High-rise housing project in one-north among sites being readied for development
Around 300 more homes can be developed in the One-north business park, based on proposed plans for an upcoming high-rise residential development in Media Circle.
In a proposed change to the Urban Redevelopment Authority’s (URA) masterplan released on 6 October 2023, the agency is re-purposing a site bounded by Media Circle and One-north Avenue from a business park to a residential development with commercial units on the first storey.
URA mentioned the site will have a “high-density residential development” to cater to the demand for housing in the One-north area. It will also boost One-north’s image as a vibrant mixed-use business park, it added.
The plot, which is near the Grab headquarters, can be either a public or private residential project.
The 6,170 square meter land parcel – nearly the size of 1 football field – can have its plot ratio raised from 3.5 to 4.2 under the proposed amendment.
If approved, it will be the second housing plot in the Media Circle region. In June, a 1,130-unit project enveloped by Media Circle and Portsdown Road was released for sale via public tender under the Government Land Sales programme.
Real estate analysts estimate that the new site can yield 250 to 310 units.
senior director of data analytics at real estate agency Huttons Asia, Mr Lee Sze Teck, commented there are not many plots designated for residential in the One-north area, resulting to high rental demand. “The rentals in One-north have consistently been more than the rentals in the Dover area,” he mentioned.
Other housing developments in one-north, such as Blossoms By The Park project and Hill @ One North, are condominiums sited nearer to One-north MRT station, farther from the Media Circle sites.
Mr Eugene Lim, ERA Singapore key executive officer, said HDB upgraders from Clementi and Queenstown may be keen in this development.
Prospective tenants – both foreign and local – from the information and communications technology (ICT) and biomedical sectors in the One-north zone can also attract investors, he added.
An executive who works around the Media Circle site, said she would consider living there if the region has malls and community areas.
“Getting home after a night out or going out might be a challenge as there isn’t any public transport nearby. One-north MRT is around a 20-minute walk away,” commented the 29-year-old.
Source: https://www.straitstimes.com/singapore/housing/high-rise-housing-project-in-one-north-among-sites-being-readied-for-development
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