The Bayshore Road site has attracted significant attention from developers, with eight bidders vying for the plot, culminating in a top bid of $1,388 per square foot per plot ratio (psf ppr) from Sing-Haiyi Garnet Pte Ltd. This marks the highest level of interest since January 2022, when a similar number of bidders competed for the Jalan Tembusu site. According to Mark Yip, CEO of Huttons Asia, this interest suggests developers may have strategically withheld from other Government Land Sales (GLS) sites to focus on this tender, driven by a need to replenish their land banks following strong sales in recent months.
The Bayshore Road site is particularly coveted due to its rare sea-facing plots, which typically command a premium. The close bidding gap between the top two contenders underscores the developers’ eagerness to secure a foothold in the emerging Bayshore estate. Notably, the last GLS site sold along the East Coast was Seaside Residences in January 2016, at $858 psf ppr.
The bid price of $1,388 psf ppr is comparable to recent bids for land parcels in the Core Central Region (CCR), indicating a diminishing distinction between market segments. This reflects developers’ willingness to invest more for sites with superior attributes. The Bayshore site is particularly appealing as it offers sea views and immediate access to the Bayshore MRT station, enabling residents to reach Downtown in approximately 20 minutes. Additionally, Temasek Primary School is within 1km, and future developments include a mixed commercial and residential project above Bedok South MRT station, just one stop away.
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