AdvertisementAdvertisementThe first private housing government land sale (GLS) site in the Bayshore precinct, located on Bayshore Road, has attracted eight bids and closed on March 18. The winning bid for the 99-year leasehold site was submitted by SingHaiyi-Garnet, a joint venture between SingHaiyi Group and Haiyi Holdings, for $658.89 million, which translates to a land rate of $1,388 psf per plot ratio (ppr). The bid is just 0.82% higher than the second-highest bid of $653.53 million by Sing Holdings. City Developments had the third-highest bid of $620.8 million.OrangeTee & Tie’s CEO, Justin Quek, believes that the high bids received for this site may indicate strong confidence in its potential. Huttons Asia’s CEO, Mark Yip, notes that the number of bids received is the highest since January 2022 when a Jalan Tembusu plot (now the site of Tembusu Grand) also attracted eight bids. He believes that developers may have held back from bidding for other GLS sites in order to pursue the Bayshore site due to the strong sales in the past few months, which has increased the need for developers to replenish their land bank.Other tenderers for the site include a Frasers Property-led consortium, Kingsford Development and a Hoi Hup Realty-Sunway Developments joint venture. The two lowest bids came from a consortium comprising Hong Leong Holdings, TID, and CSC Land Group, followed by Sim Lian Group.In terms of pricing, the sizeable gap of 36% between the lowest and highest bids received for the Bayshore Road site reflects mixed market sentiments among participating bidders, according to ERA Singapore’s CEO, Marcus Chu. SingHaiyi’s bid of $1,388 psf ppr has also set a new benchmark for Outside Central Region (OCR) land prices, beating the previous threshold of $1,250 psf ppr for the site of the recently-launched Elta, located at Clementi Avenue 1, which was paid by MCL Land and CSC Land Group last November.Read also:Two sites at River Valley Green launched for tenderGuocoLand-Hong Leong JV submit sole bid for Upper Thomson Road GLS site at $905 psf pprHuttons’ Yip believes that the future development at the Bayshore Road site could see an average selling price of over $2,600 psf, while Knight Frank’s head of research Leonard Tay estimates prices to start from $2,700 psf and average above $2,800 psf. The Bayshore Road GLS site is probably the best site in the Bayshore precinct, according to Yip, as it offers a sea view and doorstep access to Bayshore MRT Station. The area also stands to benefit from long-term development plans, such as the Long Island coastal protection project, which will add reservoirs and parks fronting the Bayshore area. PropNex’s head of research and content, Wong Siew Ying, adds that the Bayshore area may have pent-up demand for new private housing, including from HDB upgraders in the nearby Marine Parade and Bedok estates.
.
When making the decision to invest in a condominium, it is crucial to take into account the maintenance and management of the property. Condos typically come with maintenance fees that are used to maintain the common areas and facilities. These fees may increase the overall cost of ownership, but they also play a crucial role in preserving the property’s value. To make things easier for investors, hiring a property management company can take care of the daily management of their condos, turning it into a more hands-off investment. This applies to Singapore Projects as well.