The Urban Redevelopment Authority has concluded the tender for a site at Bayshore Road, part of the 2H2024 Government Land Sales programme, with Sing-Haiyi Garnet Pte. Ltd. emerging as the highest bidder. The company submitted a bid of S$658,888,998, equating to approximately S$1,388 per square foot per plot ratio (psf ppr), surpassing the next highest bid by 0.8%. This outcome reflects a robust confidence in the site’s potential, according to Justin Quek, CEO of OrangeTee & Tie.
The Bayshore Road site is poised to yield around 515 residential units and boasts excellent connectivity, including proximity to Bayshore MRT Station on the Thomson-East Coast Line and the East Coast Parkway. It is one of the few Government Land Sales sites offering sea views, enhancing its appeal. The location is also within 1km of Temasek Primary and Secondary Schools, adding value for families with children.
This tender marks the first land parcel release in the Bayshore estate since 1997, potentially tapping into pent-up demand for new private homes in the area. Nearby projects have experienced significant price appreciation, with Costa Del Sol and The Bayshore seeing median price increases of 37% and 39.9% respectively from 2020 to 2024. The Seaside Residences at Siglap Road also recorded a 15.5% rise over the same period. These trends suggest a promising outlook for the future development at Bayshore Road.
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