The Bayshore Road site attracted 8 bidders and a top bid of $1,388 psf ppr from Sing-Haiyi Garnet Pte Ltd.
The level of interest from developers is the highest since Jan 2022. The site at Jalan Tembusu attracted 8 bidders as well. This is, an indication that developers may have held back from other GLS sites to participate in this tender. The strong sales for the past few months have also increased the need to replenish their land bank.
Sites along East Coast usually command a premium due to the rarity of sea facing plots. The gap between the top 2 bidders is close. This reflects developers’ keen interest to stake an early advantage in the new Bayshore estate. The last GLS site sold along East Coast was Seaside Residences for $858 psf ppr in Jan 2016.
The bid price of $1,388 psf ppr is close to the last bidded price for a land parcel in the CCR. This shows a blurring distinction between the different market segments and reflects more on the individual site characteristics and developers’ keenness to pay more for superior attributes.
This site is one of the highly anticipated sites on the GLS programme. It is the first site for private homes in the new Bayshore estate. It is probably the best site in the Bayshore precinct as it offers a sea view and doorstep access to Bayshore MRT station.
With Bayshore MRT station at the doorstep, residents can get to the Downtown in around 20 minutes. Temasek Primary School is within 1km to the site. In the future, there will be a mixed commercial and residential development above Bedok South MRT station which is one stop away.
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