SINGAPORE – A large mixed-use commercial and residential site in the new Bayshore neighbourhood has fetched three bids at the latest state tender.
The top bid, by a consortium comprising Frasers Property, Frasers Centrepoint Trust, Sunway MCL, Sekisui House and a unit of Lum Chang, was nearly $2.13 billion, which works out to around $1,323 per sq ft per plot ratio (psf ppr).
The second-highest bid of $2.01 billion, or $1,250.41 psf ppr, was from a consortium that includes City Developments, Hong Leong Holdings, Hong Realty and TID.
The lowest bid of nearly $1.99 billion, or $1,235 psf ppr, was from a tie-up involving CapitaLand Development, a UOL consortium and CapitaLand Integrated Commercial Trust.
The future development on the 618,500 sq ft Bayshore Drive site, which will have up to 1,280 new private homes, will be integrated with the upcoming Bedok South MRT station on the Thomson-East Coast Line, a new bus interchange and retail spaces.
The 99-year leasehold site can be built up to a maximum gross floor area (GFA) of nearly 1.61 million sq ft.
Analysts polled by The Business Times on July 13 had forecast one to five bids for the site, with the top bid projected at $1,100 to $1,400 psf ppr.
This is the second government land sales (GLS) site put up for sale in the Bayshore precinct – a new waterfront residential neighbourhood that will have about 10,000 new homes, comprising around 3,000 private homes and 7,000 Housing Board flats.
The maiden plot, designated solely for private residential use, was sold in March 2025 to a consortium led by SingHaiyi Group at $658.9 million, or $1,388 psf ppr – a record land rate for a 99-year GLS private housing site in the suburbs, or outside central region (OCR). Located next to Bayshore MRT station, the site is being developed into the Vela Bay condominium.
“However, the Vela Bay site is a pure residential site and the land price quantum is lower than for the second plot, in Bayshore Drive. Hence, the land rate must be adjusted to account for the differences,” said Mogul.sg chief research officer Nicholas Mak.
Property consultants said the Bayshore Drive site may also be compared against other large commercial and residential sites in the OCR sold at GLS tenders in the past few years. The most recent case would be the Hougang Central site that fetched $1.5 billion, or $1,179 psf ppr, in December 2025.
In terms of 99-year leasehold condo launches in the Bayshore area, the most recent would be Vela Bay, which saw 72 per cent of its 515 units sold during the launch weekend in April at an average price of $2,886 psf.
The Bayshore Drive site is the only mixed-use plot in the Bayshore precinct under the Urban Redevelopment Authority’s Master Plan 2025. The proposed project is envisioned as the neighbourhood centre for the precinct.
Out of the maximum GFA, the successful bidder will have to allocate at least 82,882 sq ft GFA for a bus interchange (including a minimum of 4,306 sq ft for shop and restaurant uses).
Up to 242,188 sq ft GFA can be allocated for commercial uses such as shops and restaurants, offices, medical clinics and entertainment use, and any outdoor refreshment areas. The commercial space allocation includes the shop and restaurant space within the bus interchange.
The proposed development shall also include a sheltered public plaza of at least 21,528 sq ft at the first storey.
The existing Upper East Coast Bus Terminal (next to the Bayshore Drive plot) will be relocated to the new bus interchange. The Land Transport Authority (LTA) will reimburse the developer of the Bayshore Drive site the construction cost of the new bus interchange and the demolition cost of Upper East Coast Bus Terminal.
The project completion period is seven years, longer than the five years for most 99-year residential sites under the GLS programme.
Analysts said some bidders may have been deterred from participating in the July 14 state tender because of the huge capital outlay and the technical complexities of an integrated mixed-use project.
However, the site has many attractions. Marcus Chu, chief executive officer of ERA Singapore, said: “The Bayshore Drive site’s main appeal is its proximity to Bedok South MRT station and East Coast Park.”
The site is diagonally across the road from the popular Temasek Primary School and beside Temasek Secondary School, noted Tricia Song, head of research for Singapore and South-east Asia at CBRE.
“Another key draw of the site is the potential upgrader demand from the nearby Bedok South and Siglap East HDB estates, as well as downgrader demand from landed estates around Lucky Heights, Kew Drive, Bedok Ria and Sennett Road,” Song added.
PropNex head of research and content Wong Siew Ying said “land parcels that are directly connected to an MRT station are limited in supply, and mixed-use projects built on such plots tend to be sought after among home buyers”.
For instance, Pinery Residences, near Tampines West MRT station, shifted nearly 93 per cent of its 588 units when it was launched in March 2026. Parktown Residence, in another part of Tampines, sold some 87 per cent of its 1,193 units over its launch weekend in February 2025, she added.
In a similar vein, Knight Frank Singapore head of consultancy Alice Tan said: “Residences within mixed-use integrated developments generally enjoy stronger pricing and broader buyer appeal because of convenience – shopping, dining and other offerings.”
There may also be some rarity value on the Bayshore Drive land parcel.
Justin Quek, deputy CEO of Realion (OrangeTee & ETC) Group, highlighted: “After the release of this second private land parcel for sale in Bayshore, there may be limited private residential development land left for acquisition here.
“Some 3,000 private homes have been planned for Bayshore, and over half of this supply has been released: Vela Bay has 515 units, and the Bayshore Drive site can yield up to 1,280 units.”
CBRE’s Song said some residential units in the future project on the Bayshore Drive site may have unblocked views of East Coast Park and the beach, notwithstanding the fact that there is a residential plot allocated south of the site.
“Source:[Frasers Property-led consortium outbids two others with $2.13b offer for Bayshore Drive mixed-use site] © Singapore Press Holdings Limited. Permission required for reproduction”
