Bayshore Road mixed-use GLS site launched: 1,280 homes near Bedok South MRT may attract $2 billion bid

The tender for a new Government Land Sales (GLS) site on Bayshore Road was launched on Monday, March 30. The mixed-use plot will be integrated with Bedok South MRT station, a bus interchange and retail spaces. If the 618,500 sq ft site is successfully allocated, it could be developed into a new integrated development with 1,280 private homes. The commercial component will span approximately 242,100 square feet, making it almost the same size as the White Sands Shopping Mall in Pasir Ris. Given the attractive features of the site and the major financial undertaking of the development, market analysts like Mogul Chief Research Officer Nicholas Mak estimate the top bid to be in the range of $1.9 billion to $2.1 billion, which translates to a land rate of $1,200 psf per plot ratio (PPR) at $1,306 psf ppr. But he expects the site will ultimately attract fewer than four bidders when it closes on July 15, and almost all bids will be submitted by the consortium…