Commentary on Bayshore Drive GLS opening

SINGAPORE, 30 March 2026 - The tender for the Government Land Sale (GLS) site at Bayshore Road was launched on 30 March 2026. This site has the potential to yield approximately 1,280 units and includes 22,500 sqm of commercial space. The tender will close at 12 noon on 15 July 2026.

“The Bayshore GLS site is among the most attractive city-fringe GLS launches this year, offering a combination of scale, connectivity, and integrated amenities in one development,” said Marcus Chu, CEO of ERA Singapore.

“The site’s appeal centres on its proximity to Bedok South MRT station on the Thomson-East Coast line, offering residents direct access to the CBD in about 30 minutes.”

“It is also situated within the 1km priority enrolment radius of Temasek Primary School, making it more attractive to homebuyers with children in school.”

“Potentially yielding around 1,280 units, this can be classified as a mega-development. Coupled with 22,500 sqm of commercial space, this project could offer a range of amenities for its residents. This will enable the project to be well-positioned to provide a self-sufficient ‘live-work-play’ environment that strongly appeals to a broad spectrum of home buyers, from HDB upgraders, young families, to right-sizing seniors,” added Chu. 

“The Bayshore Road GLS site, previously listed on the 2H 2024 confirmed list, closed at a land rate of $1,388 psf ppr and is scheduled to launch as Vela Bay next quarter. Due to rising OCR land prices over the past year and the inclusion of commercial components, developers are likely to submit higher bids for this site. Commercial floor space also generally commands a premium in land costs,” Chu noted.

“We expect healthy competition for this site, although bids are likely to be disciplined. The quantum and scale of the project may likely attract consortium bids, as developers balance ambition with risk management,” said Chu. 

“This development will account for over a third of the estimated 3,000 private homes planned for the Bayshore precinct. Along with the 515 units already scheduled for launch, more than half of the precinct’s future housing supply will be committed,” Chu said.

“As supply in Bayshore becomes more defined, we might see buyers act more decisively, especially those who have been waiting on the sidelines for a clear entry into this new waterfront precinct,” added Chu.

“Bayshore has been designated as a key upcoming waterfront township, with improvements to connectivity and amenities expected to turn the estate into a lively residential enclave. The current Bedok South/Bayshore area includes a mix of landed houses, older private developments, and HDB flats. This offers a wide and accessible pool of both upgraders and right-sizers,” Chu noted. 

“Notably, the site may draw demand from HDB upgraders anticipated to enter the market in 2027. In 2025, for flats aged 15 years or less, the median resale prices in Bedok were $1.03 million for 5-room flats and $860,000 for 4-room flats, offering substantial equity for upgrading,” added Chu.

“Strong HDB resale prices in Bedok will be a key demand driver. Many upgraders will be well-positioned to move into private housing, especially in a well-connected and amenity-rich project like Bayshore,” said Chu.

“Selected higher-floor units may also enjoy uninterrupted sea views overlooking East Coast Park, further increasing the project’s appeal,” added Chu.

“Recent market responses also indicate sustained demand for large-scale, mixed-use developments in the OCR and the East. Pinery Residences, for example, attracted over 8,000 visitors during its preview weekend and went on to achieve a strong take-up rate at launch, highlighting robust buyer interest.

The robust attendance at recent previews and strong take-up rates indicate that underlying demand remains strong, especially for well-located, integrated developments. This will boost developers' confidence when evaluating GLS opportunities,” Chu added.

“Despite heightened geopolitical tensions, homebuyers have remained undeterred in their purchasing decisions. This is evidenced by the strong take-up at recent launches such as Rivelle Tampines and Pinery Residences, both of which achieved about 92% sales on their launch days over the past fortnight.

This sustained demand underscores continued confidence in Singapore’s property market and highlights the enduring appeal of homes in the East, lending support to the attractiveness of the Bayshore GLS site,” added Chu.

“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.

“Currently, three GLS private residential sites and one EC site remain open for tender, alongside seven sites on the 1H 2026 Confirmed List.

The Government’s carefully calibrated GLS pipeline guarantees a consistent and varied supply of housing across different segments. This not only promotes long-term market stability but also helps prevent sharp land price increases,” Chu concluded.

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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