Bayshore Drive GLS: The S$2 Billion Mega-Site That Could Reshape Singapore’s East Coast
Published 24 April 2026 · LovelyHomes Editorial
Key Facts at a Glance
URA launched the Bayshore Drive GLS tender on 30 March 2026 — the first government land sale at the Bayshore precinct.
The 616,506 sq ft site is designated for a mixed-use integrated development of approximately 1,280 residential units, integrated with Bedok South MRT (TEL) and a new bus interchange.
The commercial component (~242,100 sq ft) is comparable in scale to White Sands Shopping Mall in Pasir Ris — making this one of the largest mixed-use GLS offerings in recent years.
Market analysts estimate the top bid could range from S$1.9 billion to S$2.1 billion, translating to approximately S$1,200–S$1,306 psf per plot ratio — potentially the highest psf ppr ever recorded for an East Coast GLS site.
The tender closes on 15 July 2026. Fewer than four bids are expected, with consortium structures likely required to shoulder the capital outlay.
Vela Bay (post 100893 on this site) anchors the Bayshore precinct’s residential story — the Bayshore Drive GLS is the next chapter.
The Bayshore Drive Site — What Is Being Tendered?
The Bayshore Drive site sits at the heart of the Urban Redevelopment Authority’s Bayshore precinct masterplan — a long-term vision to transform the strip between East Coast Park and Bedok Reservoir into a mixed-use live-work-play neighbourhood anchored by the Thomson-East Coast Line. The 99-year leasehold site spans approximately 616,506 sq ft (57,286 sq m) with a maximum Gross Floor Area of over 1.6 million sq ft.
The development will be physically integrated with Bedok South MRT station on the Thomson-East Coast Line (TEL) — a structural advantage that commands a significant psf premium over standalone residential launches. The commercial component (~242,100 sq ft) will house a mall comparable in scale to White Sands Shopping Mall in Pasir Ris, alongside a new bus interchange that consolidates public transport connections for the broader Bedok South catchment. The residential quantum of approximately 1,280 units — the URA’s target yield — makes this the largest residential GLS site in the East Coast corridor in recent memory.
Figure 1: Bayshore Drive GLS — Key Site Parameters. Sources: URA, EdgeProp, market analysts, April 2026. Bid estimates are analyst projections only.
Why This Site Is Different From Other GLS Tenders
Most GLS residential sites in Singapore attract bids from individual developers or small two-party JVs. The Bayshore Drive site’s scale and complexity — integrated with MRT infrastructure, a full-scale retail mall, and a bus interchange — is more analogous to mega-integrated developments like Guoco Midtown, CapitaSpring, or the Sengkang Grand Residences than to a typical condominium GLS. The integrated development model requires the winning developer to design and manage the MRT-facing retail and transit plaza, coordinate with the Land Transport Authority on station integration works, and operate a multi-use building with residential, commercial, and public transport functions simultaneously.
This complexity explains why analysts expect fewer than four bidders — and why most bids will likely come from developer consortiums capable of managing the design, construction, and eventual management of a mixed-use development at this scale. SingHaiyi Group (which has already demonstrated its commitment to the Bayshore precinct through the adjacent Vela Bay development) is widely cited as a potential bidder. CapitaLand Development, CDL, and Mapletree are among the names mentioned in industry circles, though no formal announcements have been made.
What Does This Mean for Bayshore Precinct Property Values?
The Bayshore Drive integrated development, when completed (estimated 2031–2033), will fundamentally alter the Bayshore precinct’s commercial and residential profile. Currently, the precinct is dominated by mid-tier residential developments — Bayshore Park, Costa Del Sol, Casablanca, and the newly launched Vela Bay. The addition of a 242,000 sq ft mall, Bedok South MRT integration, and approximately 1,280 new premium residences will create a critical mass of amenity and connectivity that the precinct currently lacks.
For existing Bayshore precinct owners, this is structurally positive. Analysis of comparable integrated-development precincts — such as Sengkang Grand (post-Compass One integration) and Tampines North (post-Parktown Residence integration with Tampines North MRT) — suggests that MRT-integrated development catalysts typically add 8–15% to surrounding non-integrated resale prices over a 3–5 year horizon. If the Bayshore Drive development proceeds as planned, Vela Bay, Bayshore Park, and Costa Del Sol owners are plausibly sitting on a medium-term capital value uplift.
