Bayshore Drive GLS Award 2026: Gemini Residential Wins at S$2.13B — What It Means for East Coast Property
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⚡ Quick Summary — Bayshore Drive GLS Award, 20 July 2026
- The Urban Redevelopment Authority (URA) awarded the Bayshore Drive GLS site to Gemini Residential Pte. Ltd. and Gemini Trustee Pte. Ltd. (as trustee-manager of Gemini Mall Trust) on 20 July 2026.
- Winning bid: S$2,128,000,000 — equivalent to S$14,243.83 per sqm of gross floor area (GFA).
- Site area: 57,460.6 sqm; maximum permissible GFA: 149,398 sqm; tenure: 99 years.
- Allowable development: commercial and residential — a mixed-use site in the emerging Bayshore precinct of District 16 (East Coast).
- The land cost implies a break-even selling price of approximately S$2,400–S$2,700 PSF for private residential units on the site, depending on construction cost and margin assumptions.
- This is the highest ever GLS price for an East Coast / Bayshore site, reflecting strong developer confidence in the Long Island project and upcoming TEL proximity.
The Deal at a Glance
On 20 July 2026, URA announced that it had awarded the tender for the Bayshore Drive Government Land Sales site — launched for tender on 30 March 2026 and closed on 15 July 2026 — to Gemini Residential Pte. Ltd. and Gemini Trustee Pte. Ltd., acting as trustee-manager of Gemini Mall Trust. The winning bid of S$2.128 billion equates to a land rate of S$14,243.83 per sqm of permissible GFA, a figure that market observers describe as aggressive but defensible given the site’s strategic position.
The Bayshore Drive site spans 57,460.6 sqm of land with a maximum GFA of 149,398 sqm — permitting a sizeable mixed commercial and residential development. The site is offered on a 99-year leasehold basis, consistent with all GLS residential land in Singapore.
| Detail | Data |
|---|---|
| Location | Bayshore Drive, District 16 (East Coast), Singapore |
| Allowable development | Commercial and Residential (mixed-use) |
| Site area | 57,460.6 sqm |
| Maximum GFA | 149,398 sqm |
| Tenure | 99 years |
| Successful tenderer | Gemini Residential Pte. Ltd. & Gemini Trustee Pte. Ltd. |
| Winning bid | S$2,128,000,000 |
| Land rate (PSM GFA) | S$14,243.83 |
| Tender launch date | 30 March 2026 |
| Tender close date | 15 July 2026 |
| Award announcement | 20 July 2026 (URA pr26-55) |
Why S$14,243 PSM GFA Is Significant
To contextualise the land rate: residential GLS sites in the East Coast / Marine Parade corridor have historically traded at S$5,000–S$9,500 PSM GFA. The Bayshore Drive award at S$14,243 PSM represents a substantial step up, driven by several factors converging in the Bayshore precinct in 2026.
First, the Thomson-East Coast Line (TEL) brings new MRT connectivity to the East Coast, with Bayshore MRT station (TEL Stage 4, opened 2024) significantly reducing travel times to the CBD. TEL access materially enhances the Bayshore precinct’s residential appeal compared to the historically bus-dependent East Coast corridor.
Second, the Long Island reclamation project — preparatory works for which commenced from end-2026 per URA’s pr26-50 (30 June 2026) — promises to extend the East Coast’s waterfront significantly over the coming decades, with a projected 570-hectare Phase 1 reclamation west of Bedok Jetty creating new coastal land that could underpin property values in the area for generations.
Third, the site’s mixed commercial and residential allowance enables Gemini to build a retail or F&B podium beneath the residential towers, enhancing lifestyle amenity and supporting higher average selling prices for the residential component.
Implied Break-Even and Launch Price Estimates
Using standard developer margin assumptions and Singapore construction cost benchmarks for 2026:
- Land cost: S$14,243 PSM GFA → at an assumed plot ratio of 2.6 and residential-commercial GFA split, the residential land cost component translates to approximately S$1,050–S$1,100 PSF of saleable residential area.
- Construction cost: S$550–S$650 PSF (mid-to-high spec, mixed-use).
- Developer margin: 15–20%.
- Implied break-even (residential units): approximately S$2,350–S$2,600 PSF.
- Expected launch selling price: S$2,500–S$2,800 PSF, depending on unit mix, floor levels, and market conditions at launch (expected 2027–2028).
