The tender for Media Circle (Parcel A) has closed on March 4 with the top bid of $315 million from a consortium of Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding. This Government Land Sale (GLS) site, located in the one-north area, is a prime 99-year leasehold parcel zoned for residential use with commercial space on the first storey.
The winning bid translates to a land rate of $1,037 per square foot per plot ratio (psf ppr) for the 82,125 square feet site. It is expected to yield approximately 325 housing units, with a gross floor area of up to 303,865 square feet. This new development will feature two tall residential towers with commercial spaces on the first level.
According to a press statement from Qingjian and Forsea, the future project at Media Circle (Parcel A) will take advantage of the well-designed master plan and the government’s continuous investment in the one-north precinct as announced in the 2025 budget. This will bring about a transformation of the area to become a highly sought-after location for both work and living.
The site attracted a total of three bids, with the Qingjian-Forsea consortium beating the competition by offering 5.7% higher than the second bid. EL Development submitted a bid of $298 million, which translates to $981 psf ppr. The lowest bid of $295 million, or $971 psf ppr, came from SingHaiyi Group.
One interesting fact is that the Qingjian-Forsea consortium’s winning bid is lower than the land rate they had paid for a neighbouring GLS parcel, which is now the site of the highly anticipated 358-unit Bloomsbury Residences. In January 2025, the partners secured the 114,462 square feet site for $395.28 million, which equates to $1,191 psf ppr.
Managing director of Qingjian Realty, Du Dexiang, expresses confidence in the upcoming transformation of Media Circle, which is supported by a well-designed master plan and the government’s continuous investment in one-north precinct. He adds that the developer is committed to developing high-quality residential communities that align with the growth of one-north, dubbed Singapore’s ‘Silicon Valley’.
Director at Forsea Holdings, Wang Xin, says that the project marks another significant step in their commitment to developing high-quality residential communities that support the growth of one-north, which is similar to Singapore’s ‘Silicon Valley.’
Media Circle (Parcel A) will be the third joint venture between Qingjian and Forsea. In August 2024, they were awarded an executive condominium site at Jalan Loyang Besar after submitting the top bid of $557 million, or $729 psf ppr. The site can potentially yield up to 710 new homes.
The latest bid from Qingjian reflects the developer’s confidence in demand for homes in the area, says Lee Sze Teck, senior director of data analytics at Huttons Asia. He adds that if awarded, the developer will have more control over the supply and pricing of new homes in Media Circle.
The Media Circle (Parcel A) site was launched for sale last November, together with Media Circle (Parcel B), an adjacent plot measuring 107,936 square feet, which can potentially yield about 500 residences. The tender for Parcel B will close on April 29. Both Media Circle Parcels A and B are on the Confirmed List of the 2H2025 GLS Programme.
Under the Reserve List of the 1H2025 GLS Programme, there is another Media Circle site available for application. The 60-year leasehold site, zoned for residential with commercial space on the first storey, is designated for long-stay serviced apartments only. It can yield an estimated 520 units, along with retail space capped at 4,306 square feet.
Fullerton Health’s Onestar Wellness has been appointed by Singapore Press Holdings (SPH) to provide a one-stop consultation, testing and vaccination solution for employees from SPH and its subsidiary, in light of the recent cluster at SPH News Centre.
The service provider, who has been authorised by the Ministry of Health, will offer approved antigen rapid test (ART) and polymerase chain reaction (PCR) tests on-site at no additional cost to the employees.
Employees with symptoms or positive ART results will then be sent to Fullerton’s clinic location to get a PCR test done. On the other hand, SPH has also agreed to provide their employees with the option to get vaccinated by Fullerton after the enhanced safety measures for Office premises began on May 16.
As the first of a variety of SPH employee welfare initiatives, this brief mention on the collaboration with Fullerton Health is among the first news that we received following the SPH 1H2021 Earnings Release announcement .
Mr Tan Yen Leng, who is Fullerton’s Chief Executive Officer, said that this partnership with SPH is a testament to the company’s commitment towards creating a safer and healthier workforce to combat the pandemic.
He further added that as a leader in omnichannel media and publishing, SPH is a valuable partner for Fullerton as they continue to expand their corporate wellness initiatives to include on-site testing and vaccination services.
This comes after the news of the three new unlinked cases in its headquarters located in News Centre’s vicinity, as well as nine infections that were linked to the cluster since Sunday. While all employees at the News Centre are encouraged to get ART and PCR tests, Fullerton Health will also administer the vaccine to employees at the SPH News Centre once they have booked an appointment for their vaccination shots.
The management team at SPH is encouraging their employees to get vaccinated at the Fullerton’s clinic, as they believe it is important to do a part in protecting themselves and their colleagues. The company said that the vaccination i s a critical step in the fight against COVID-19.
The current vaccinations are not compulsory, and it is entirely up to the employees to get themselves vaccinated.
Apart from its effectiveness against the virus, Fullerton Health also has a team that is dedicated to the post-vaccination side effects, which is very crucial for employees who have pre-existing medical conditions.
The best part about this initiative is that Fullerton will come to SPH, so employees can save time on travelling and queuing for the tests, all in a bid to keep the offices safe from the recent cases.
SPH Chief Executive Officer Ng Yat Chung also said that the alliance with Fullerton Health is a demonstration of the company’s commitment to continuously keep its office and employees safe.
Being one of the leading omnichannel media companies has not been straightforward for SPH, and the recent events prove just that, which is why the company is going the extra mile to keep its employees safe.
According to their share price , it would be interesting to see how these initiatives will translate in terms of financial performance.
SPH is currently trading at its 52-week high of $1.34, which is a 6.3% gain from its previous close of $1.26.
SPH has a book value of $2.26. Their dividend yield stands at a decent 4.5% yield.
The recent price movements could see SPH being considered as a Growth and Income Stock in the market.
When purchasing a condo, it is crucial to also consider the maintenance and management of the property. In most cases, condos come with maintenance fees that cover the regular upkeep of common areas and facilities. While these fees may increase the overall cost of owning a condo, they also ensure that the property remains in excellent condition and maintains its value. For investors looking for a more passive investment, hiring a property management company can assist with the day-to-day management of their condo.