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ALICE @ Mediapolis Review

ALICE @ Mediapolis Review
Business Park & Office Review — District 05

ALICE @ Mediapolis

A Green Mark Platinum business park anchoring Singapore’s media, infocomm and R&D cluster at one-north.

SGCPI Research Desk Updated 26 August 2026 29 Media Circle, Singapore 138565 ≈60-YR LEASEHOLD FROM ≈2013

Street-level view of ALICE @ Mediapolis, 29 Media Circle. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameALICE @ Mediapolis (North & South Block)
Address29 Media Circle, Singapore 138565
DistrictDistrict 5 (Queenstown / one-north)
Tenure≈60-year leasehold, from ≈2013
Zoning / UseBusiness Park — Infocomm, Media, Physical Science & Engineering R&D, office and F&B
Built Form11-storey twin towers (North & South Block) with 2 basement carparks
Land Area / GFA≈9,872 sqm land / ≈39,487 sqm GFA (≈425,000 sq ft)
Completion Year2018 (TOP Q4 2018)
Nearest MRTone-north (CC23), Kent Ridge (CC24)
Key Road AccessAyer Rajah Expressway (AYE) via North Buona Vista Road / one-north Avenue
Transacted PSF Range≈S$1,800 – S$2,100 psf (asset-level benchmark; no public strata transactions, as the building is single-owned)
Sale Price RangeNot offered for strata sale — indicative whole-asset value ≈S$700 million – S$780 million
Asking Rent RangeS$4.50 – S$6.50 psf/month gross, inclusive of service charge
Occupier BaseMedia, tech and R&D tenants including OMD Singapore, Emsley, The Media Shop Group, Muse Communication SG, Smith & Nephew, Deliveroo and EO Medical

Location & Connectivity

ALICE @ Mediapolis sits at the junction of one-north Avenue and Media Circle, in the heart of the Mediapolis precinct within the wider one-north innovation district. This is a purpose-built cluster for infocomm, media and applied science occupiers, sitting alongside Fusionopolis, Biopolis and the Mediacorp campus, giving the building a ready-made ecosystem of complementary tenants and collaborators rather than a generic business park address.

The nearest train stations are one-north (CC23) and Kent Ridge (CC24) on the Circle Line, both within a short drive or shuttle-bus ride, with a bus service linking the estate directly to one-north MRT. Vehicular access runs via North Buona Vista Road onto the Ayer Rajah Expressway (AYE), giving occupiers a fast link to the CBD, Jurong Lake District and Tuas, as well as reasonable proximity to Changi Airport via the AYE-ECP corridor.

Surrounding amenities include the Mediacorp campus, Tanglin Trust School, Fusionopolis, and newer retail additions such as The Oasis and Galaxis, alongside grocers including Cold Storage and FairPrice. The precinct is also seeing a wave of residential development nearby, including the Media Circle GLS sites, which should thicken the amenity base and daytime population around ALICE over the medium term.

Location of ALICE @ Mediapolis. Map data: Google Maps, accessed August 2026.

Building & Facilities

The development comprises two 11-storey towers — North and South Block — over two basement carparks, designed by Pomeroy Studio for developer Boustead Projects and completed in 2018. Typical floor plates run to roughly 1,300 sqm in the North Block and 1,600 sqm in the South Block, generous enough to accommodate large single-floor occupiers or be subdivided for multiple smaller tenants, with a column grid of 8.4m x 8.4m and 8.4m x 12.0m bays.

ALICE holds BCA Green Mark Platinum certification and is built around a smart-building philosophy, with a dual 4MVA electrical feed, a district cooling system, and centrally managed air-conditioning across office, business park and venture suite space. Common facilities include sky terraces, a dedicated venture lobby for startups, nursing rooms and shower facilities, plus 202 car park lots at roughly one lot per 2,000 sq ft of net lettable area, together with bicycle and end-of-trip facilities. Levels one and two are given over to F&B, media and collaborative space, with typical office and business park floors above.

Prospective occupiers and investors should independently verify current fire safety certification, lift maintenance records, and the specific business park use conditions attached to the land lease before committing, as these can affect permitted activities and any subletting or assignment of space.

Unit Types & Floor Plan Notes

As a single-owned, multi-tenanted business park, ALICE is leased rather than sold in strata lots, so “unit types” here refer to the leasing configurations available across the two towers rather than individually titled units.

Venture Suite

≈650 – 1,500 sq ft

Fitted, flexible desks and small suites aimed at startups and scaling teams, with shared meeting and collaborative amenities.

Business Park Suite

≈4,500 – 15,600 sq ft

Mid-sized floor sections for established occupiers needing dedicated, self-contained space with VRV air-conditioning.

Full-Floor Office

≈14,000 – 19,700 sq ft

Whole floors across North or South Block, suited to regional headquarters or larger media and R&D operations.

