{"id":84028,"date":"2025-03-26T15:20:54","date_gmt":"2025-03-26T07:20:54","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=84028"},"modified":"2025-03-27T13:43:05","modified_gmt":"2025-03-27T05:43:05","slug":"bayshore-gls-site-bidding","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/bayshore-gls-site-bidding\/","title":{"rendered":"Bayshore GLS site attracts strong interest with top bid of S$658.89 million"},"content":{"rendered":"
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The tender for the first private housing Government Land Sale<\/a> (GLS) site in the Bayshore precinct closed on 18 March, drawing eight bids from developers.<\/p>\n

Located along Bayshore Road and next to Bayshore MRT Station<\/a>, the 112,992 sq ft site has a 99-year leasehold tenure and can yield approximately 515 residential units.<\/p>\n

Table of Contents<\/h2>\n
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  1. Record-breaking bid sets new benchmark for OCR land prices<\/a><\/li>\n
  2. Highest number of bids since 2022<\/a><\/li>\n
  3. Bayshore: A highly anticipated new project<\/a><\/li>\n
  4. Expected pricing for the future development<\/a><\/li>\n<\/ol>\n

    Record-breaking bid sets new benchmark for OCR land prices<\/h2>\n

    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%.<\/p>\n

    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\u2019 offer. The competition reflects strong developer confidence in the site\u2019s potential despite market uncertainties.<\/p>\n

    Highest number of bids since 2022<\/h2>\n

    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<\/a>) attracted the same number of bids.<\/p>\n

    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.<\/p>\n

    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.<\/p>\n

    However, SingHaiyi\u2019s winning bid of S$1,388 psf ppr has now set a new price benchmark for Outside Central Region<\/a> (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<\/a> in Clementi Avenue 1<\/a> in November 2023.<\/p>\n

    \n

    There have been no major private condo launches in Bayshore for decades. The last major developments in the area were The Bayshore<\/a>, launched in the 1990s, and Costa Del Sol<\/a>, introduced in 2000.<\/p>\n

    The absence of new private housing options has created pent-up demand, particularly from HDB upgraders in Marine Parade<\/a> and Bedok<\/a>. 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.\n<\/div>\n

    <\/h2>\n