The Bayshore GLS site has officially set a new record, capturing attention with a staggering top bid of $658.9 million, which translates to an impressive $1,388 per square foot per plot ratio (psf ppr). This landmark bid was submitted by Sing-Haiyi Garnet Pte Ltd, outbidding seven competitors. The second-highest offer came in at a respectable $1,377 psf, underscoring the intense competition among developers.
This bid has eclipsed the previous OCR benchmark of $1,250 psf set in 2023 for a site at Clementi Avenue 1 and outperformed figures for sites within the Central Region, such as Zion Road and Holland Drive.
This record-setting bid is particularly significant as it marks the first Government Land Sale (GLS) in the burgeoning Bayshore precinct, an area earmarked for substantial redevelopment. The strong developer interest near the future Bayshore MRT station on the Thomson-East Coast Line enhances its appeal, connecting it efficiently to various key destinations. Additionally, this site will likely benefit from excellent connectivity to major transport networks, including the East Coast Parkway.
Furthermore, the site’s proximity to East Coast Park and various lifestyle amenities makes it enticing for residents who love outdoor activities and family-oriented living, especially with schools like Temasek Primary nearby. Similar to Jurong Lake District’s emphasis on green spaces, the Bayshore area provides residents with ample opportunities for recreation and leisure activities.
Developers have been keen to secure land in this area due to a limited supply of new private condominium sites since the 1990s, which has resulted in heightened demand. Anticipation for future buyers, particularly those looking to upgrade from HDB flats in nearby neighborhoods, also drives interest.
The expected yield of around 515 residential units allows developers to capitalize on economies of scale, further reinforcing their confident bids.