F&B / Collaborative

≈900 – 3,000 sq ft

Ground and second-level units geared to food and beverage or community-facing collaborative operators serving the estate.

Floor-to-floor height: ≈4.2m typical office/business park floors
Column grid: 8.4m x 8.4m / 8.4m x 12.0m
Air-conditioning: Flexible VRV, office hours plus extended F&B hours
Floor loading: ≈5.0 kN/sqm, typical for business park use
Lifts: Passenger and dedicated service/cargo lifts serving each tower

Investment Case

Because ALICE @ Mediapolis is not strata-titled, the investment case applies primarily at the whole-asset level — for a fund, REIT or corporate buyer acquiring the entire building or a significant leasehold interest — rather than to a retail buyer seeking a single unit.

What Works

  • Prime, purpose-built location within the one-north innovation cluster
  • BCA Green Mark Platinum specifications and smart-building infrastructure
  • Diversified, sticky tenant base across media, tech and healthcare
  • Flexible floor plates suited to both large and small occupiers
  • Strong connectivity via AYE and Circle Line MRT stations

What to Weigh Carefully

  • No strata sale — entry is limited to leasing or whole-asset acquisition
  • ≈60-year leasehold tenure means depreciation accelerates from mid-life
  • Rents track the broader business park/office cycle and can be cyclical
  • Concentration risk if a small number of anchor tenants dominate income
  • Business park use restrictions may limit some occupier types

Who This Suits

ALICE @ Mediapolis suits media, infocomm, physical science and engineering R&D occupiers who want to be embedded within the one-north ecosystem alongside Fusionopolis and Biopolis, as well as startups seeking flexible venture suites with shared amenities. For investors, the asset is most relevant to institutional buyers, REITs or family offices comfortable acquiring an income-producing, single-owned leasehold business park asset, rather than individual investors looking for a strata-titled unit to purchase outright.

