SINGAPORE — A prime site next to an MRT station along Singapore’s eastern coastline, coupled with strong buyer sentiment, has led to a highly competitive GLS tender and a record-breaking land price. The Bayshore precinct’s transformation into a vibrant waterfront residential enclave has attracted keen developer interest, with SingHaiyi Group and Haiyi Holdings securing the site for S$658.9 million at S$1,388 per square foot per plot ratio (psf ppr)—the highest land price ever recorded for a 99-year leasehold private housing site in the Outside Central Region (OCR), setting a new pricing benchmark.
In the GLS tender that closed on March 18, this top bid not only surpassed the previous OCR record of S$1,250 psf ppr set by the Clementi Avenue 1 GLS site in November 2023 but also exceeded some bids in the Rest of Central Region (RCR) and Core Central Region (CCR), reflecting developers’ confidence in the site’s potential.
Strong Developer Interest Signals Confidence
The tender attracted eight bids, underscoring developers’ confidence in the site’s strategic location and the potential of the Bayshore precinct. The top bid was only 0.8% higher than the second-highest bid from Sing Holdings (S$1,377 psf ppr), while City Developments Limited (CDL) came in third with S$1,308 psf ppr. The lowest bid, from Sim Lian Land and Sim Lian Development, was at S$1,022 psf ppr.
This strong participation marks the highest level of developer interest in a GLS tender for a private housing site since January 2022, when the Jalan Tembusu plot also drew eight bids. Notably, the Bayshore Road plot’s top bid even exceeded the land rates of several sites in the Rest of Central Region (RCR) and Core Central Region (CCR), including Zion Road Parcels A and B (S$1,202 and S$1,304 psf ppr) and Holland Drive (S$1,285 psf ppr).
Benchmark Pricing for Future Developments
Given this record-breaking land cost, analysts estimate that launch prices for the future development could start from S$2,700 psf, with average prices potentially exceeding S$2,800 psf, depending on project design and specifications. This sets a new pricing benchmark for upcoming private residential projects in the Bayshore area and could influence future GLS tenders nearby.
First-Mover Advantage in the Bayshore Precinct
The Bayshore Road plot holds a prime location next to Bayshore MRT station on the Thomson-East Coast Line (TEL), offering excellent connectivity to the city and Changi Airport. Additionally, the precinct is undergoing a transformation, with plans for approximately 10,000 new homes—comprising 3,000 private units and 7,000 HDB flats—making it one of Singapore’s newest waterfront residential hubs.
With strong locational attributes, including proximity to East Coast Park, schools like Temasek Primary, and upcoming mixed-use developments at Bedok South MRT station — the site is poised to attract a diverse buyer profile. There is also significant pent-up demand from HDB upgraders in Marine Parade and Bedok, as there have been no major new private condominium launches in Bayshore since the 1990s.
Implications for the OCR Market
This landmark transaction reflects developers’ willingness to pay premium prices for well-located suburban sites, signaling a shift in market dynamics where traditional OCR pricing distinctions are becoming less pronounced. The Bayshore precinct, with its superior connectivity, lifestyle offerings, and waterfront views, is on track to redefine luxury living in the OCR.
Moving forward, the success of this GLS tender will likely influence land bids for upcoming suburban sites, especially those with similar connectivity and lifestyle attributes. Buyers looking at upcoming launches in the OCR may need to adjust their expectations, as pricing in the region could trend upwards following this record-setting land bid.
