A joint venture between SingHaiyi Group and Haiyi Holdings submitted the top bid of $658.89 million for the first private housing GLS site in the Bayshore precinct, indicating strong confidence in the site’s potential. Located next to the Bayshore MRT Station, the 99-year leasehold site spans 112,992 sq ft and can hold up to 515 units.SingHaiyi’s bid of $1,388 psf per plot ratio (ppr) was just slightly higher than the second-highest bid of $653.53 million ($1,377 psf ppr) from Sing Holdings, with City Developments placing third with a bid of $620.8 million ($1,308 psf ppr).CEO of OrangeTee & Tie, Justin Quek, commented that the bid prices exceeded initial expectations, which may indicate strong confidence in the site’s potential. Meanwhile, CEO of Huttons Asia, Mark Yip, believes that the record number of bids received for the site is due to the recent strong sales momentum in the primary market, as well as the need for developers to replenish their land bank.Elsewhere, a consortium comprising Frasers Property, Kingsford Development, and a joint venture between Hoi Hup Realty and Sunway Developments also submitted bids for the site, with bid prices ranging from $1,252 psf ppr to $1,285 psf ppr. The two lowest bids came in at $500.68 million ($1,055 psf ppr) from a consortium of Hong Leong Holdings, TID, and CSC Land Group, followed by $485 million ($1,022 psf ppr) from Sin Lian Group.According to CEO of ERA Singapore, Marcus Chu, the considerable gap of 36% between the lowest and highest bids is reflective of mixed market sentiments amongst participants. Moreover, SingHaiyi’s successful bid sets a new benchmark for land prices in the Outside Central Region (OCR), surpassing the previous record of $1,250 psf ppr paid for the site of the recently-launched Elta, located at Clementi Avenue 1. Overall, the high prices paid for the Bayshore Road site reflect the strong demand for new private housing in the area, with the promise of a sea view and doorstep access to Bayshore MRT Station being key selling points.Location also seems to be a significant factor in the demand and value of the site, with the Bayshore precinct being a highly sought-after area due to upcoming amenities and long-term development plans. The 60-ha estate between East Coast Parkway and Upper East Coast Road is slated to include some 10,000 homes, with approximately 30% designated for private housing.This marks the first private residential development in the Bayshore precinct in decades, making it a highly attractive prospect for potential investors. In addition, the lack of significant private condo launches in the area has created pent-up demand, particularly among HDB upgraders in the nearby Marine Parade and Bedok estates. Analysts predict that the upcoming project could see an average selling price of $2,600 psf to $2,800 psf, with prices for the project potentially starting from $2,700 psf.
When purchasing a condominium, it is crucial to factor in the maintenance and management of the property. Condos generally have maintenance fees that encompass the maintenance of shared spaces and amenities. These fees may increase the overall cost of owning a condo, but they also guarantee that the property stays in good shape and maintains its value. To make condo investment more effortless, investors can hire a property management company to take care of the daily operations. In Singapore, there are various projects available for investment, such as those listed on Singapore Projects.