First private residential site in Bayshore launched for sale

Map showing the Bayshore GLS site (Picture: EdgeProp LandLens)

URA has launched the tender for a Government Land Sale (GLS) site at Bayshore Road. Located next to the Bayshore MRT Station on the Thomson-East Coast Line (TEL), the 112,992 sq ft, 99-year leasehold site is zoned for residential use with a maximum GFA of 474,570 sq ft. It can potentially yield 515 homes. The site is under the Confirmed List of the 2H2024 GLS Programme.

The GLS plot at Bayshore Road marks the first private residential site in the upcoming Bayshore precinct, a 60-ha estate which occupies reclaimed land between the East Coast Parkway (ECP) and Upper East Coast Road. The estate will see roughly 10,000 new homes built in the coming years, of which 30% are designated for private housing.

Mark Yip, CEO of Huttons Asia, notes that the site could be the first private residential site that offers sea views while also boasting doorstep access to an MRT Station. He anticipates the future project at the site would appeal to buyers given its connectivity, with residents able to get to the downtown area via the TEL in 20 minutes. The site also has access to the ECP, allowing for a 15-minute commute by car to central regions.

Other amenities will be developed in the area, including shops, eateries and sports facilities slated to be constructed along Bayshore Drive. “In the future, there will be a mixed commercial and residential development above Bedok South MRT Station, which is one stop away,” Yip adds. The site is also within a 1km to 2km radius of schools such as Temasek Primary School, Temasek Secondary School and Temasek Junior College.

About 7,000 HDB flats have been earmarked for the Bayshore precinct. Last month, the first Build-To-Order (BTO) project, comprising 1,440 two-room flexi to four-room flats across two developments, was launched for sale in the October BTO exercise.

There were over 5,000 applicants for four-room flats at the two Bayshore projects, translating to an application rate of nearly five times. “The strong demand attests to the popularity of living near the East Coast,” Yip observes. Given this demand, he anticipates the Bayshore Road GLS site may attract up to four bids from developers, with a top bid of up to $570 million or around $1,200 psf per plot ratio (psf ppr).

Marcus Chu, CEO of ERA Singapore, believes the future project at the site will attract interest from current residents at existing private residential projects nearby that are looking to upgrade. Demand could also be bolstered by homeowners in nearby landed residential enclaves such as Kew and Sennett Estates that are seeking to right-size.

He also said that the last new launch in the vicinity was the 841-unit Seaside Residences on Siglap Road in April 2017. The project saw 70% of the 560 units released during its launch weekend taken up at an average sale price of around $1,700 psf.

“Despite headwinds faced by developers in the market, the Bayshore site could be the land parcel many developers have been waiting for this year,” Chu says. He predicts the site will get around four to six bids, with bid prices ranging from at least $500 million or $1,050 psf ppr.

The tender for the site will close at noon on March 18, 2025.