A landmark transaction has catapulted Singapore’s Outside Central Region (OCR) property market to unprecedented heights, as the Bayshore GLS site secured a record-breaking bid of $1,388 per square foot per plot ratio (psf ppr), decisively surpassing the previous benchmark of $1,250 psf for the Clementi Avenue 1 site.
The leasehold parcel, spanning 112,992 square feet with potential for approximately 515 residential units, was awarded to SingHaiyi JV, which narrowly outbid its closest competitor, Sing Holdings, by a mere $11 psf.
The prized 112,992 sq ft Bayshore site went to SingHaiyi JV, edging out Sing Holdings with a marginal $11 psf difference.
This exceptional valuation reflects robust developer confidence in the suburban residential market, particularly for sites with strategic connectivity advantages. With a total of eight competitive bids submitted, this tender was the most hotly contested GLS site since January 2022. Situated adjacent to the forthcoming Bayshore MRT station on the Thomson-East Coast Line, the development benefits from superior transportation infrastructure that enhances its investment appeal.
The site’s proximity to the existing Costa del Sol condominium further establishes its position within an already desirable residential enclave. The property’s appeal is further enhanced by its location near Temasek Primary School within a 1-kilometer radius.
The extraordinary bidding outcome stems directly from the Urban Redevelopment Authority‘s thorough masterplan for the Bayshore precinct, which envisions a vibrant waterfront neighborhood comprising 10,000 new homes—3,000 private residences complemented by 7,000 HDB flats.
This mixed-use development approach, integrating retail establishments, recreational facilities, and verdant community spaces, greatly enhances the area’s long-term value proposition. The development also benefits from the projected 4-7% price increase in Singapore’s property market for 2025, adding to its investment attractiveness.
Market analysts observe that the intense competition, evidenced by eight developers participating in the tender process, signals undiminished appetite for premium land parcels despite prevailing high interest rates and economic uncertainties.
The narrow margin between the top three bids—with CDL submitting the third-highest offer at $1,308 psf—underscores the competitive landscape dominating Singapore’s land acquisition sector.
Industry projections suggest that finished units at this development could command prices exceeding $2,500 psf, establishing new pricing parameters for OCR properties.
This record-setting transaction will likely influence future land bids across suburban regions, potentially recalibrating developer strategies and buyer expectations throughout Singapore’s residential property market as the Bayshore precinct evolves into a premier waterfront residential district.
