Bayshore Drive GLS

The Bayshore Drive Government Land Sales (GLS) site (a landmark commercial-and-residential parcel integrated with the future Bedok South MRT Station and a public bus interchange) has been awarded to Gemini Residential Pte. Ltd. and Gemini Trustee Pte. Ltd. (as trustee-manager of Gemini Mall Trust) [Sunway JV] for $2,128,000,000, or $14,243.83 per square metre of GFA, the Urban Redevelopment Authority (URA) announced on 20 July 2026.

The site was launched for tender on 30 March 2026 under the 1st Half 2026 GLS Confirmed List, part of a wider release of 4,575 residential units, around 50% above the decade average. Tender closed on 15 July 2026, drawing three bids in total, before the award was confirmed five days later. Gemini's winning bid cleared the next-highest offer, from Chiron Bay Pte. Ltd. and Chiron Bay Investments Pte. Ltd., by 5.8%.

Why This Site Matters

At $2.128 billion, Bayshore Drive is by far the largest tender quantum awarded in the 2026 GLS cycle, more than double the next-largest, Dover Drive ($951M), yet its $14,243.83 psm rate ranks among the lowest of the batch, with the 1,280-unit cap holding the per-square-metre price down even as the absolute price tag soared. The 5.8% margin over second place and a field of only three bidders suggest the sheer capital outlay narrowed the pool of developers able to compete, favouring large, well-capitalised players like Gemini Residential/Trustee over a broader mid-tier field. For a site this size, that combination of record quantum, below-average $psm and a thin bidder pool points to a market still willing to underwrite mega-scale transit-linked developments, but selectively.