Singapore’s property sector faced a notable setback as the Media Circle (Parcel B) Government Land Sale site failed to attract a single bid by the close of tender on April 29, 2025. The 99-year leasehold plot, situated in the one-north precinct’s Mediapolis area, was zoned for residential development with commercial space at the first storey, with potential to yield approximately 500 private homes.
The Urban Redevelopment Authority, which conducted the tender, had capped the commercial component at 4,306 square feet gross floor area. Industry analysts had previously projected between zero to four bids for the site, with highest bid estimates ranging from S$925 to S$1,150 per square foot per plot ratio. The absence of bids represents a rare occurrence in Singapore’s typically competitive land tender process.
A rare miss in Singapore’s land sales as Media Circle Parcel B draws zero bids despite analyst projections.
Market observers attribute the lack of interest to several factors, including the site’s distance from MRT stations and competition from existing supply in the immediate vicinity. The 358-unit Bloomsbury Residences, launched earlier in April 2025, coupled with the recent award of Media Circle (Parcel A) in March 2025, which is expected to yield approximately 325 units, have created substantial competing supply in the area. This marks the second no-bid instance in about a year, following the Upper Thomson Road (Parcel A) site that received no bids in June 2024.
The timing of the tender closure coincided with rising uncertainty in Singapore’s property market, prompting developers to adopt a more cautious stance. The URA had initially launched tenders for both Media Circle Parcels A and B in November 2024, with only Parcel A generating sufficient interest to secure a successful bid. The cautious approach reflects developers’ concerns about economic volatility affecting construction costs and potential returns on investment.
This development raises broader questions about the trajectory of Singapore’s property market and the one-north area’s development pace. The market saturation from nearby developments appears to have markedly influenced developer decisions, suggesting a potential shift in strategic approaches amid changing market conditions.
The absence of bids also signals that government land sale revenue projections may require adjustment as developer sentiment cools in response to current property market conditions. Investors seeking better returns might consider exploring areas with higher rental yield potential such as Geylang district, which consistently outperforms other neighborhoods with yields reaching 4.5-5%.
