Frasers Property-Led Consortium Wins Bayshore Drive Mixed-Use Site With S$2.13 Billion Top Bid

The Bayshore Drive site attracted three bids at the latest state tender. The consortium’s offer was 5.8% higher than the second-highest bid of S$2.01 billion, or S$1,250.41 psf ppr, which came from a consortium that included City Developments, Hong Leong Holdings, Hong Realty and TID.

The lowest bid of nearly S$1.99 billion, or S$1,235.05 psf ppr, was from a tie-up involving CapitaLand Development, a UOL consortium and CapitaLand Integrated Commercial Trust.

The provisional results of the tender closing on Wednesday (July 15) were within market expectations. Analysts polled by The Business Times on Monday had forecast one to five bids for the site, with the top bid projected at S$1,100 to S$1,400 psf ppr. If awarded, the residential component would be developed jointly by the consortium, while the retail component would be developed and fully owned by FCT, Sunway MCL and Sekisui House.

The future development on the 618,500-square-foot Bayshore Drive site will have up to 1,280 new private homes, and will be integrated with the upcoming Bedok South MRT station on the Thomson-East Coast Line, a new bus interchange and retail spaces.

The 99-year leasehold site can be built up to a maximum gross floor area (GFA) of nearly 1.61 million sq ft. This is the second government land sales (GLS) site put up for sale in the Bayshore precinct, a new waterfront residential neighbourhood that will have about 10,000 new homes comprising around 3,000 private housing units and 7,000 Housing and Development Board (HDB) flats.

The maiden plot, designated solely for private residential use, was sold in March last year to a consortium led by SingHaiyi Group at S$658.9 million or S$1,388 psf ppr, a record land rate for a 99-year GLS private housing site in the suburbs, or Outside Central Region (OCR). Located next to the Bayshore MRT station, the site is being developed into the Vela Bay condominium.

The Bayshore Drive site is the only mixed-use plot in the Bayshore precinct under the URA’s Master Plan 2025. The project is envisioned as the neighbourhood centre for the precinct. Out of the maximum GFA, the successful bidder will have to allocate at least 82,882 sq ft GFA for a bus interchange (including a minimum of 4,306 sq ft for shop and restaurant uses). Up to 242,188 sq ft GFA can be allocated for commercial uses, including a retail mall spanning about 237,882 sq ft in GFA and about 160,000 to 180,000 sq ft in net lettable area.

Frasers Property Singapore CEO Soon Su Lin noted that as the project will be the only mixed-use development and transit hub of the new Bayshore waterfront precinct, the bid represents a defining opportunity to shape a highly connected, liveable and future-ready community. The development will include a sheltered public plaza of at least 21,528 sq ft on the first storey.

The existing Upper East Coast Bus Terminal (next to the Bayshore MRT station) will be relocated to the new bus interchange. The Land Transport Authority will reimburse the developer the construction cost of the new bus interchange, as well as the demolition cost of the Upper East Coast Bus Terminal. The project completion period is seven years, longer than the five years for most 99-year residential sites under the GLS programme. The mall’s NLA includes Community/Sports Facilities Scheme space, subject to regulatory approval.

Property consultants noted that the Bayshore Drive site may also be compared with other large commercial and residential sites in the OCR sold at GLS tenders in the past few years. The most recent case would be the Hougang Central site, which fetched S$1.5 billion or S$1,179 psf ppr in December 2025. Tricia Song of CBRE noted that there may be limited private residential development land left for acquisition in Bayshore. Around 3,000 private homes have been planned for Bayshore, and over half of this supply has been released, with Vela Bay at 515 units and the Bayshore Drive site yielding up to 1,280 units.