The Bayshore Road site in Singapore has drawn significant interest from developers, with eight bidders participating in the latest government land tender. This makes it the most contested site since the nine bids for the Plantation Close executive condominium in June 2023. The top three bids exceeded $950 (S$1,300) per square foot per plot ratio (psf ppr), surpassing expectations, according to Leonard Tay, Head of Research at Knight Frank Singapore.
The site is part of a government initiative to develop residential waterfront homes and connected neighbourhoods, complemented by parks and recreational spaces. The 800-hectare Long Island coastal protection project, which includes planned reservoirs and coastal parks, enhances the site’s appeal. Additionally, the site benefits from immediate access to the operational Bayshore MRT Station.
The October 2024 HDB Build-To-Order (BTO) exercise, which included the launch of 1,792 units in Bayshore, saw high demand, with Bedok being 4.9 times oversubscribed. This demand likely influenced developers’ interest in the Bayshore Road site. The top bid of $482 million (S$658.9 million) is notable, given that recent land tenders have averaged around three bids. The land rate of $1,018 (S$1,388) psf ppr suggests potential selling prices at launch could start from $1,980 (S$2,700) psf, averaging above $2,055 (S$2,800) psf depending on the project’s design and finishes.
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