The Indicative Pricing and What It Means for Future Launch PSF
Market analysts project a top bid of S$1.9–S$2.1 billion — approximately S$1,200–S$1,306 psf per plot ratio. Adding construction costs of approximately S$450–S$550 psf (for an integrated development with retail and MRT interface), profit margin of 12–15%, and finance costs, a breakeven launch price for the residential component would be in the range of S$2,600–S$2,900 psf. This positions any future Bayshore Drive launch above the current Vela Bay pricing of approximately S$2,200 psf — creating a natural two-tier price structure in the precinct, with the integrated development commanding a premium for its MRT-direct access and retail amenity.
What Might Come Next
The tender closes 15 July 2026. Award will follow 4–8 weeks later, with an anticipated announcement in September 2026. If the top bid is within URA’s acceptable range, the site will be awarded and the developer required to commence planning immediately — with showflat and launch expected no earlier than 2028. Buyers interested in the Bayshore precinct who cannot wait for the new integrated development may find Vela Bay’s current pricing an attractive alternative entry point, given the precinct uplift that the Bayshore Drive development will likely catalyse.
What is the Bayshore Drive GLS site and when does the tender close?
The Bayshore Drive GLS site is a 616,506 sq ft (57,286 sq m) government land sale parcel at the Bayshore precinct, District 16. URA launched the public tender on 30 March 2026. The tender closes on 15 July 2026. The site will be developed into a mixed-use integrated development of approximately 1,280 residential units, a 242,100 sq ft retail mall, and a new Bedok South bus interchange — all integrated with Bedok South MRT station on the Thomson-East Coast Line.
How much is the Bayshore Drive GLS expected to cost a developer?
Market analysts from firms including Mogul and various property research houses estimate the top bid will range from approximately S$1.9 billion to S$2.1 billion, translating to a land rate of approximately S$1,200–S$1,306 psf per plot ratio. When factoring in construction costs (approximately S$450–S$550 psf for an integrated MRT-interface development), finance costs, and profit margin, the breakeven residential launch price is estimated at S$2,600–S$2,900 psf.
Will this development affect existing property prices in the Bayshore area?
Historically, integrated developments with MRT integration have catalysed capital value uplifts in surrounding non-integrated developments of 8–15% over a 3–5 year horizon. If the Bayshore Drive development proceeds, existing Bayshore precinct developments — including Vela Bay, Bayshore Park, and Costa Del Sol — are plausibly positioned for a medium-term price catalyst. However, this is not guaranteed, and buyers should assess their individual circumstances and investment horizon with independent advice.
DISCLAIMER: All information in this article is compiled from publicly available sources including URA media releases, analyst commentary, and property news reports as at 24 April 2026. Bid estimates are analyst projections only and do not constitute investment advice. LovelyHomes.com.sg is an independent editorial platform. Refer to ura.gov.sg for official GLS tender documents.
Quick Answer: The GLS tender for Kallang Close closed on 7 April 2026. A joint venture between Frasers Property and Mitsubishi Estate submitted the winning bid of S$610.75 million (S$1,415 psf ppr), the highest psf ppr for a city-fringe residential GLS site in recent years. The site can yield approximately 470 homes and will be the first private residential development in the Kallang Close industrial enclave in 12 years.
Horizontal bar chart comparing the four bids for the Kallang Close GLS site, with Frasers Property and Mitsubishi Estate’s winning bid of S$1,415 psf ppr.
The government land sale (GLS) tender for the Kallang Close residential site closed on 7 April 2026 with four bids — and a result that underscores sustained developer confidence in city-fringe locations, even amid a broader market that posted its lowest transaction volume since Q2 2020.
The winning consortium, a joint venture between Frasers Property Singapore and Mitsubishi Estate, submitted a bid of S$610.75 million (S$1,415 per square foot per plot ratio) — just S$4.35 million, or 0.7%, above second-placed City Developments Ltd. The paper-thin margin between first and second illustrates how keenly both bidders valued the site, and gives a clear signal of where institutional capital believes city-fringe launch prices can go.
