In a significant move within Singapore’s residential land market, the Bayshore Drive mixed-use site was launched for sale on 26 November 2024 under the Government Land Sales Programme, marking the first private residential parcel in the new Bayshore precinct and forming part of the 1H2024 GLS slate announced on 6 December 2023.
The Bayshore Drive launch marked a pivotal debut for private housing in the emerging Bayshore precinct under the GLS programme.
The 99-year leasehold plot is situated along Bayshore Road in District 16, immediately beside Bayshore MRT Station on the Thomson-East Coast Line, and within the wider 60-hectare Bayshore estate earmarked as a major new housing area.
The parcel carries a site area of 10,497.3 square metres and a maximum permissible gross floor area of 44,089 square metres, with development controls allowing a building height of 101m to 105m SHD.
Zoned for residential development only, the site is estimated to yield about 515 private homes, a scale that positions it as a meaningful contributor to forthcoming housing supply in the eastern region. The last comparable new private residential launch in the East Coast area was Seaside Residences in 2017, underscoring the significance of this parcel in addressing years of limited supply in the corridor.
Its location also provides direct access to the East Coast Parkway, enabling an approximately 15-minute commute to central Singapore, while nearby projects around Bedok South MRT underscore the area’s mixed-use growth trajectory.
Market interest proved substantial when the tender closed on 18 March 2025, attracting eight bids and indicating broad developer confidence in the site’s locational attributes, transport connectivity, and prospective demand profile. This marked the most competitive GLS tender since January 2022, underscoring strong developer interest in the Bayshore opportunity.
The successful tenderer was Sing-Haiyi Garnet Pte Ltd, a joint venture between SingHaiyi Group and Haiyi Holdings, both associated with investors Gordon and Celine Tang.
The winning bid of S$658.9 million translated to S$1,388 per square foot per plot ratio, or S$14,944.52 per square metre of gross floor area, establishing a new benchmark for suburban land values in the Outside Central Region. The bid also narrowly surpassed the next-highest offer from Sing Holdings by just 0.8 per cent, highlighting the tight bidding gap.
The pricing outcome exceeded prevailing expectations for GLS suburban sites and reflected the premium assigned to a prime eastern coastline location integrated with rapid transit infrastructure.
Analysts have linked the site’s appeal to its adjacency to Bayshore MRT, proximity to schools including Temasek Primary School, and its position within a precinct that already includes public housing projects such as Bayshore Palms.
Based on the land cost achieved, market projections have indicated that eventual launch prices could approach S$2,700 psf, reinforcing Bayshore’s importance within Singapore’s next residential development cycle.
