The tender for the first private housing Government Land Sale (GLS) site in the Bayshore precinct closed on 18 March, drawing eight bids from developers.
Located along Bayshore Road and next to Bayshore MRT Station, the 112,992 sq ft site has a 99-year leasehold tenure and can yield approximately 515 residential units.
Table of Contents
- Record-breaking bid sets new benchmark for OCR land prices
- Highest number of bids since 2022
- Bayshore: A highly anticipated new project
- Expected pricing for the future development
Record-breaking bid sets new benchmark for OCR land prices
A joint venture between SingHaiyi Group and Haiyi Holdings submitted the top bid of S$658.89 million, translating to S$1,388 per square foot per plot ratio (psf ppr). This narrowly edged out the second-highest bid of S$653.53 million (S$1,377 psf ppr) from Sing Holdings by just 0.82%.
City Developments came in third with a bid of S$620.8 million (S$1,308 psf ppr), which was 5.3% lower than Sing Holdings’ offer. The competition reflects strong developer confidence in the site’s potential despite market uncertainties.
Highest number of bids since 2022
The eight bids received mark the highest level of interest for a private housing GLS site since January 2022, when the Jalan Tembusu plot (now the site of Tembusu Grand) attracted the same number of bids.
Other bidders for the site included a Frasers Property-led consortium, Kingsford Development, and a Hoi Hup Realty-Sunway Developments joint venture. Their bids ranged between S$1,252 psf ppr and S$1,285 psf ppr.
The two lowest bids were S$1,055 psf ppr from a consortium comprising Hong Leong Holdings, TID, and CSC Land Group, and S$1,022 psf ppr from Sim Lian Group. The 36% gap between the highest and lowest bids underscores mixed market sentiment among developers.
However, SingHaiyi’s winning bid of S$1,388 psf ppr has now set a new price benchmark for Outside Central Region (OCR) land, surpassing the previous record of S$1,250 psf ppr set by MCL Land and CSC Land Group for the site of ELTA in Clementi Avenue 1 in November 2023.
There have been no major private condo launches in Bayshore for decades. The last major developments in the area were The Bayshore, launched in the 1990s, and Costa Del Sol, introduced in 2000.
The absence of new private housing options has created pent-up demand, particularly from HDB upgraders in Marine Parade and Bedok. The Bayshore Road site is one of the few available entry points for developers looking to establish a presence in the precinct, justifying a competitive bid.
Bayshore Road: A highly anticipated new project
The Bayshore Road site will be the first private residential project in the new Bayshore precinct, a 60-hectare estate situated between East Coast Parkway (ECP) and Upper East Coast Road. The precinct is expected to house about 10,000 homes, of which 30% will be private housing.
This site is considered one of the most attractive within the precinct. Residents will have direct access to major roads such as the East Coast Parkway, which offers a 15-minute commute to central Singapore.
The site will also be seamlessly integrated with Bayshore MRT Station, providing convenient access to the Thomson-East Coast Line (TEL), enhancing connectivity for daily commuters.
Future residents will also benefit from new amenities and long-term infrastructure projects, including the Long Island coastal protection project, which will add reservoirs and parks along the Bayshore coastline.
For families with children, Bayshore Road site offers proximity to several well-regarded educational institutions, including Temasek Primary School, Temasek Secondary School, and Temasek Junior College.
As part of URA’s Bayshore Masterplan, the precinct will see a boost in connectivity and amenities, benefiting both existing and future residents. The URA has outlined plans for pedestrian-friendly streets, and enhanced public transport connectivity, making it a highly liveable and accessible area.
Additional cycling networks will be developed in line with the government’s vision to create a car-lite neighbourhood, linking Bayshore to the Round Island Route and the upcoming corridor from East Coast Park to Changi Beach.
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Expected pricing for the future development
With a land price of S$1,388 psf ppr, analysts expect the upcoming Bayshore project to launch at over S$2,600 psf, with some estimates starting from S$2,700 psf and averaging above S$2,800 psf.
The strong demand seen in recent months in the market suggests that developers may be positioning for a first-mover advantage in this new and sought-after precinct. As the Bayshore area undergoes transformation, this development could be a milestone project shaping the future of private housing in the eastern region of Singapore.
Rest assured we will keep track of future developments in this area and help you find the best housing options for your need! Stay with us for more updates.
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