The Urban Redevelopment Authority has closed the land tender for a site at Bayshore Road under the 2H2024 Government Land Sales (GLS) programme. The plot at Bayshore Road can yield an estimated 515 residential units.
There were eight bids received for this plot, which exceeded our expectations. The highest bid was from Sing-Haiyi Garnet Pte. Ltd. at a bid price of S$ 658,888,998 or around S$1,388 psf ppr. This was 0.8 per cent higher than the next highest bid from Sing Holdings Residential Pte. Ltd., which was S$ 653,530,000 or around S$1,377 psf ppr. The highest bid prices submitted exceeded our initial expectations, which may indicate strong confidence in the potential of this site. Notably, the highest land rate of S$1,388 psf ppr can be considered on par with or even higher than some of the bids submitted for land parcels near the city centre in recent land tenders.
The site here will enjoy strong connectivity via both public and private transport, being linked to Bayshore MRT Station on the Thomson-East Coast Line alongside close proximity to East Coast Parkway. This will also be among the rare few GLS sites that will also be able to enjoy sea views. Homes here will be near the waterfront, with well-connected neighbourhoods served by a wide variety of amenities. There will also be ample new parks and green spaces within the new estate. The future project here will be within 1km of Temasek Primary School and Temasek Secondary School, which will be an added bonus for homebuyers with school-going children. As the first land parcel to be released for sale in the new Bayshore estate, developers may be able to enjoy the first-mover advantage for this project, which may have resulted in stronger participation for this land tender.
There have been no GLS sites released for sale in the Bayshore area since the GLS site, that is now Costa Del Sol, was awarded in 1997. With no new private homes in Bayshore for over 20 years, there may be some pent-up demand for homes here. Moreover, nearby projects have seen strong price appreciation over the past few years. Neighbouring projects such as Costa Del Sol and The Bayshore have seen their median price psf increase by 37.0 per cent and 39.9 per cent from 2020 to 2024, highlighting the strong potential for price appreciation at this location. The most recent GLS in the vicinity, which was Seaside Residences at Siglap Road, similarly saw a healthy median price psf increase by 15.5 per cent over the same period of 2020 to 2024. As this site features unique attributes, we may expect keen demand for the future project here when it is launched.