SingHaiyi JV tops 8 bids for Bayshore plot with S$1,388 psf ppr offer
Singapore’s property market saw a highly competitive bidding war for a prime government land sale (GLS) site in the new Bayshore precinct, culminating in a record-breaking bid. The 99-year leasehold plot, capable of yielding around 515 private homes, drew eight bids at its tender closing on March 18, 2025.
Fierce Competition for Bayshore Road Site
A joint venture between SingHaiyi Group and Haiyi Holdings, both linked to prominent investors Gordon and Celine Tang, secured the top bid of S$658.9 million, translating to S$1,388 per square foot per plot ratio (psf ppr). This not only surpassed market expectations but also set a new benchmark for suburban land prices in Singapore.
Analysts had projected four to seven bids, with the highest offer estimated between S$1,000 and S$1,400 psf ppr. The close competition was evident, with SingHaiyi’s bid exceeding the second-highest offer from Sing Holdings by just 0.8% (S$1,377 psf ppr).
Other notable bidders included City Developments Limited (CDL) at S$1,308 psf ppr, while the lowest bid of S$1,022 psf ppr came from Sim Lian Land and Sim Lian Development.
Strong Developer Interest Reflects Market Confidence
With eight bids, this is the most competitive GLS tender for a private housing site since January 2022, when another suburban land parcel at Jalan Tembusu also attracted the same number of offers.
According to Huttons Asia CEO Mark Yip, developers had been holding back on previous tenders, waiting for prime sites like Bayshore Road.
| # | BIDDERS | BID PRICE (S$M) | S$ PSF PPR |
|---|---|---|---|
| 1 | Sing-Haiyi Garnet (SingHaiyi Group and Haiyi Holdings) | 658.89 | 1,388.39 |
| 2 | Sing Holdings Residential | 653.53 | 1,377.10 |
| 3 | CDL Polaris Properties (City Developments) | 620.80 | 1,308.13 |
| 4 | Frasers Property, Sekisui House and KH Capital (Keong Hong Holdings) | 610.00 | 1,285.38 |
| 5 | Kingsford Huray Development (Kingsford Group) | 594.50 | 1,252.71 |
| 6 | Hoi Hup Realty and Sunway Developments | 594.20 | 1,252.08 |
| 7 | Intrepid Investments, TID Residential, and CSC Land Group (Hong Leong Holdings, Mitsui Fudosan, and China Construction (South Pacific) Development Co) | 500.68 | 1,055.01 |
| 8 | Sim Lian Land and Sim Lian Development | 485.00 | 1,021.98 |
Bayshore Road Sets New Record for Suburban Land Prices
The S$1,388 psf ppr bid now stands as the highest land price ever recorded for a 99-year leasehold suburban private housing site in Singapore, classified as the Outside Central Region (OCR) by the Urban Redevelopment Authority (URA).
Previously, the record was S$1,250 psf ppr, achieved by Clementi Avenue 1’s GLS site in November 2023, which is now being developed into Elta.
Remarkably, the Bayshore bid even exceeded past GLS land prices for some Rest of Central Region (RCR) and Core Central Region (CCR) sites. For example:
Central Region GLS Projects & Land Costs
| Project | Land Price (PSF/PPR) | Award Date |
|---|---|---|
| Upper House at Orchard Boulevard | $1,617 | Jan 2024 |
| Zion Road Condo Parcel A | $1,202 | Apr 2024 |
| Zion Road Parcel B | $1,304 | Jul 2024 |
| Holland Drive | $1,285 | May 2024 |
| River Green – River Valley Green Parcel A | $1,325 | Jun 2024 |
| River Valley Green Parcel B | $1,420 | Feb 2025 |
Key Observation: Bayshore Road GLS recorded $1,388 PSF/PPR, making it the highest-priced GLS site despite being outside the Central Region.
Central Region GLS Projects & Land Costs
What Makes the Bayshore Road Site So Attractive?Prime location and connectivity are key factors driving developer interest. The site sits next to Bayshore MRT station on the Thomson-East Coast Line (TEL), offering seamless connectivity to major hubs. It also enjoys easy access to the East Coast Parkway (ECP), making it highly convenient for residents.According to OrangeTee & Tie CEO Justin Quek, the development is well-positioned for strong demand, given its proximity to schools like Temasek Primary School and upcoming mixed-use developments, such as the one planned above Bedok South MRT station, just one stop away.
Potential for Waterfront Views and Strong Demand
Some of the future homes at Bayshore Road could offer scenic waterfront views overlooking East Coast Park, a rare feature in Singapore’s private residential market.According to Wong Siew Ying, Head of Research and Content at PropNex, the area has seen limited private condominium launches for decades, creating pent-up demand. The last significant launches in the area were The Bayshore in the 1990s and Costa Del Sol in 2000.The most recent GLS site near Bayshore Road was in Siglap Road, where Seaside Residences now stands. Awarded in January 2016 for S$858 psf ppr, it also drew eight bids at the time. The 841-unit Seaside Residences launched in 2017 and sold out by 2021.
Projected Launch Prices: Above S$2,800 PSF?
At a land rate of S$1,388 psf ppr, analysts estimate that the new Bayshore development could launch at starting prices of S$2,700 psf and average above S$2,800 psf, depending on the design and finishes.Knight Frank Singapore’s Research Head Leonard Tay noted that developers were waiting for prime opportunities, and the fierce bidding for Bayshore Road reflects the site’s superior attributes.
Strategic Unit Mix Key to Market Success
According to ERA Singapore CEO Marcus Chu, the developer’s success will depend on a well-planned unit mix catering to various buyer segments, including:
- Investors looking for rental income
- Landed property owners downsizing from nearby estates like Kew and Sennett
- Families relocating from areas such as Tampines and Bedok
The Future of Bayshore: A Thriving Waterfront PrecinctBayshore is set to become a major new waterfront residential enclave featuring 10,000 new homes—comprising 3,000 private residences and 7,000 HDB flats.The area, which was once reclaimed from sand and mudflats, is now seeing rapid transformation. The first two HDB Build-To-Order (BTO) projects in Bayshore—Bayshore Vista and Bayshore Palms—were launched in October 2024.Conclusion: A Game-Changer for the East?The record-breaking bid for Bayshore Road signals renewed confidence in Singapore’s property market, particularly in the OCR segment. With strong transport connectivity, waterfront views, and a lack of recent launches, the project is poised to attract both homebuyers and investors eager to be part of Bayshore’s transformation.As anticipation builds for the launch, all eyes will be on how SingHaiyi and Haiyi Holdings position their development to capitalize on this prime location.
