Bayshore Drive draws a record $2.128b bid for the East Coast

A Frasers Property-led consortium has put in the top bid of $2.128 billion for the Bayshore Drive mixed-use site, the largest sum ever offered for a Government Land Sales (GLS) plot outside the Central Business District. For East Coast buyers, it sets a fresh floor under where the next wave of launch prices could land.

When the tender closed on 15 July 2026, the winning bid worked out to $1,323 per square foot per plot ratio (psf ppr), the price developers pay per unit of buildable floor area. The site is a Confirmed List plot from the first-half 2026 GLS Programme, launched by URA on 30 March. It drew three bids, all from consortiums of established names, a sign of how keenly the East Coast is contested.

The top bid came from a tie-up of Frasers Property, Frasers Centrepoint Trust, Sunway MCL, Sekisui House and Lum Chang. The second-highest offer of $2.011 billion ($1,250 psf ppr) came from a group of City Developments, Hong Leong Holdings, Hong Realty and TID, just 5.8% behind. A third consortium involving CapitaLand Development, UOL Group and CapitaLand Integrated Commercial Trust bid $1.986 billion ($1,235 psf ppr). The narrow spread shows the market read this land at a similar value.

Three consortiums bid, and just 5.8% separated the top two. Source: URA tender closing, 15 Jul 2026.

Why this bid stands out

This is only the third time a GLS site has attracted a top bid above $2 billion, and the first such site outside the CBD. The other two are Central Boulevard (IOI Properties’ $2.569 billion bid, now IOI Central Boulevard Towers) and the 2007 Marina View site that became Asia Square Tower 1. That a suburban-fringe plot in the East now joins that company says a lot about demand in this pocket of the island.

The pull is location. The 99-year-leasehold site spans about 57,461 sqm (roughly 618,500 sq ft) and carries a gross floor area near 1.6 million sq ft. It connects directly to the future Bedok South MRT station on the Thomson-East Coast Line, expected to open by the end of this year, plus a new bus interchange. It can hold up to 1,280 homes alongside about 242,000 sq ft of commercial space, with a retail mall of roughly 160,000 to 180,000 sq ft of net lettable area.

Bayshore is a new precinct in the making. Government plans point to about 10,000 new homes there, of which roughly 70% will be HDB flats and about 3,000 private condo units. The first private plot in the precinct went to SingHaiyi Group and Chuan Capital in March 2025 for $658.89 million ($1,388 psf ppr), and is now Vela Bay, a 515-unit project that sold more than 72% of its units on opening weekend at an average of $2,886 psf.

PropNex’s head of research Wong Siew Ying noted that MRT-linked mixed-use projects tend to be sought after, pointing to strong take-up at comparable integrated launches such as Parktown Residence, which sold 87% of its 1,193 units on its February 2025 launch weekend, and Pinery Residences, which moved close to 93% of 588 units in March 2026. She added that Vela Bay’s $2,886 psf gives a useful read on price levels buyers here accept, and that a sizeable retail component would help an East Coast catchment that is short on large malls.

Mogul.sg’s Nicholas Mak observed that with roughly three-quarters of the floor area going to homes, the residential piece will likely be a mega-development of more than 1,000 units, and that a higher residential share lowers a developer’s risk because most of the floor area can be sold to fund the project. He also pointed out that supply of development land in the East has lagged demand: of the 63 private residential GLS sites launched since 2021, only three sit in the east region.

What this means for you

• If you are eyeing the East Coast, treat this as a pricing signal. A land rate of $1,323 psf ppr for a mega mixed-use project points to eventual launch prices at or above Vela Bay’s $2,886 psf average, not below it.
• Supply in the East is genuinely tight, so a large MRT-linked launch here is likely to draw broad interest. If you want in, get your financing and timeline sorted well before the preview, which is likely a 2027 or later event.
• An MRT-integrated home with a mall attached carries a convenience premium, but also a bigger quantum. Weigh the total price against your loan limits (TDSR caps most buyers’ repayments at 55% of income) rather than the psf headline alone.
• Nothing is on sale yet. This is a land tender result, so there is time to plan rather than rush.