Bayshore Drive – Government Land Sale (GLS) Site Analysis

URA has closed the tender for the Bayshore Drive site under the Government Land Sale (GLS) site on the 15^th of July 2026.  The site, which was contested by three bidders, closed at a land rate of $1,325 psf ppr, submitted by Frasers Property. This is a mixed-use site comprising residential and commercial components. The site is the largest listed on the 1H 2025 Confirmed List and is expected to be the second development in the upcoming Bayshore precinct.

The last mixed-us GLS site awarded within the Bedok planning area was the Tenah Merah Kechil Link parcel in 2H 2020, which attracted strong developers’ interest. This site was awarded with a top bid of S$248.99 million ($930 psf ppr). However, with precedent land bids being set across the OCR in recent years, we have witnessed a sharp uptick in land rates, especially for mixed-use developments in developing precincts.

Most recently, the 2H 2025 GLS launch, the Bedok Rise parcel also saw robust competition, attracting a total of 10 bids. The site was subsequently awarded to Bellied Residential Pte Ltd for a top bid of S$464.8 million (or 1,330 psf ppr).

At $2.13 billion ($1,324 psf ppr), the top bid put in by Frasers Property is 5.9% more than the second highest by a CDL-led joint venture. The decisive margin suggests the developer’s determination to secure the site. Beyond its scale - accounting for more than a third of Bayshore’s projected 3,000 private homes, the site offers a rare first-mover opportunity to develop the precinct’s first retail mall. With a potential catchment of about 10,000 homes, the prospect of recurring rental income and long-term commercial upside is likely to have strengthened developers’ confidence despite the project’s substantial development quantum.

Table 1: Details of Holland Plain GLS site

Source: URA

Site and Location Attributes

The Bayshore Drive GLS site is situated along  Upper East Coast Road, placing it near to key amenities, including Bayshore MRT station (Thomson-East Coast Line), nearby bus service, and East Coast Park. The site is also a short drive away East Coast Parkway.

Although there are only few nearby non-landed private developments, several condominium and landed enclaves lie within a broader 1-2km radius, which includes condominium projects along Bayshore Road and Upper East Coast as well as landed enclaves around Bayshore Avenue, Bayshore Park and extending further toward Frankel Estate, Sungei Bedok, Siglap Canal and Bedok South.

At present, the nearest shopping centre offer to Bayshore Drive site is the upcoming Sceneca Square Mall, located approximately 1.2km away (about a 6-minute drive). Set to open in 2026, the mall is expected to feature mixed of food & beverage outlets, retail spaces and a supermarket. 

Further north along East Coast corridor, Bedok mall is approximately 3.5km away (9-minute drive), while Changi City Point, located north-east towards Changi Business Park, is around 4.5 km away (about a 11-minute drive).

Daily grocery needs around Bayshore Drive are primarily supported by Sheng Siong Supermarket, situated roughly 0.3km away (5-minute walk) at Siglap Community Club, while NTUC FairPrice at Upper Changi is located about 1km away (5-minute drive). 

Looking ahead, neighbourhood convenience will be further enhanced once the future mixed-use development on the Bayshore Drive plot is completed. It is expected to offer about 22,500 sqm of commercial space, which is over 10 times Sceneca Square Mall with a gross floor area (GFA) of just over 2,000 sqm. 

This underscores that the future development along Bayshore Drive will be the heart and the town centre of the new Bayshore transformation. The larger footprint will allow it to support future retail demand, especially with the likelihood of a larger neighbourhood population taking root in Bayshore.

In addition, several educational institutions fall within a 2 km radius of the site. These include Temasek Primary & Secondary School, Bedok Green Primary School, Bedok South Secondary School, Bedok View Secondary School, Anglican High School, and Temasek Junior College.

Transport and connectivity

Currently, connectivity in Bayshore Drive site is anchored by Bayshore MRT station (Thomson-East Coast Line), which is located approximately 500metres (7-minute walk) from the site. 

The MRT station will provide faster  travel times of around 30-minutes to the CBD, and 40-minutes to Orchard Road..

Furthermore, Changi Airport Terminal 5 is set to feature along the same TEL line, putting the Bayshore precinct in a prime spot to support the growth and employment of the aviation industry. This could provide valuable exit strategies or rental opportunities for investment homebuyers in Bayshore.

Price and Market Trends            

Through the years, mixed-used developments in Singapore have performed well, as evidenced by resale values in 2025 appreciating past initial new sale prices. As illustrated in Table 2, larger scale, non-boutique mix-used developments exceeding 100 units,  launched between 2011 and 2019 have achieved double-digit capital appreciation ranging from 12%-29% since their respective launch.

Table 2: Price Performance of Mixed-Use Developments with MRT Integration

Price appreciation in integrated developments is likely underpinned by superior convenience and connectivity from direct MRT access and retails amenities. The Bayshore Drive site sits above a  TEL station , which is well positioned to benefit from enhance connectivity to the CBD, reinforcing its long-term liveability and value proposition.

Table 3: Comparable MRT-Integrated Mixed-Use GLS Sites in OCR

Recent mixed-use GLS tenders suggest that developers are increasingly prepared to accept the risks associated with larger projects where there is sufficient upside from connectivity, commercial integration and precinct transformation. Pinery Residences was awarded at $1,004 psf ppr in September 2024, while the larger Chencharu Close Residences site was awarded at a lower $980 psf ppr in September 2025. This could  indicate that developers might bid more conservatively for higher-quantum sites to account for greater sales absorption challenges and Additional Buyer’s Stamp Duty risks.

