# Bayshore Lands Singapore’s First $2 Billion Non-CBD GLS Site — Here’s What It Could Mean For Future Condo Prices

- **Source:** Stacked Homes
- **Published:** 2026-07-15T12:13:39.000Z
- **Author:** Timothy Tay
- **Original:** https://stackedhomes.com/bayshore-lands-singapores-first-2-billion-non-cbd-gls-site/
- **Topics:** Private Residential, Commercial & Industrial, New Launches

## Featured rationale

The bid signals strong developer confidence in MRT-linked East Coast housing demand and could translate into future residential prices averaging around S$3,000 psf.

## AI summary

A Frasers Property-led joint venture submitted the top bid of $2.128 billion, or $1,323 psf ppr, for Bayshore’s integrated GLS site, a non-CBD record.

## Original article

The tender to develop the only integrated project at Bayshore on the East Coast attracted a who’s who of some of the top developers in Singapore. Developers have been gearing up to bid for this prime site even before the government land sale (GLS) plot was launched for sale in March this year.

In the end, it took a five-way joint venture (JV) partnership between Frasers Property, Frasers Centrepoint Trust, Sunway MCL, Sekisui House, and Lum Chang Holdings to beat two other highly competitive bids – which also consisted of consortiums of developers.

At the close of the GLS tender on July 15, the top bid of $2.128 billion was submitted by the Frasers Property-led JV. The top bid price translates to $1,323 psf per plot ratio (ppr) for the 618,500 sq ft site.

In a statement to the media, Soon Su Lin, CEO of Frasers Property Singapore, says that the consortium’s bid reflects their strong confidence in the long‑term potential of the Bayshore precinct and the East Coast region. “As the only mixed-use development and transit hub of Singapore’s new Bayshore waterfront precinct, this represents a defining opportunity to shape a highly connected, liveable and future‑ready community,” she says.

The bids received for this site match the expectations of many market analysts, who generally expected bids to range from $1.9 billion ($1,200 psf ppr) to $2.1 billion ($1,306 psf ppr).

This is also the highest bid price received for a GLS site since Malaysian property developer IOI Properties submitted its $2.569 billion bid for a white site at Central Boulevard, which has since been developed into IOI Central Boulevard Towers.

This is only the third time that a GLS site has attracted a top bid of over $2 billion, and it is the first site outside of the Central Business District (CBD) to cross that threshold. The other instance, besides Central Boulevard, is the Marina View/Commerce Street site back in 2007 that attracted a $2.02 billion ($1,409 psf ppr) bid. That site is now Asia Square Tower 1.

Turning back to the Bayshore Drive GLS, it is located next to the future Bedok South MRT station on the Thomson-East Coast Line and is the second GLS site released for private development by the government in the Bayshore precinct.

The first GLS site was awarded to SingHaiyi Group and its partner Chuan Capital in March 2025, after they had put in the winning bid of $658.89 million ($1,388 psf ppr). This site is being developed into the 515-unit Vela Bay, which sold over 72% of its units during its opening sales weekend and set an average selling price of $2,886 psf at the time.

Vela Bay is one of the best-performing new projects in 2026, after the 515-unit development shifted 72% of its units at its opening sales weekend.

No doubt the strong sales and high take-up rate that Vela Bay enjoyed strengthened the developer’s confidence in the recent Bayshore Drive GLS site, despite the expected $2 billion capital commitment.

The second highest bid was submitted by a consortium of developers comprising City Developments Ltd (CDL), Hong Leong Holdings, Hong Realty, and TID. They put in a $2.10 billion ($1,250 psf ppr) bid.

The third bid of $1.986 billion ($1,235 psf ppr) was jointly submitted by CapitaLand Development and UOL Group. This pair of developers already won the bid for an integrated development plot in Hougang Central in May, forking out $1.5 billion ($1,179 psf ppr) for that site next to Hougang MRT station.