Site Factsheet
Detail
Information
Address
Kallang Close, Singapore
District
D08 — Kallang / Whampoa
Site Area
Approximately 11,456 sq m (123,320 sq ft)
Plot Ratio
3.5
Maximum GFA
Approximately 40,107 sq m (431,611 sq ft)
Estimated Units
~470 private residential homes
Tenure
99-year leasehold (from date of award, Apr 2026)
Retail Component
Capped at 115 sq m GFA
Childcare Centre
Minimum 500 sq m GFA (mandatory)
Winning Bid
S$610.75 million (S$1,415 psf ppr)
Joint Venture
Frasers Property Singapore × Mitsubishi Estate
Tender Closed
7 April 2026
The Four Bids: Near-Record Competition
Rank
Bidder
Total Bid
S$ psf ppr
1st (Winner)
Frasers Property + Mitsubishi Estate
S$610.75M
S$1,415
2nd
City Developments Ltd (CDL)
S$606.40M
S$1,405
3rd
Hong Leong Holdings + TID JV
~S$561.5M
S$1,301
4th
Wing Tai Holdings + Metro Holdings
~S$536.4M
S$1,242
The 0.7% gap between the top two bids is one of the narrowest in recent Singapore GLS tender history. CDL — which co-developed Norwood Grand in Woodlands with Frasers Property — was effectively beaten by its own partner on a different site. The spread between first and fourth bidders was 13.9%, indicating that all four consortia saw real value in the Kallang Close waterfront location, but had genuinely different views on achievable launch pricing and margins.
Why Kallang Close Commands a Premium
Bar chart comparing winning GLS bids for comparable city-fringe residential sites from 2021 to April 2026.
The site’s premium psf ppr reflects several structural advantages that are difficult to replicate in the GLS pipeline:
Kallang River waterfront frontage. The site sits adjacent to the Kallang River, and the consortium has committed to delivering a publicly accessible riverfront promenade. Waterfront residential sites are rare in Singapore’s land-scarce market; comparable waterfront addresses — Robertson Quay, Marina Bay, Harbourfront — consistently command significant price premiums.
First private homes in the precinct in 12 years. Kallang Close has been predominantly industrial. The last private residential development in the immediate vicinity launched over a decade ago. Buyers arriving at this project will be entering a precinct undergoing transformation, which historically has been a strong driver of early-adopter price appreciation.
Dual MRT accessibility. Kallang MRT (East-West Line) and Bendemeer MRT (Downtown Line) are both within walking distance, giving future residents cross-island connectivity without transfers.
Proximity to the city and Kallang planning transformation. The Kallang Area Master Plan envisions a sports and lifestyle precinct around the Singapore Sports Hub, Kallang Alive, and the future redevelopment of the National Stadium precinct. The broader area is also benefiting from the Geylang-to-Kallang urban renewal corridor.
Retail and childcare anchors. The mandatory childcare centre (minimum 500 sq m) and capped retail (115 sq m) will add day-to-day amenity value for residents without creating oversupply of commercial space.
What Will Launch Pricing Look Like?
At a land cost of S$1,415 psf ppr, industry analysts have modelled potential launch prices in the S$2,800–3,100 psf range, depending on:
Construction cost trajectory. Building costs in Singapore rose significantly in 2022–2024 and have moderated but remain elevated. A 99-year leasehold development on a 3.5 plot-ratio site with waterfront features and a childcare component will carry above-average construction costs.
Positioning relative to comparable launches. Recent city-fringe new launches — Robertson Opus (D09, ~S$3,150–3,360 psf), UPPERHOUSE (D10, ~S$3,350 psf) — provide a ceiling benchmark. Kallang Close, while waterfront, is in D08 which has historically priced at a modest discount to D09/D10.
Launch timing. The project is unlikely to launch before late 2027 or 2028, given the need for site clearing, design, and construction commencement. The market trajectory over the next 12–18 months will influence the eventual strategy.
A rough breakeven analysis, assuming a 20–22% developer margin over total project cost (land + construction + marketing), suggests a launch price of approximately S$2,900–3,100 psf is required for the project to pencil. Some analysts have modelled upside to S$3,300 psf if the waterfront premium commands a strong early take-up rate.
