The tender for a new government land sale (GLS) site on Bayshore Road was launched on Monday (March 30). The mixed-use plot will be integrated with Bedok South MRT station, a bus interchange, and retail spaces.
If the 618,500 sq ft site is successfully awarded, it could be developed into a new integrated development with 1,280 private homes. The commercial component will span about 242,100 sq ft, which will make it nearly similar in size of White Sands Shopping Mall in Pasir Ris.
Given the appealing attributes of this site and the major financial undertaking of the development, market analysts like Nicholas Mak, chief research officer at Mogul, estimate that the top bid could range from $1.9 billion to $2.1 billion, which translates to a land rate of $1,200 psf per plot ratio (ppr) to $1,306 psf ppr.
But he expects that the site will eventually attract less than four bidders when it closes on July 15, and nearly all of the bids will likely be submitted by consortiums of developers so that they can diversify the significant development and financial risks.
Each of the three mixed-use ‘Residential and Commercial’ GLS sites that have been awarded in recent years attracted a winning top of over $1 billion, and each tender saw three bids per site.
- Hougang Central (Dec 2025): $1.5 billion by CapitaLand-UOL consortium
- Chencharu Close (Sept 2025): $1.01 billion by Evia Real Estate, Gamuda Land, Ho Lee Group joint venture (JV)
- Tampines Ave 11/Parktown Residences: $1.2 billion by UOL Group, Singapore Land, CapitaLand JV
Exceptional take-up rates at recent new launches of mixed-use developments also indicates strong underlying demand for such well-located projects. The recent sales launch of Pinery Residences over the March 28 to 29 weekend saw 544 units (92.5 per cent) out of the 588-unit development snapped up.
All of the available two-bedroom units were sold out and the project set an average selling price of $2,546 psf.
This is the second GLS site that the government has released for sale in the upcoming bayshore precinct, a new 60ha waterfront town that will eventually comprise about 12,500 public and private homes, lifestyle attractions, and community facilities.
Several residential developments are already underway. The first condominium will be Vela Bay, which is expected to be a 515-unit project that is jointly developed by Singhaiyi Group and Haiyi Holdings.
In total, eight different bids were submitted for this GLS site on Bayshore Road. The site was awarded to these joint venture partners after they submitted the top bid of $658.89 million ($1,388 psf ppr) for the GLS site in March 2025. Vela Bay is expected to preview next month.
New Build-To-Order (BTO) developments have also been launched in the emerging waterfront precinct — the 710-unit Bayshore Palms and the 734-unit Bayshore Vista were launched during the October 2024 BTO sales exercise. Both projects were classified as Plus BTOs.
Bayshore Palms features five residential blocks of seven- to 21-stories with a mix of two-room Flexi and four-room flats, and 40 rental flats will be housed across two of the blocks. Meanwhile, Bayshore Vista comprises six residential blocks from seven- to 21-stories with a mix of two-room Flexi, three- and four-room flats, while one block will house 20 rental flats.
The introduction of the latest GLS site in Bayshore will be another significant step in the development of this new waterfront precinct. Potentially yielding more than 1,000 new private homes, it can be classified as a mega-development and secures its status as a landmark project.
Marcus Chu, CEO of ERA Singapore, says that this is the most attractive ‘city-fringe’ GLS site offered by the government so far this year, boasting a good combination of scale, connectivity, and integrated amenities.
This development will also account for over a third of the estimated 3,000 private homes planned for the Bayshore precinct. Along with the 515-units (from the development of Vela Bay) already scheduled to launch, more than half of the precinct’s future housing supply will be committed, says Chu.
“This will enable the project to be well-positioned to provide a self-sufficient ‘live-work-play’ environment that strongly appeals to a broad spectrum of home buyers, from HDB upgraders, young families, to right-sizing seniors,” he says.
In addition, the size of the commercial component will offer a wide range of amenities for residents in the new project as well as the surrounding area. Developers who are keen to expand their suburban retail footprint are likely to participate in the tender, says Wong Siew Ying, head of research and content at PropNex Realty.
“We believe the commercial space at the Bayshore Drive plot could help to address demand for retail offerings in what may be an underserved catchment, given the relatively limited number of retail malls in the Bedok South, Bayshore, and Siglap areas,” she says.
The nearest mall from the site is Bedok Mall, which is about 2.6km away and a 15- to 20-min journey by public transport.
She adds that this is also the only mixed-use site in Bayshore that has been zoned under the latest Master Plan. This means that there will not be another opportunity for developers to win a mixed-use site in this neighbourhood.
Another locational attribute of the new GLs site that will catch the eye of developers, and buyers in the future, is its proximity to several schools in the area. There are two primary schools (Temasek Primary School and Bedok Green Primary School) and four secondary schools within 2km of the site.
Meanwhile, Temasek Junior College will return to its original location at 22 Bedok South Road in January 2028.
The residential neighbourhoods around the Bayshore precinct comprise landed estate, older private developments, and HDB flats. This offers a wide catchment of potential buyers like upgraders and right-sizers who might be the target market for the future integrated development.
“The site may draw demand from HDB upgraders anticipated to enter the market in 2027. In 2025, for flats aged 15 years or less, the median resale prices in Bedok were $1.03 million for 5-room flats and $860,000 for four-room flats, offering substantial equity for upgrading,” says Chu.
According to data compiled by Realion (OrangeTee & ETC) Group, median resale prices of four-room and five-room flats in Bedok and Tampines that are less than 20 years old have remained strong.
- The median prices for four- and five-room resale flats in Bedok are $860,000 and over $1 million, respectively
- While four- and five-room resale flats in Tampines are fetching $770,000 and $915,000, respectively
With over 8,000 four-room and five-room flats set to reach their minimum occupation period (MOP) in these two towns from 2026 to 2028, potential upgraders may consider the future project here, says Justin Quek, deputy CEO of Realion (OrangeTee & ETC) Group.
He adds that additional demand may also come from homeowners looking to right-size their homes, taking advantage of the added convenience of the amenities located within the future integrated development.
Meanwhile, the price of private properties (both landed and non-landed) in District 16 have exhibited strong price appreciation over the years, with median psf price growing by 44.7 per cent from 2015 to 2025, based on transaction data.
However, he agrees that the overall size of the new GLS plot may result in one of the highest GLS bids submitted in recent years, and developers may form consortiums or joint ventures in order to mitigate development risks. “With global and macroeconomic uncertainty, alongside rising construction costs, some caution may be exercised for this site due to increased complexity and requirements”.
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This article was first published in Stackedhomes.
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