The appeal of the Bayshore Drive GLS site definitely benefitted from its direct pedestrian access to Bedok South MRT station, which is expected to be operational by the end of this year. Mak also points out that approximately 75% of the allowable gross floor area (GFA) means that the residential component will likely be a mega-development with over 1,000 new condo units.

The relatively higher residential proportion compared to other elements of the future integrated development will reduce the development and financial risk, since three-quarters of the GFA will be sold to finance the project, says Mak.

At the same time, demand for new private homes in the East is not currently matched by the supply of development land, says Mak, adding that among the 63 private residential GLS sites launched by the government since 2021, only three sites are located in the East region.

The master plan for the Bayshore precinct was unveiled in 2023, and plans include about 10,000 new public and private homes. (Illustration: URA)

Moreover, the number of private residential GLS sites in the East has been less than the number of GLS sites launched in the Core Central Region (CCR) over the last five years. In the Bayshore precinct, about 70% of the planned 10,000 new homes will be HDB flats, with approximately 3,000 new condos in the pipeline.

Developers are keen to acquire land parcels that are directly connected to an MRT station, and mixed-use projects built on such plots tend to be sought-after among homebuyers, says Wong Siew Ying, head of research and content at PropNex Realty.

Recent examples of integrated developments that have recorded high take-up rates include Pinery Residences, which shifted nearly 93% of its 588 units when it was launched in March 2026, and Parktown Residence, which sold 87% of its 1,193 units over its launch weekend in February 2025.

“The healthy track record of sales at well-located mixed-use developments may give developers greater conviction to bid competitively for the Bayshore Drive site despite its sheer size. Furthermore, the positive market response to Vela Bay’s recent launch may give developers added confidence, with its average transacted price of $2,886 psf offering a useful gauge of the price levels acceptable to buyers in this locale,” she says.

She adds that the sizeable commercial component will help to address demand for retail offerings in what may be perceived as an under-served catchment in this part of the East Coast, given the lack of large-scale malls in this vicinity.

Most of the major recognisable shopping malls in the East Coast area are typically found in the Marine Parade neighbourhood, as well as the smaller retail shophouses in Joo Chiat.

For Frasers Centrepoint Trust (FCT), which owns and manages some of the most recognisable malls in Singapore like NEX and Tampines 1, participating in this tender would be a compelling opportunity to establish a strong foothold in this developing precinct.

“The project allows FCT to harness development as a new growth driver at an attractive yield, while creating a pipeline for future acquisition,” says Richard Ng, CEO of the Manager of Frasers Centrepoint Trust. It’s also aligned with its mandate of owning and managing well-located suburban retailassets anchored by strong transport connectivity and growth potential.

If the GLS site is awarded to the Frasers Property-led JV, the bid price of $2.128 billion – or $1,323 psf ppr – could translate to a possible average selling price of more than $2,900 psf at the future residential development, according to estimates by PropNex.

Reclamation works that signal the start of the Long Island plan will begin at the end of this year. (Map: URA)

With development of the Bayshore precinct advancing – several Build-To-Order projects have already been launched so far – the reclamation works that will give rise to the Long Island plan provide an additional long-term backdrop for the investment potential of the future integrated project, says Alice Tan, Head of Consultancy at Knight Frank Singapore.

Preliminary plans for this decades-long reclamation project involve roughly 800 ha of reclaimed land stretching from Marina East to Tanah Merah. This will create additional land for future development, a new reservoir, extensive waterfront parks and coastal protection infrastructure.

It is also part of a long-term positioning of the East Coast corridor as a major waterfront district, and developers likely viewed this as a future structural advantage that can maintain the desirability of Bayshore over an extended timeframe, says Tan.

The consultancy estimates that – based on prevailing construction costs, financing costs, integrated development complexity and current new-launch pricing benchmarks – a reasonable estimate would place future residential launch prices to start from S$2,900, and average around S$3,000 psf.

