Media Circle is re-zoned to increase the number of homes
Analysts say that there is a strong demand for homes in the Science Park area due to their proximity to nearby schools.
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.
The land next to Infinite Studios is one-north. This plot was previously set aside as a business park. A plot ratio 3.7 is proposed for the squarish, square-shaped plot that lies between Media Walk Circle.
Portsdown Road is the site of an irregularly-shaped parcel, which has a largely white appearance. This land parcel, however, could be used both for residential and commercial purposes, subject to planning.
A fourth parcel in the vicinity is proposed for pure residential use. Four parcels are being considered for residential only use.
The URA stated that the high-density housing developments proposed will increase the demand for homes in One-North. They also recommend the development of a mixed-use district.
Once the information is available, the site’s development plans will be revealed.
Media Circle began as a media technology business park about 20 year ago.
But he also noted that it is still quite far from the MRT station or residential estates.
Media Circle, in 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 Per Square Foot per Plot Ratio (psfppr). Infinite Studios’ next-door site will be opened in May. It is estimated that it will yield 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 average unit price was S$2,595. Gao Xiuhua (one of the Kingsford Development owners) bought the site in 2021 for S$162.4m or S$1,210 psf ppr.
In the one-north area, demand for homes is high. This may be because of the close proximity of the NUS (National University of Singapore), Singapore Polytechnic School, and NUS High School to the district, as well its location near Science Park, the one-north Business Precinct, and the Science Park Business Area.
These factors make the one-north area attractive to potential buyers or tenants who work or attend school in the region. There is also a possibility that the supply and demand of homes in One-north have not been in sync, which has led to higher rental growth there than in Dover. The estimated number may be more than 1,500.
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