A report from the Urban Redevelopment Authority, released on Friday (May 3) indicates that Media Circle land zoned to be used for business parks may soon become available for new housing.
Infinite Studios is located in one-north. A plot that was previously used for business parks has now been rezoned for residential use with commercial on the first floor. The square plot bounded by Media Walk Circle is to be developed at a ratio of 3.7.
Portsdown Road is the site of an irregular shaped parcel, a largely white site, that has been proposed for residential and commercial use. This is still subject to detailed planning.
A fourth parcel in the vicinity is proposed for pure residential use. Four parcels are being considered for residential only use.
URA said that proposed high-density developments would help support housing demand in one-north and will enhance the area into a vibrant district with mixed-use.
Once the plans are ready, the developer will release more information.
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Media Circle began as a media technology business park about 20 year ago.
The nearest MRT station is still a long way away, as are the residential housing estates.
Media Circle has recently seen more residential plots released as part of the Government Land Sales program.
Qingjian Realty was awarded the site in February of this year for S$395m or S$1,191/sqft/plot ratio (psf/ppr). Infinite Studios’ next-door site will be opened in May. It is expected that it will yield approximately 515 homes.
The Hill @ One North, which was built in April of 2024 in the One-North area, sold 43 units the day after it opened for sales. The units were sold on average at approximately S$2,595/sqf. Gao Xiuhua (one of the Kingsford Development owners) bought the site in 2021 for S$162.4million, or S$1,210 psf ppr.
In the one-north area, demand for homes is high. One possible reason could be that the district is located near schools such as NUS and Singapore Polytechnic as well the Science Park area and the one-north area.
This makes one-north a very attractive area for prospective tenants or purchasers who live or work in the region.
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One-north’s supply may have lagged the demand. As a result, rental growth was higher in this area than in Dover.
The estimated number may exceed 1,500 dwelling units.