Sing-Haiyi Garnet Pte. Ltd. secured the Bayshore Road residential site with a top bid of $658.9 million ($1,388 psf ppr), narrowly surpassing Sing Holdings Residential Pte. Ltd. by 0.8%. The tender attracted eight bidders, reflecting strong developer interest in this well-located site.

This marks the highest number of bidders for a non-EC GLS site since Jalan Tembusu in 2022, underscoring the continued demand for well-located private residential plots. The Bayshore precinct is undergoing major transformation, presenting an opportunity for developers to establish an early foothold in a future waterfront district.

The site’s strategic location enhances its appeal. It is close to Temasek Junior College, Temasek Secondary School, and the upcoming Bayshore MRT station on the Thomson-East Coast Line. Connectivity is further strengthened by the East Coast Parkway (ECP), providing easy access to the CBD and Changi Airport.

This land parcel is the first private residential site launched in the Bayshore neighbourhood, an area envisioned as a dynamic residential and community hub. The Urban Redevelopment Authority (URA) plans to integrate development with green spaces, places of worship, sports and recreational facilities, and educational institutions, fostering a holistic living environment.

The precinct's long-term potential likely contributed to the keen competition, with developers leveraging the First-Mover Advantage to set a benchmark for future developments. The Bayshore transformation began in October 2024 with the launch of two Build-To-Order (BTO) projects. This signals the evolution of Bayshore into a vibrant, well-integrated residential enclave with a blend of coastal living and urban convenience.

The site's proximity to a prestigious landed housing enclave provides an opportunity to attract potential upgraders. Homeowners in these exclusive estates may transition to new condominiums offering modern facilities, enhanced security, and a low-maintenance lifestyle. Additionally, a mature residential catchment could encourage existing homeowners to downsize or invest, further supporting demand.

Overall, this GLS tender reinforces Bayshore’s potential as a desirable residential district, offering connectivity, urban transformation, and investment potential. The strong bidding interest reflects developers’ confidence in the area's long-term value.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg