Singapore's Urban Redevelopment Authority (URA) has launched the tender for the first private residential site in the highly anticipated Bayshore precinct. Located at Bayshore Road, this prime plot is set to transform the East Coast residential landscape. The 99-year leasehold site spans 112,992 sq ft and offers a maximum gross floor area (GFA) of 474,570 sq ft, with the potential to yield 515 homes. It is part of the Confirmed List under the Government Land Sales (GLS) Programme for 2H2024.
Key Features of the Bayshore GLS Site
One of the most compelling features of the site is its connectivity. Situated adjacent to the Bayshore MRT Station on the Thomson-East Coast Line (TEL), residents will enjoy seamless access to the downtown area in just 20 minutes. The East Coast Parkway (ECP) also offers a quick 15-minute commute by car to the CBD. According to Huttons Asia CEO Mark Yip, this site stands out as the first in the precinct to offer sea views combined with doorstep MRT access, making it a highly attractive proposition for buyers.
The Bayshore precinct, which spans 60 hectares of reclaimed land between Upper East Coast Road and the ECP, is set to feature 10,000 new homes, of which 30% will be private residential properties. In addition to housing, the area will be supported by amenities such as shops, eateries, sports facilities, and a mixed-use development at the nearby Bedok South MRT Station. Proximity to esteemed schools, including Temasek Primary, Secondary, and Junior College, further enhances the appeal for families.
Market Response and Anticipations
The recent Build-To-Order (BTO) launch in the Bayshore precinct saw overwhelming demand, with over 5,000 applicants for 1,006 four-room flats—a nearly fivefold application rate. This popularity underscores the strong appeal of East Coast living.
Industry experts anticipate keen developer interest in the Bayshore GLS site. Yip projects a top bid of up to $570 million, translating to approximately $1,200 psf per plot ratio (ppr), with expectations of four bids. ERA Singapore CEO Marcus Chu predicts similar enthusiasm, citing the strong interest among homeowners in nearby private condos and landed estates looking to upgrade or right-size. With the last new launch in the vicinity being Seaside Residences in 2017, the Bayshore site represents a long-awaited opportunity for developers and buyers alike.
What Makes the Bayshore Site Unique?
The East Coast lifestyle, combined with rare sea views and excellent connectivity, makes this site a standout. Its strategic location near employment hubs and recreational amenities further enhances its appeal. For developers, the site represents a golden opportunity to meet the pent-up demand for private homes in the area, especially given the constrained supply of new projects on the East Coast.
Summary and Highlights
- Location & Connectivity: Direct access to Bayshore MRT Station (TEL) and ECP.
- Development Potential: 515 private homes in the upcoming Bayshore precinct.
- Lifestyle Amenities: Proximity to schools, shops, eateries, and recreational spaces.
- Market Demand: High interest from developers and homeowners, as seen in recent BTO and private home trends.
- Projected Bids: Estimated top bid of $570 million or $1,200 psf ppr.
The launch of the first private residential site in Bayshore is a pivotal moment for Singapore's property market, particularly for the East Coast region. It signals growing developer confidence and highlights the enduring appeal of locations with excellent connectivity and lifestyle offerings. For prospective buyers, this site offers the rare chance to secure a home in a prime area with significant upside potential, especially given the strong demand for East Coast properties.
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