The Media Circle site received a top bid of $1,191 psf ppr.
It is a reflection of developers’ confidence in the demand for homes in one-north. Blossoms by the Park which was launched in April 2023 has sold more than 85% of its 276 units. There will be no new supply of homes for sale in the next year as the other Media Circle site is for long stay serviced apartments.
Rents for homes in one-north have been strong due to the larger pool of expats. The potential tenant pool for buyers would be Tanglin Trust School which is probably a couple of minutes walk away.
The Marina Gardens Crescent is the second site for sale in the Marina Gardens area. It is a larger site than the Marina Gardens Lane site. The complexity of building close to a MRT line and provision of an underground pedestrian link may have been key considerations in developers’ bid for the site.
It is next to Marina South MRT station and in close proximity to the Marina Bay Financial District and Gardens by the Bay. The financial district will provide a ready pool of tenants. There will be an underground pedestrian link connecting Gardens by the Bay MRT station to Marina South MRT station. This offers flexibility and convenience to residents. This site can also ride on the future Greater Southern Waterfront plans.