URA rejects Frasers Property-led bid for Media Circle long-stay serviced apartment site, citing low bid price

URA has rejected the $120.09 million bid submitted by a consortium led by Singapore-listed property group Frasers Property, with Padawan MC, and Empire One North Property, for the 62,046 sq ft government land sale (GLS) site at Media Circle. The Media Circle site is the first GLS residential site released for sale that is fully zoned for long-stay serviced apartments, and the tender closed on September 19. The Frasers Property-led consortium submitted the sole bid of $120.09 million, which translates to a land rate of $461 psf per plot ratio (ppr). According to a press release issued by URA on Oct 3, the tender was not awarded as the bid was deemed to be "too low". Read also: Frasers Property-led JV bids $461 psf ppr for Media Circle long-stay serviced apartments site Advertisement Advertisement This is the third residential GLS site that the government has not awarded this year. In February, the government rejected a $770.46 million bid ($984 psf ppr) submitted on Jan 18 by a consortium comprising GuocoLand, Hong Leong Holdings, and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan) for a government land sale (GLS) site at Marina Gardens Crescent. The GuocoLand-led consortium was the only party to submit a bid for the 1.73-ha white site at Marina Gardens. In September, the 6.5 ha master developer site at Jurong Lake District was not awarded despite two bids from the same consortium consisting of CapitaLand, City Devlopments, Frasers Property, Mitsubishi Estate Co, and Mitsui Fudosan. Seperately, another residential GLS site along Upper Thomson Road, which included a long-stay serviced apartment component, did not attract any bids when the tender closed in June.