Some of the most premium units with sea views, higher floors and integrated transport access could exceed S$3,200 psf.

## Chinese translation

> Translation model: grok_cli

### Bayshore 斩获新加坡首个20亿美元非中央商务区政府售地地块——这对未来公寓价格意味着什么

由星狮地产（Frasers Property）牵头、与Sunway MCL、积水房屋（Sekisui House）及南洋控股（Lum Chang Holdings）组成的合资体，以21.28亿新元、合每平方英尺地积比1,323新元的出价，中标Bayshore Drive政府售地（GLS）地块，创下新加坡中央商务区以外GLS地块的最高出价纪录。

东海岸Bayshore唯一综合项目地块的开发招标，吸引了新加坡一批顶尖发展商齐齐参与。早在该政府售地（GLS）地块于今年3月推出竞标之前，发展商们便已积极备战。

最终，由星狮地产（Frasers Property）、星狮中心信托（Frasers Centrepoint Trust）、Sunway MCL、积水房屋（Sekisui House）及南洋控股（Lum Chang Holdings）组成的五方合资体（JV），以压倒另外两组同样由发展商组成的高度竞争出价胜出。

在7月15日GLS招标截止时，星狮地产牵头的合资体提交了21.28亿新元的最高出价。该出价换算为该618,500平方英尺地块的每平方英尺地积比（psf ppr）1,323新元。

星狮地产新加坡首席执行官孙淑玲（Soon Su Lin）在媒体声明中表示，合资体的出价反映了他们对Bayshore片区及东海岸地区长期潜力的强烈信心。“作为新加坡全新Bayshore滨水片区唯一的综合用途发展项目及交通枢纽，这是塑造一个高度互联、宜居且面向未来社区的关键机遇，”她说。

该地块收到的出价符合许多市场分析师的预期，他们普遍预计出价将介于19亿新元（每平方英尺地积比1,200新元）至21亿新元（每平方英尺地积比1,306新元）之间。

这也是自马来西亚发展商IOI Properties以25.69亿新元竞得Central Boulevard白地地块以来，GLS地块所录得的最高出价；该地块其后已发展为IOI Central Boulevard Towers。

这仅是GLS地块第三次录得超过20亿新元的最高出价，也是首个突破该门槛的中央商务区（CBD）以外地块。除Central Boulevard外，另一次是2007年Marina View/Commerce Street地块，当时录得20.2亿新元（每平方英尺地积比1,409新元）的出价。该地块现为Asia Square Tower 1。

回到Bayshore Drive GLS，该地块毗邻汤申-东海岸线（Thomson-East Coast Line）未来的Bedok South地铁站，也是政府在Bayshore片区推出的第二幅供私人发展的GLS地块。

首幅GLS地块于2025年3月判予SingHaiyi Group及其合作伙伴Chuan Capital，中标价为6.5889亿新元（每平方英尺地积比1,388新元）。该地块正发展为515个单位的Vela Bay，开盘周末售出逾72%单位，当时平均售价为每平方英尺2,886新元。

Vela Bay是2026年表现最佳的新盘之一，该515个单位项目在开盘周末售出72%单位。

毫无疑问，Vela Bay强劲的销售与高认购率增强了发展商对近期Bayshore Drive GLS地块的信心，尽管预期资本投入达约20亿新元。

第二高出价由城市发展有限公司（CDL）、Hong Leong Holdings、Hong Realty及TID组成的发展商财团提交，出价21.0亿新元（每平方英尺地积比1,250新元）。

第三高出价19.86亿新元（每平方英尺地积比1,235新元）由凯德发展（CapitaLand Development）与华联企业（UOL Group）联合提交。这对发展商已于5月中标后港中心（Hougang Central）一幅综合发展地块，为毗邻后港地铁站的该地块斥资15亿新元（每平方英尺地积比1,179新元）。