Frequently Asked Questions

What is the permitted use and zoning at ALICE @ Mediapolis?
The building sits on Business Park-zoned land, targeted at infocomm, media, physical science and engineering R&D companies, alongside general office and limited F&B use on the lower levels. This is a step up from standard B1 light industrial zoning, but it still comes with use restrictions tied to the land lease conditions, which typically require a defined proportion of business park-compliant activity rather than pure retail or unrestricted commercial use. Prospective occupiers should check current URA and JTC-equivalent use conditions before signing, as approved activities can be narrower than a conventional CBD office lease and may affect subletting flexibility for non-qualifying tenants.
Can I buy a unit at ALICE @ Mediapolis outright?
No. ALICE @ Mediapolis is not strata-titled — it is held and managed as a single asset by its developer/owner and leased to tenants rather than sold as individual units. This differs from many other business park and industrial buildings in Singapore that offer strata ownership. Investors seeking direct exposure would need to acquire the whole building or a majority leasehold interest, typically through a corporate, fund or REIT-level transaction, rather than purchasing a single floor or suite. Retail investors wanting property-style exposure to this asset would instead need to do so indirectly, for example through a listed vehicle that owns comparable business park assets.
Does Additional Buyer’s Stamp Duty (ABSD) apply here?
ABSD in Singapore applies to residential property purchases, not to commercial or business park assets such as ALICE @ Mediapolis, so an entity acquiring this building would not face ABSD on the transaction. However, any acquisition would still attract standard Buyer’s Stamp Duty (BSD) on the purchase price or market value, whichever is higher, along with potential Goods and Services Tax (GST) considerations depending on how the deal is structured. Buyers should also confirm whether the transaction is structured as an asset sale or a share sale of the holding entity, since stamp duty treatment can differ materially between the two structures.
Would Seller’s Stamp Duty (SSD) apply on a resale?
SSD in Singapore is charged on industrial and residential property disposed of within a defined holding period, and would be relevant if the current owner, or a future buyer, sold the whole ALICE @ Mediapolis asset within that window. Business park assets can fall under industrial property rules for SSD purposes, so a short holding period exit could trigger a meaningful duty on the sale price. Because acquisitions of this scale are typically long-term, institutional holds, SSD is a secondary consideration to financing cost and leasing income, but it should still be modelled into any early-exit scenario during underwriting.
What Buyer’s Stamp Duty (BSD) and GST would a purchaser face?
BSD is payable on the higher of the purchase price or market value of the property, on a tiered scale that rises with transaction size, and would apply in full to a whole-building acquisition of this scale. GST may also be chargeable on the sale of commercial real estate if the seller is GST-registered, though this is often structured so the buyer can claim input tax credits if they are GST-registered themselves and the asset continues to generate taxable rental income. Given the size of a transaction involving ALICE @ Mediapolis, buyers should engage tax and legal advisers early to structure the deal efficiently.
How does financing work against the remaining lease?
With an estimated ≈60-year lease from around 2013, ALICE @ Mediapolis currently has a substantial remaining tenure, which supports conventional bank financing at this stage. As with any leasehold asset, banks will typically require the loan tenor to sit comfortably within the remaining lease term, and loan-to-value ratios tend to tighten as the lease shortens, particularly once fewer than 30 years remain. Because this is a single-owned income asset rather than a strata unit, financing would likely be arranged at the corporate or fund level, secured against the building and its rental income rather than an individual mortgage.
What kind of rental yield can this building generate?
Asking rents at ALICE @ Mediapolis currently range from roughly S$4.50 to S$6.50 psf per month gross, which is broadly consistent with well-specified business park stock in the one-north precinct. On an indicative asset value of ≈S$700 million to S$780 million against a GFA of ≈425,000 sq ft, gross yields would plausibly sit in the mid-single-digit percentage range before financing costs, vacancy allowances and capital expenditure are factored in. Actual net yield to any acquirer will depend heavily on occupancy levels, lease structures with anchor tenants, and the specific price at which a transaction is eventually concluded.
How does the building’s age affect its investment profile?
Completed in 2018, ALICE @ Mediapolis is a relatively young asset by Singapore business park standards, which supports its Green Mark Platinum rating, modern floor plate efficiency and lower near-term capital expenditure needs compared with older stock. At roughly eight years old as of 2026, the building still has decades of useful economic life ahead of it before major re-fitting is likely required, though mechanical and electrical systems will eventually need mid-life upgrades. Its relative youth is a meaningful point of differentiation against older business park competitors nearby, many of which are now approaching a stage where landlords must reinvest to remain competitive on specifications.
What are the odds of en-bloc sale or redevelopment?
Because ALICE @ Mediapolis is single-owned rather than strata-titled, there is no en-bloc collective sale process in the way this term applies to fragmented ownership properties — any sale or redevelopment decision rests solely with the current owner. Given the building’s youth, Green Mark Platinum specifications and strong location within the growing one-north/Mediapolis precinct, near-term redevelopment appears unlikely; a whole-asset sale to another institutional owner is the more probable path to a change in control. Any future decision would depend on the owner’s broader portfolio strategy rather than pressure from multiple strata owners needing to reach agreement.
What is parking and loading provision like?
The development offers 202 car park lots across two basement levels, equating to roughly one lot per 2,000 sq ft of net lettable area, which is a fairly typical ratio for a business park asset of this scale rather than a generous one. Bicycle parking and end-of-trip facilities such as showers support occupiers with more active commuting patterns, which is increasingly valued by media and tech tenants. Loading and servicing access is provided for the ground-floor F&B and collaborative space, though occupiers with heavier logistics needs should confirm loading bay capacity and access hours directly with building management before committing to a lease.
Are there MCST or maintenance fees to budget for?
Because ALICE @ Mediapolis is not strata-titled, there is no Management Corporation Strata Title (MCST) and therefore no MCST maintenance fund in the way a strata-titled industrial or office building would have. Instead, building operating and service charges are set and collected directly by the single owner or its appointed managing agent, and are typically bundled into the gross asking rent quoted to tenants. Occupiers should clarify exactly what is included in the quoted psf rate — air-conditioning hours, cleaning, security and utilities commonly are — versus items billed separately, such as excess after-hours air-conditioning or dedicated fit-out works.
How liquid is this asset if an owner wants to exit?
Resale liquidity for ALICE @ Mediapolis is best understood at the whole-building level rather than through individual unit transactions, since there is no strata market to provide frequent price discovery. Large, well-located, Green Mark Platinum business park assets in one-north do attract institutional and REIT interest, but transactions are inherently lumpy, infrequent and dependent on prevailing capital market conditions, interest rates and investor appetite for Singapore commercial real estate. A future owner considering an exit should expect a longer, more bespoke sale process than a typical strata unit resale, likely involving a formal marketing campaign to institutional buyers.
What kinds of businesses are best suited to space here?
ALICE @ Mediapolis is purpose-built for infocomm, media, physical science and engineering R&D companies, reflecting its location within the Mediapolis and wider one-north precinct alongside Fusionopolis and Biopolis. Existing tenants span media agencies, healthcare technology, food delivery and specialist medical device firms, indicating the building comfortably accommodates both pure office users and more R&D or lab-adjacent operations within its business park use envelope. Startups and scale-ups are well served by the dedicated venture suites and collaborative facilities, while larger corporates can take full floors, making the building versatile across company sizes as long as the underlying business activity fits the permitted business park use conditions.

This article is for general informational purposes only and does not constitute financial, legal, tax or investment advice. Figures marked with “≈” are reasoned estimates based on publicly available listing and market data at the time of writing and may not reflect actual transacted or asking terms. Readers should independently verify tenure, zoning, pricing and lease conditions with the relevant authorities and their own professional advisers before making any decision.

© 2026 SG Commercial Property Insights. All rights reserved.

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