First pure-play long-stay serviced apartment site in Media Circle gets cold shoulder from developers, drawing only one bid.
SINGAPORE – A state land tender for a mixed-use development in Tampines Street 94 was hotly contested, with Hoi Hup Realty and Sunway Developments submitting the top bid of $668.3 million on Sept 19, while the first pure-play long-stay serviced apartment site up for tender in Media Circle in Buona Vista attracted just one bid of $120.1 million.
The $668.3 million bid for the Tampines site works out to a land rate of $1,004 per sq ft per plot ratio and is just 1.9 per cent above the second-highest bid at $655.6 million or $985 psf ppr, said OrangeTee & Tie chief executive Justin Quek. The Tampines Street 94 plot is about half the size of the Tampines Avenue 11 site, which made it more palatable to developers, they said.
Shoring up developers’ confidence too is the prospect of more interest rate cuts, especially as the new launch is projected for the fourth quarter of 2025, analysts said.– which can yield 520 long-stay serviced apartments and has commercial space on the first storey – drew just one bid of $120.1 million, or about $461 psf ppr, from a consortium led by Frasers Property.two 99-year leasehold sites
OrangeTee’s Mr Quek said: “The long-stay serviced apartments model is still largely untested. Moreover, there is already a handful of hospitality-related developments in Queenstown, including a serviced apartment at Citadines Fusionopolis, a co-living space at lyf one-north, and the hotel Citadines Connect Rochester, which are nearer to public transport, retail, and dining establishments compared to this site.
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