Bayshore Drive GLS地块的吸引力无疑受惠于其直达Bedok South地铁站的行人通道，该站预计于今年年底投入运作。Mak亦指出，约75%的允许总楼面面积（GFA）意味着住宅部分很可能是一个逾1,000个新公寓单位的大型项目。

Mak表示，与未来综合发展项目其他元素相比，住宅占比较高将降低开发与财务风险，因为四分之三的总楼面面积将通过销售来为项目融资。

与此同时，Mak称，东部地区新建私人住宅的需求目前并未得到开发用地供应的匹配；自2021年以来政府推出的63幅私人住宅GLS地块中，仅有三幅位于东部地区。

Bayshore片区的总体规划于2023年公布，计划包括约10,000套新建公共与私人住宅。（示意图：市区重建局URA）

此外，过去五年东部私人住宅GLS地块数量少于核心中央区（CCR）推出的GLS地块。在Bayshore片区，规划中的约10,000套新住宅中约70%将为组屋（HDB），另有约3,000套新公寓在建或待建。

PropNex Realty研究与内容主管Wong Siew Ying表示，发展商热衷收购直接连接地铁站的地块，而建于此类地块上的综合用途项目往往备受购房者青睐。

近期认购率较高的综合发展项目例子包括：Pinery Residences于2026年3月开盘时售出近93%的588个单位；以及Parktown Residence于2025年2月开盘周末售出其1,193个单位中的87%。

“区位优越的综合用途项目稳健的销售往绩，或使发展商更有信心为Bayshore Drive地块积极竞价，尽管其规模庞大。此外，市场对Vela Bay近期开盘的积极反应或进一步增强发展商信心，其平均成交价每平方英尺2,886新元，为该地段买家可接受的价格水平提供了有用参考，”她说。

她补充称，可观的商业部分将有助于满足东海岸这一带或被视为服务不足的集水区对零售配套的需求，因该附近缺乏大型商场。

东海岸一带多数知名大型购物中心通常集中在马林百列（Marine Parade）一带，以及如切（Joo Chiat）规模较小的零售店屋。

对拥有并管理新加坡部分最知名商场（如NEX与Tampines 1）的星狮中心信托（FCT）而言，参与此次招标将是在这一发展中片区建立稳固立足点的有力机遇。

“该项目让FCT能够以具吸引力的收益率，把开发业务作为新的增长动力，同时为未来收购打造项目储备，”星狮中心信托管理人首席执行官Richard Ng表示。这也与其拥有并管理区位优越、依托强劲交通连通性与增长潜力的郊区零售资产的宗旨相符。

若GLS地块判予星狮地产牵头的合资体，据PropNex估算，21.28亿新元——或每平方英尺地积比1,323新元——的出价，或可转化为未来住宅项目平均售价逾每平方英尺2,900新元。

标志“长岛”（Long Island）计划启动的填海工程将于今年年底展开。（地图：市区重建局URA）

莱坊新加坡（Knight Frank Singapore）咨询业务主管Alice Tan表示，随着Bayshore片区发展推进——目前已有多个预购组屋（BTO）项目推出——将催生“长岛”计划的填海工程，为未来综合项目的投资潜力提供额外的长期背景。

这项长达数十年的填海工程初步计划涉及约800公顷填海土地，从滨海东（Marina East）延伸至丹那美拉（Tanah Merah）。这将创造更多未来发展用地、一座新蓄水池、大片滨水公园以及海岸防护基础设施。

Tan表示，这也是将东海岸走廊定位为主要滨水区的长期布局的一部分，发展商很可能将其视为可在更长时间内维持Bayshore吸引力的结构性优势。

该咨询机构估计——基于现行建筑成本、融资成本、综合发展项目复杂性及当前新盘定价基准——合理估计未来住宅开盘价将从每平方英尺2,900新元起，平均约每平方英尺3,000新元。

部分拥有海景、较高楼层及综合交通配套的顶级单位，售价或可超过每平方英尺3,200新元。