The government land sales (GLS) residential site located at Media Circle in District 5 recently closed on September 19th after receiving only one bid of $120.09 million or $461 per square foot per plot ratio (psf ppr). The sole bid was submitted by a consortium led by Frasers Property, a property group listed on the Singapore Stock Exchange, along with Padawan MC and Empire One North Property. This 62,046 square feet site has been zoned for long-stay serviced apartments (requiring a minimum stay of three months) with commercial space on the first floor. It boasts a maximum gross floor area of 260,605 square feet and has a 60-year lease. It is expected to accommodate 520 residential units. Located in the one-north district, this is the first GLS residential site which is fully designated for long-stay serviced apartments. According to the article, the site is situated near Mediapolis, which is the headquarters of Mediacorp, as well as prominent companies such as Grab, Razer and Equinix data centre. Furthermore, the site is conveniently close to renowned educational institutions such as the British international school Tanglin Trust School, INSEAD and the National University of Singapore. In February, a joint venture comprising of Chinese developers Qingjian Realty and Forsea Holdings clinched the last residential GLS site in Media Circle for an impressive $395 million ($1,191 psf ppr). This 114,462 square feet site has been zoned for residential usage with commercial space on the ground floor and is expected to accommodate up to 355 units.
When making the decision to invest in a condo, one must also take into account the maintenance and management of the property. These types of properties often require a maintenance fee to cover the cost of keeping common areas and facilities in good condition. While this may increase the overall cost of ownership, it ultimately ensures that the condo retains its value. To make the investment more passive, investors can enlist the help of a property management company to handle the day-to-day management of their condo.