The Urban Redevelopment Authority (URA) has announced the results of the Bayshore Road land tender, with SingHaiyi Group securing the site with a top bid of approximately $659m, translating to a land rate of $1,388 per square foot per plot ratio (psf ppr). This tender marks the first private residential Government Land Sales (GLS) site in the new Bayshore precinct, which is planned to accommodate around 10,000 new homes, 70% of which will be Housing Development Board (HDB) flats.
The tender attracted eight bids, equalling the highest number of bids for a URA plot since the Jalan Tembusu site in January 2022. The top bid from SingHaiyi Group was narrowly higher—by just 0.8%—than the second-highest bid from Sing Holdings. However, there was a significant 36% spread between the top bid and the lowest bid from Sim Lian Group.
Wong Siew Ying, Head of Research and Content at PropNex, noted that the top bid land rate for the Bayshore Road site is higher than some Central Region plots awarded previously. For example, Zion Road plots fetched $1,202 and $1,304 psf ppr, whilst Holland Drive and River Valley Green plots were sold for $1,285 and $1,325 psf ppr, respectively.
The tender outcome exceeded expectations, with developers submitting bullish bids due to the site’s strong locational attributes, including proximity to the Bayshore MRT station and potential waterfront views. Wong highlighted the pent-up demand for new private housing in the area, particularly from HDB upgraders in nearby estates, as no significant private condo launches have occurred in Bayshore for decades.
The positive sales momentum in the primary market and anticipation of strong homebuying interest for the future Bayshore project have contributed to the optimistic bids. The last nearby GLS plot was sold in Siglap Road in 2016, with Seaside Residences launched in 2017 and sold out by 2021. PropNex projects that the average selling price for the Bayshore site could exceed $2,600 psf.
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