A consortium led by Frasers Property has submitted the highest bid of S$2.1 billion ($1.6 billion) for a prime mixed-use waterfront site in Singapore's Bayshore precinct. The bid was approximately 5.8% above the second-highest offer from a consortium led by City Developments, according to a report by Forbes.
Bid Details
The site, measuring 618,506 square feet (57,460 square meters), is located on Bayshore Drive and is the only mixed-use development planned for the area. It is expected to include up to 1,280 high-rise residential units and around 242,000 square feet of commercial space. The property is directly connected to the Bedok South MRT station and a new bus interchange, making it a key transport and retail hub for the region. Soon Su Lin, CEO of Frasers Property Singapore, described the site as a
defining opportunity to shape a highly connected, liveable and future-ready community.
Consortium Composition
The Frasers Property-led consortium includes Sunway MCL, Sekisui House from Japan, and Lum Chang Building Contractors. If awarded the site, the consortium plans to develop both the residential and retail components of the project. The site is one of the largest to be auctioned by the Singapore government and is expected to play a significant role in the future development of the Bayshore area.
The successful bid could influence the real estate market in Singapore, particularly in the residential and commercial sectors, as it highlights ongoing demand for prime development sites. Investors will watch for the government's decision on the award of this site, which could set a precedent for future auctions in the region.