Bayshore Drive mixed-use GLS site tender launched, could fetch bids up to $2 bil
The Bayshore Drive site (in blue) can yield approximately 1,280 housing units and around 242,190 sq ft of commercial space (Photo: EdgeProp LandLens)
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URA has launched the tender for a mixed-use site at Bayshore Drive, under the Government Land Sales (GLS) programme for the first half of 2026. The 99-year leasehold site spans 616,506 sq ft, with a maximum gross floor area of over 1.6 million sq ft.
Zoned for commercial and residential use, the plot could potentially yield 1,280 housing units, along with around 242,190 sq ft of commercial space. The site will be integrated with the upcoming Bedok South MRT Station (Thomson-East Coast Line), a bus interchange and retail spaces, URA says in a March 30 release.
This is the only mixed-use plot in Bayshore, based on the URA Master Plan 2025, notes Wong Siew Ying, head of research and content at PropNex. “Being an integrated transport hub, this site is expected to be a landmark development in the new Bayshore housing precinct, which will potentially have around 10,000 units of public and private housing,” she adds.
As such, Wong expects the Bayshore Drive site to garner keen interest among developers. However, bids may be tempered by the size of the plot, which could command a land price of “upwards of $1 billion”, she estimates. To that end, Wong and other analysts believe developers will likely team up to bid for the site.
Mark Yip, CEO of Huttons Asia, expects up to three bids for the plot, with a top bid ranging between $1,200 and $1,300 psf per plot ratio (ppr). This would translate to a quantum of around $2 billion. “Excluding white and commercial sites, this may be the highest bid ever for a mixed-use GLS site,” he says.
Meanwhile, Wong anticipates two to four bids for the Bayshore Drive site, with a top bid of around $1,150 to $1,250 psf ppr. “Looking at GLS land tenders in recent years, the three commercial and residential sites in the Outside Central Region (OCR) that were awarded for over $1 billion each — Tampines Avenue 11, Chencharu Close and Hougang Central — had garnered three bids per site,” she observes.
Second GLS site in Bayshore
The Bayshore Drive GLS site is the sole mixed-use plot in the 1H2026 GLS Programme. It is also the second GLS plot in the Bayshore precinct to be launched for sale, says Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group.
Quek adds: “With the launch of this second larger parcel, developers may have limited chances left to snag land in the Bayshore precinct, as 70% of the housing supply in the area will be allocated to public housing, with the remaining 30% catered for private housing.”
Artist’s impression of Vela Bay. The 515-unit development sits on the first GLS site sold in Bayshore, along Bayshore Road (Photo: SingHaiyi Group)
The first GLS site launched in Bayshore was a residential plot at Bayshore Road, which drew eight bids when its tender closed in March last year. SingHaiyi Group submitted the top bid of $658.89 million, or $1,388 psf ppr, for the site, representing the highest land rate for a residential GLS site in the Outside Central Region (OCR), observes PropNex’s Wong.
Marcus Chu, CEO of ERA Singapore, believes that developers’ bids for the Bayshore Drive site could exceed the $1,388 psf ppr land rate that SingHaiyi paid. “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,” he explains.
Strong demand for future project
SingHaiyi is slated to launch the 515-unit Vela Bay at the Bayshore Road site in 2Q2026. Wong Shanting, director and head of research at Newmark, views that Vela Bay’s performance could serve as “an early indicator of buyer demand and pricing appetite for the new Bayshore Drive mixed-use site, amid the prevailing economic uncertainty”.
Still, Realion’s Quek expects strong demand for the future project at the Bayshore Drive site, supported by healthy HDB resale prices in the vicinity. “Median resale prices of four-room and five-room flats in Bedok and Tampines that are fewer than 20 years old have remained strong.” They have, respectively, reached $860,000 and over $1 million for four- and five-room flats in Bedok, and $770,000 and $915,000 in Tampines, he points out.
More than 8,000 four- and five-room flats are expected to hit their minimum occupation period between 2026 and 2028, which Quek expects to translate into upgrader demand for the new project. “Additional demand may also come from homeowners looking to right-size their homes, taking advantage of the added convenience of the amenities located within the development,” he continues.
ERA’s Chu is also sanguine about the demand for the future Bayshore Drive project, pointing to the strong take-up of recent launches such as Rivelle Tampines and Pinery Residences, which both achieved about 92.5% sales on their respective launch weekends in March. “Despite heightened geopolitical tensions, homebuyers have remained undeterred in their purchasing decisions,” he says.
Meanwhile, analysts note that fully integrated developments remain popular among homebuyers, who are drawn to their connectivity and convenient access to amenities. For the Bayshore Drive site, Realion’s Quek adds that buyers will be further attracted by its proximity to schools such as Temasek Primary and Temasek Secondary schools, which are within a 1km radius of the site.
The tender for the Bayshore Drive site will close on July 15, at 12pm.
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