At S$2,600 PSF for a 700 sqft 2-bedroom unit, the ticket price would be approximately S$1.82 million. This positions Bayshore Drive as a premium East Coast launch — above the current OCR average but reflecting the TEL uplift and Long Island location premium.
What This Means for D16 Property Buyers and Owners
For existing D16 (Bedok, East Coast, Bayshore) property owners, the strong GLS award price is generally supportive of values in the surrounding area. Developers do not bid aggressively for land unless they believe they can achieve selling prices that justify the land cost — and Gemini’s willingness to commit S$2.128 billion signals confidence in the Bayshore sub-market. Comparable new launches in the area — including upcoming projects near Bedok MRT and along the East Coast Parkway — may find their pricing benchmarks elevated by this award.
For buyers considering D16 resale purchases in 2026, the Bayshore Drive award provides a useful data point: if the new launch from this site prices at S$2,500–S$2,800 PSF, comparably-located resale condominiums trading at S$1,700–S$2,000 PSF represent a meaningful relative discount that may narrow over time as the new launch sets a higher market reference.
What Might Come Next — Project Pipeline and Market Implications
Forward-looking commentary; not confirmed plans.
Gemini is likely to take 12–18 months to finalise architectural plans, obtain the necessary development approvals from URA, and prepare for a new launch sale. Industry expectations place the first preview sales in 2027, with TOP (Temporary Occupation Permit) around 2030–2031. The mixed-use format means Gemini Mall Trust’s commercial component will likely include a neighbourhood retail centre, potentially anchored by a supermarket and F&B cluster catering to the Bayshore residential population — comparable to the model at developments like Pasir Ris 8 or Tengah Plantation.
Watch for URA’s Q2 2026 full data release on 24 July 2026, which will provide updated D16 transaction volumes and median PSF data for the East Coast submarket, helping buyers benchmark current market conditions before this project launches.
Frequently Asked Questions
Who is Gemini Residential Pte. Ltd.?
Gemini Residential Pte. Ltd. and Gemini Trustee Pte. Ltd. (as trustee-manager of Gemini Mall Trust) are the winning bidding entities for the Bayshore Drive GLS site. As at the award date, further details about the developer behind the Gemini entities — whether a major listed developer or a private consortium — had not been publicly confirmed by URA. Buyers should monitor URA’s project approval records and the developer’s public communications in due course for more information on the project concept and timeline.
What will be built on the Bayshore Drive site?
The site has been tendered and awarded for “commercial and residential” development under URA’s GLS framework. This means the completed project will include both a residential component (private condominiums) and a commercial component (retail, F&B, or office). The exact mix — number of residential units, commercial GFA, design concept, and project name — will be determined by Gemini following URA approval of a development application, which typically takes 6–12 months. A marketing launch is not expected before 2027 at the earliest.
Does this affect my existing D16 condo’s value?
High GLS land bids are generally supportive of surrounding property values, as they signal developer confidence in the area’s future price trajectory. However, the direct impact on your individual unit’s value depends on its specific location, age, facing, and floor level relative to the new development. Owners in Bayshore Road, Eastwood, and Upper East Coast Road estates are likely to see the most direct uplift in market sentiment. Owners in Bedok North, Tanah Merah, or other D16 sub-zones further from Bayshore MRT may see a more indirect effect.
When will the URA Q2 2026 full data be released?
URA’s full real estate statistics for 2nd Quarter 2026 are scheduled for release on 24 July 2026, per the flash estimate press release (pr26-51). The full data will include detailed transaction volume, median PSF, and price index figures by market segment and district — providing the most comprehensive picture of Singapore’s property market performance in April–June 2026. LovelyHomes will publish an analysis of the full data upon release.
Is Bayshore a good area to invest in Singapore?
Bayshore (broadly the stretch from Marine Parade to Bedok along the East Coast) has become increasingly attractive as an investment location following the opening of Bayshore MRT on the Thomson-East Coast Line in 2024. The Long Island reclamation project (preparatory works from end-2026) adds a long-term waterfront development catalyst. Strong fundamentals include proximity to East Coast Park, established schools (Temasek Primary, Victoria Junior College), and a diverse residential community. However, buyers should note that new launch prices in 2027–2028, anchored by the Gemini project, may set a higher reference that reduces relative yield on resale purchases made at current prices. As always, individual unit factors — facing, floor, lease remaining — drive actual returns.
