Bayshore Drive: $2.13 Billion, and the First $2b Land Sale Outside the CBD

20 July 2026Blog District 16 OCR

The Bayshore Drive land sale site, outlined in red between Bayshore Road and the East Coast Parkway

On 20 July the Urban Redevelopment Authority awarded the Bayshore Drive site to Gemini Residential and Gemini Trustee — the tendering vehicle for a five-party consortium led by Frasers Property, with Sunway MCL, Sekisui House and Lum Chang — for $2,128,000,000.

That is $1,323 per square foot per plot ratio, and it is the largest amount ever paid for a government land sale site outside the central business district. Singapore’s first two-billion-dollar suburban land parcel.

What URA awarded


Site area	57,460.6 m² (5.74 hectares)
Maximum gross floor area	149,398 m² (1,608,107 sqft)
Allowable development	Commercial and residential
Tenure	99 years
Tendered price	$2,128,000,000 — $1,323 per square foot per plot ratio
Tender launched	30 March 2026
Tender closed	15 July 2026

Source: Urban Redevelopment Authority, 20 July 2026.

Three bids, and how close they were

	Tenderer	Bid
1	Gemini Residential and Gemini Trustee	$2,128,000,000
2	Chiron Bay and Chiron Bay Investments	$2,010,799,000
3	Breeze Residential and Breeze Commercial Trustee	—

The gap between first and second was about 5.8% — on a site of this size, $117 million. That is a contest, not a walkover, and it tells you three developers ran the same numbers and arrived in the same place.

What is being built

Roughly 1,280 homes and about 22,500 square metres of commercial space, built integrated with the future Bedok South MRT station on the Thomson-East Coast Line.

That last point is the whole thing. An integrated development sits on top of its station: you come up from the platform into the mall and then into the lobby. Singapore has a handful of them, and they are consistently the addresses that hold their value best in a town — Bedok Residences, on top of Bedok Mall and Bedok MRT, is the local example, and it is still the yardstick fifteen years on.

Where this sits against the rest of the east

This is the third major parcel to change hands in the Bedok and Bayshore area since 2025, alongside Vela Bay on Bayshore Road and the Bedok Rise site, and before the New Upper Changi Road plot awarded in September. Together they represent more than 3,000 new private homes arriving in a town that had one major launch in the fifteen years to 2022.

What I would take from this

If you are buying in the east, the supply picture has changed. For years the argument for Bedok was that nothing new was being built; that is no longer true, and a buyer today has choices a buyer in 2023 did not.

If you own here, an integrated development at the MRT station lifts the whole area’s profile — and competes with you directly on resale in about five years.

If you are waiting for this project, understand the timeline. A site awarded in July 2026 with 1,280 homes and a station to build around does not launch quickly, and does not complete for years after that. What you can act on now is what is already selling nearby.

Common questions

Who won the Bayshore Drive site?

Gemini Residential and Gemini Trustee, the tendering vehicle for a consortium led by Frasers Property with Sunway MCL, Sekisui House and Lum Chang, at $2,128,000,000 — $1,323 per square foot per plot ratio. It was the highest of three bids.

Why does the price matter?

At $2.128 billion it is the largest sum ever paid for a government land sale site outside the central business district — Singapore's first two-billion-dollar suburban land parcel.

What will be built there?

About 1,280 homes and roughly 22,500 square metres of commercial space on a 5.74-hectare site, integrated with the future Bedok South MRT station on the Thomson-East Coast Line, on a 99-year lease.