Mega mixed-use Bayshore site for 1,280 homes could draw bids of up to S$2 billion
Analysts expect keen developer interest, with land costs projected to top S$1 billion and consortium bids likely
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[SINGAPORE] A sprawling mixed-use commercial and residential site in the popular Bayshore neighbourhood has been released for sale, in a state tender likely to draw keen interest and bids topping S$1 billion.
The Bayshore Drive development, offering up to 1,280 new homes, will be integrated with Bedok South MRT station, a bus interchange and retail spaces.
The site can be built up to a maximum gross floor area of 149,398 square metres (sq m), with 22,500 sq m set aside for commercial use. The number of dwelling units is capped to manage traffic demand in the area.
Analysts expect the parcel to attract keen developer interest, though the number of bids could be limited given the plot’s size and the substantial financial commitment involved. With land costs projected to top S$1 billion, developers are likely to form consortiums to bid for the site, they added.
Its location directly above the future Bedok South MRT station could add to construction costs, said Wong Siew Ying, head of research and content at PropNex.
Citing recent suburban state tenders for mixed-use sites that sold for over S$1 billion, which each drew three bids, she expects the Bayshore Drive site to attract two to four bids, with the top offer likely between S$1,150 and S$1,250 per square foot per plot ratio (psf ppr).
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A huge mixed site in Hougang Central drew three bids before its tender closed in December 2025, with a CapitaLand-UOL joint venture submitting the top bid of S$1.5 billion, or S$1,179 psf ppr.
In September 2025, a mixed-use site in Chencharu Close also drew three bids, with a consortium of Evia Real Estate, Gamuda and Ho Lee Group placing the top offer of S$1 billion, or about S$980 psf ppr.
Huttons Asia CEO Mark Yip sees the top offer for the Bayshore Drive site coming in at S$1,200 to S$1,300 psf ppr, translating to a quantum of around S$2 billion. “Excluding white and commercial sites, this may be the highest bid ever for a mixed-use government land sales (GLS) site,” he said.
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Rising land prices in the Outside Central Region (OCR) over the past year, combined with the inclusion of commercial components, are likely to push bids higher, said ERA Singapore chief executive officer Marcus Chu.
The 99-year leasehold site is on the confirmed list for the first half of the 2026 GLS programme. The 57,460.6 sq m site is the second plot planned for the upcoming Bayshore housing estate.
The first parcel, a site spanning 10,497.3 sq m, drew intense competition when its tender closed in March 2025. It was the first parcel offered in the new precinct and drew eight bids, with a SingHaiyi-led joint venture submitting the top bid of S$658.9 million, or S$1,388 psf ppr.
The winning bid edged out the second-highest offer from Sing Holdings by just 0.8 per cent and set a record land rate for a GLS residential site in the OCR.
SingHaiyi’s Vela Bay project, with about 515 units, is slated for launch in April this year.
With the launch of the larger Bayshore Drive parcel, developers may have limited chances left to snag land in the precinct, as 70 per cent of the housing supply in the area will be for public housing and the remaining 30 per cent for private homes, said Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group. He expects up to six bids at a land rate of S$1,200 to S$1,300 psf ppr.
Robust homebuying demand
Bayshore Drive’s sizeable retail component helps fill a gap in the precinct, where amenities are dispersed and larger malls such as Bedok Mall and Parkway Parade are further away, said Newmark’s head of research Wong Shanting.
The development will account for over a third of the estimated 3,000 private homes planned, and the growing supply could prompt buyers who have been waiting on the sidelines to act, said ERA Singapore’s Chu.
Strong HDB resale prices in Bedok are expected to drive demand from upgraders entering the market in 2027. In 2025, flats in Bedok aged 15 years or less had median resale prices of S$1.03 million for five-room units and S$860,000 for four-room units, providing substantial equity for upgrading, he added.
Homebuying demand has remained resilient despite geopolitical tensions, as seen in the Rivelle Tampines and Pinery Residences projects, which each sold over 90 per cent of units on their recent launch weekends, at average prices of S$1,893 psf and S$2,546 psf, respectively.
“In times of global uncertainty, Singapore continues to stand out as a safe haven. Its political stability, strong currency and transparent property market give investors and homebuyers a high level of confidence, even amid external volatility,” said Chu.
The Urban Redevelopment Authority tender for Bayshore Drive closes on Jul 15.
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