While Singapore’s Urban Redevelopment Authority (URA) has witnessed numerous Government Land Sales (GLS) tenders in recent years, the Bayshore Road site has attracted exceptional interest with eight developers vying for the coveted 99-year leasehold parcel. The tender, which closed on March 18, 2025, resulted in a top bid of S$658.9 million from a joint venture between SingHaiyi Group and Haiyi Holdings, translating to S$1,388 per square foot per plot ratio.
The winning bid stood remarkably 20.3% higher than the second-highest offer, demonstrating strong confidence in the site’s potential as the first private residential project in the emerging Bayshore precinct. The 112,992 square foot land parcel, with a maximum gross floor area of 474,570 square feet, is strategically positioned adjacent to Bayshore MRT station along the Thomson-East Coast Line.
The exceptional 20.3% premium underscores developer confidence in this strategic Bayshore site adjacent to upcoming MRT connectivity.
This GLS site is expected to yield approximately 515 private residential units within the larger 60-hectare master-planned Bayshore estate, where 30% of the projected 10,000 new homes will be private residences. The strong participation in this tender reflects substantial developer interest in Singapore’s East Coast area, which has seen limited new supply since Seaside Residences launched in 2017.
Market observers note that the site’s attractiveness stems from potential sea views for some units, proximity to established amenities, and pent-up demand from nearby private condominium owners seeking newer options. The development’s direct access to ECP will enable future residents to reach central Singapore in just 15 minutes. This tender success aligns with the broader trend of strong market sentiment seen in October’s new home sales, which hit an 11-month high of 738 units. With interest rates expected to decrease in the coming year, potential buyers may see improved affordability and enhanced property investment returns for this development. Previous projects in the vicinity have demonstrated robust sales performance, with Seaside Residences achieving 70% sales at launch with an average price of S$1,700 psf.
The successful bid is expected to establish benchmark pricing for future developments in the Bayshore precinct, which will benefit from enhanced connectivity via the Thomson-East Coast Line and integration with upcoming amenities.
This tender outcome underscores continued developer confidence in Singapore’s residential property market, particularly for well-located sites in established neighborhoods with rejuvenation potential and infrastructure improvements.
