The recent Government Land Sale (GLS) tender for a prime site along Bayshore Road closed on March 18, 2025, attracting significant interest from property developers and setting a new benchmark for suburban land prices.
Key Highlights:
- Top Bid: A joint venture between SingHaiyi Group and Haiyi Holdings submitted the highest bid of S$658.8 million, translating to S$1,388 per square foot per plot ratio (psf ppr).
- Record-Setting Price: This bid represents the highest land price ever recorded for a 99-year leasehold suburban private housing site in Singapore’s Outside Central Region (OCR).
- Competitive Bidding: The tender attracted eight bids, with the top bid narrowly edging out the second-highest by a margin of 0.8%, indicating strong competition among developers.
- Development Potential: The 99-year leasehold plot is expected to yield approximately 515 private homes, marking it as the first GLS site offered in the new Bayshore precinct.
- Connectivity: The site is strategically located adjacent to the upcoming Bayshore MRT station on the Thomson-East Coast Line (TEL), enhancing its appeal due to improved accessibility.
This development underscores the robust confidence developers have in Singapore’s suburban housing market and highlights the strategic importance of the Bayshore precinct in the city’s urban planning.
source: Business Times