Media Circle has seen an increase in the number of residential lots released through the Government Land Sales Programme.

Qingjian Realty & Forsea Residence won a 10,632.1-square-metre plot in February for S$395,000,000 or S$1,191 a square foot per plot ratio. Infinite Studios will launch a second site in May, which is estimated to produce 515 units.

The Hill @ One North sold 43 units in its first day of sales in April 2024, the last time a new development was launched in one-north. The average price per square foot was approximately S$2,595 Gao Xiuhua bought the site for S$162.4million or S$1,210 psf ppr by 2021.

The demand for private homes in the district of one-north has been high. This could be due to the proximity of schools like NUS (National University of Singapore), Singapore Polytechnic and NUS High School as well as the Science Park and one-north precinct.

One-north is a desirable location for those who live, work or study nearby. The supply of houses in one-north has lagged behind demand. This may be why the rental growth is higher in this area than in Dover. Estimated dwelling units may exceed 1,500.

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