The subsequent Hougang Central tender, however, points to stronger confidence in the value-creation potential of well-located mixed-use developments. Despite yielding around 835 homes, broadly comparable with Chencharu Close, the site attracted a substantially higher top bid of $1,179 psf ppr. Its strong transport connectivity and an estimated 40,000 sqm commercial component likely reinforced expectations that the future  integrated development will  anchor the wider precinct, generate footfall and support residential demand.

This confidence appears to have carried through to Bayshore Drive. Although the site is expected to yield about 1,280 homes, developers may have viewed its scale as manageable relative to the longer-term upside of the emerging Bayshore precinct. Direct integration with the Thomson-East Coast Line, a sizeable commercial component and the appeal of the East Coast location position the project  as a focal point for the area’s transformation. These attributes may have given bidders sufficient confidence to look beyond the larger development quantum and associated execution risks.

Developers Could Compete for First-Mover Advantage in New Township

The Bayshore Road site marks the second GLS site in the Bayshore area, highlighting the scarcity of new private residential homes. Given its prime location next to an MRT station, developers could be more willing to fork out a premium to secure the attractive site.

Table 4: Selective Existing Developments in Bayshore

The upcoming Bayshore estate can also draw similarities to the township development in Lentor. New launches in the area consecutively set the bar for future launch prices. It will be in the developers’ best interest to leverage on first-mover advantage in penetrating the market for private residential homes in Bayshore.

The strong sales momentum observed for Vela Bay, the first GLS site in the Bayshore precinct which launched earlier this year sold 72% of its units at a benchmark average price of $2,886 psf. Reflecting positive buyer sentiment around the upcoming precinct, this is likely to have bolstered developer’s confidence in the site. 

Potential Buyers Profiles              

As one of largest mixed-use GLS parcels along the East Coast, the Bayshore Drive site is well position to attract a broad and diverse buyers pool beyond the East region. With a gross plot ratio (GPR) of 2.6, development could potentially rise between 24 – 36 storeys which means that certain units could offer sea-view. This presents an opportunity to tap into the pent-up demand for non-landed private homes where development offering sea view has been limited. 

The Bayshore precinct is undergoing significant transformation, supported by the expansion of TEL lines and the introduction of new commercial offerings. This would bring modern amenities and updated infrastructure, enhance the vibrancy of the otherwise mature estate and position the area to appeal to younger households and families.

Within a 2km radius from the site, there are several landed property enclaves along Upper East Coast Road and extending upwards of Sungei Bedok, Siglap Canal and Bedok South. Owners of these larger homes may seek to unlock value by downsizing into a modern, MRT-integrated mixed-use development, while remaining close to their familiar neighbourhood and lifestyle amenities. 

Table 4: Median Transaction Quantum for Private Residential Properties in District 16 (Q1 2026, Q2 2026)

Looking at 1H 2026 median resale price for private properties in D16, landed right-sizers and owners of ageing condominiums are well-positioned to upgrade into a new private home in the same vicinity.

Table 5: Median HDB Transaction Quantum in Bedok (2025 and 1H 2026)

That said, HDB dwellers across Singapore and second-generation families who grew up in the area may be drawn to this development, as they would want to remain in proximity with their parents. This could motivate them to dispose of aging flats, typically 15-30 years old, to fund an upgrade.

Recent HDB resale transactions in Bedok from 2025 to 1H 2026 also point to a sustainable resale market for sellers. The sale proceeds could provide the equity needed to upgrade to a private home in the upcoming Bayshore precinct, which offers MRT connectivity, access to nearby schools, long-term growth potential and favourable future resale prospects.

From a rental perspective, Bayshore Drive strong location attributes and upcoming infrastructure enhancements are expected to draw attention by investors seeking strong rental returns. Its connectivity to key CBD areas such as Raffles and Orchard, as well as business hubs like Changi Business park, makes it highly appealing for tenants.

Supply Outlook

Conversely, despite the sites hold strong fundamentals and appeal, developers are expected to price in emerging unit supply headwinds, which may result in a more disciplined and measured bidding.

Table 6: Expected supply pipeline of private housing for 2025 and 2026

Conclusion and Tender Closing Comments

The strong sales momentum observed for OCR projects in 1Q 2026 such as Pinery Residences, Tengah Garden Residences, and notably Vela Bay, located in the same neighbourhood is likely to have bolstered developer’s confidence in the site. 

Following the two highly competitive GLS exercises in Bayshore thus far, developers displayed confidence in the long-term potential of the precinct. This is underpinned by genuine buyer demand for new homes in emerging precincts supported by infrastructure and masterplan development.

Following this, we could potentially see continued enthusiasm for future GLS sites in Bayshore, with around half of the projected 3,000 private homes remaining.

Despite the ongoing geopolitical tension and its potential implications for the global economy, Singapore’s economy has remained relatively resilient. Furthermore, the Ministry of Trade and Industry (MTI) has announced that they will maintain this year’s GDP growth forecast at 2% to 4% y-o-y, signalling the government’s confidence in the resilience of the Singapore economy. Recently, MTI also announced GDP growth of 5.7% y-o-y  in 2Q 2026 

Singapore’s steady economic growth, coupled with low unemployment rates and declining interest rates, have resulted in a residential property market that is still supported by strong buyers’ demand.

Fuelled by the strong sales performance seen across the 2026 launches to date, we expect to see some developers looking to replenish their land in anticipation of sustained demand.

Currently, excluding Executive Condominiums, three GLS sites remain open for tender, with another eight sites on the recently announced 2H 2026 Confirmed List set to be launched. However, of these eight sites on the Confirmed List, only the East Coast Road site is located in the East Region.

Developers who are unsuccessful in their current bids may turn their attention to the upcoming sites slated to be launched for tender in the coming months.