Bayshore Road GLS Site Closing on March 2025: Commentary by ERA

SINGAPORE, 18 March 2025—The tender for the Government Land Sale (GLS) site at Bayshore Road closed on 18 March 2025. Eight bidders expressed interest in the site, with Sing-Haiyi Garnet Pte Ltd submitting the top bid of $658.8 million (or $1,388 psf ppr).

“Among the eight bidders for the site, Sing-Haiyi Garnet put in the highest bid at $658.8 million, translating to a land rate of $1,388 psf ppr. The highest bid was just a marginal 0.8% more than the next highest bidder, highlighting an overall competitive round of bidding for this GLS site.”

“Additionally, the gap of 35.9% between the lowest and highest bids is reflective of mixed market sentiments among participating bidders.”

“The large showing by developers for Bayshore Road reflects the site’s allure. The last time we saw this many bidders was for the Jalan Tembusu (Parcel A) GLS site, which was subsequently launched as Tembusu Grand.” said Marcus Chu, CEO, ERA Singapore. “In addition, the plot’s palatable size could have been a draw for smaller-scale developers, which is why we saw more bidders.”

“Bayshore Road’s estimated land rate of $1,388 psf ppr also sets a new OCR land price, surpassing the former benchmark of $1,250 psf ppr achieved by Clementi Avenue, where ELTA now sits. It is also a touch higher than the land rate of $1,360 psf ppr for Lorong 1 Toa Payoh, which is currently The Orie.”

“The plot is the first private residential site in the upcoming Bayshore precinct and an inaugural project under the Bayshore Master Plan. The future development is poised to draw significant buyer interest from aspiring first-movers and upgraders since many nearby projects are at least 20 years old.”

“A strategic unit mix will be crucial for Bayshore Road’s eventual developer to address the diverse needs of different buyer segments. This includes catering to investors seeking rental opportunities, landed property owners right-sizing from nearby enclaves like the Kew and Sennett estates, and families relocating from nearby Tampines and Bedok.”

For media enquiries, please contact:

Yue Kai Xin, Press Relations, ERA Singapore

Email: [email protected]