The Frasers × Mitsubishi Partnership
This is the first JV between Frasers Property Singapore and Mitsubishi Estate, Japan’s largest real estate company by market capitalisation. Frasers Property brings deep Singapore-market execution capability — it has developed One Canberra, Riverfront Residences, and North Park Residences, among others. Mitsubishi Estate brings global real estate expertise and balance sheet scale.
The partnership follows a trend of Japanese developers deepening their Singapore exposure: Sekisui House co-developed THE ORIE in Toa Payoh, MCL Land (a Jardine Matheson subsidiary with deep ties to the Japanese market) developed ELTA in Clementi alongside CSC Land. Japanese investors view Singapore freehold and 99-year leasehold assets as strategic long-term holdings with stable SGD returns.
What This Means for the Broader Market
The Kallang Close result has several read-throughs for Singapore property market observers:
Developer confidence in RCR/city-fringe pricing remains high. Despite Q1 2026 transaction volumes falling 39.7% QoQ, four major consortia competed vigorously for a single site. Developers are bidding for land they believe they can sell at S$2,900+ psf — a vote of confidence in demand fundamentals.
CDL’s near-miss is notable. CDL bid aggressively at S$1,405 psf ppr — its second near-miss in recent GLS tenders. The developer appears determined to rebuild its Singapore residential pipeline following a period of relative inactivity.
The GLS programme is working as a supply valve. The 1H 2026 GLS programme placed 9 sites on the Confirmed List. Kallang Close is the first to be awarded. The forthcoming sites at River Valley Green, Holland Plain, and Peck Hay Road will further test developer appetite in the CCR and RCR.
Waterfront as a permanent premium. Both the Frasers–Mitsubishi bid and CDL’s second-place bid exceeded S$1,400 psf ppr for a site with river frontage. This reinforces that waterfront views in Singapore command a structural premium that survives cooling measures and interest-rate cycles.
Timeline and What to Watch
Date / Period
Milestone
7 April 2026
GLS tender closed; Frasers × Mitsubishi named provisional winner
Q2/Q3 2026
URA formally awards site; conveyance and commencement of site works
Late 2026 – 2027
Architectural design, planning approval, showflat construction
2027 – 2028 (est.)
Showflat preview; public launch (subject to market conditions)
2030 – 2031 (est.)
Expected temporary occupation permit (TOP) based on 99-yr leasehold timeline
Frequently Asked Questions
Who won the Kallang Close GLS tender?
A joint venture between Frasers Property Singapore and Mitsubishi Estate, with a bid of S$610.75 million (S$1,415 psf ppr). The tender closed on 7 April 2026.
How many units will the Kallang Close development have?
Approximately 470 private residential homes, based on the site’s GFA of approximately 431,611 sq ft at a plot ratio of 3.5.
What is the expected launch price for the Kallang Close condo?
Industry analysts estimate a launch price in the range of S$2,900–3,100 psf, reflecting the land cost, construction expenses, waterfront premium, and comparable city-fringe launches. The project is unlikely to launch before late 2027 or 2028.
Is the Kallang Close site freehold or leasehold?
99-year leasehold, from the date of site award in April 2026.
Which MRT stations are near Kallang Close?
Kallang MRT Station (East-West Line) and Bendemeer MRT Station (Downtown Line) are both within walking distance of the Kallang Close site.
Why is this site significant?
It will be the first private residential development in the predominantly industrial Kallang Close precinct in approximately 12 years. The site has Kallang River waterfront frontage and sits within the broader Kallang Area Master Plan transformation zone, including the Kallang Alive sports and leisure precinct.
When will the Kallang Close condo be completed?
Based on typical construction timelines for a 99-year leasehold project of this scale, the estimated target for a Temporary Occupation Permit (TOP) is approximately 2030–2031. The official construction schedule will be confirmed after the site is formally awarded and planning approval obtained.
Interested in the Kallang Close launch? Register for early updates.
This article is for general informational purposes only and does not constitute financial or investment advice. Property prices are projections based on analyst estimates at the time of writing; actual launch prices will depend on market conditions at the time of launch. All figures cited are based on publicly available GLS tender results and URA data as at 20 April 2026. No marketing agency is named in connection with this development.
