Bayshore Road and Media Circle GLS sites likely to attract 3-5 bids: experts

Top bids could hit $570m for Bayshore and $494m for Media Circle sites.

Real estate experts anticipate up to five bids for the Bayshore Road GLS site and up to three bids for each Media Circle GLS site.

For the Bayshore Road site, Huttons forecasts top bids of $1,100 to $1,200 per square foot per plot ratio (psf ppr), amounting to $570m, whilst PropNex estimates bids ranging from $522m to $570m.

For the Media Circle sites, Huttons predicts bids of $1,000 to $1,100 psf ppr, amounting to $494m per site, while PropNex forecasts top bids of $1,000 to $1,150 psf ppr.

The Bayshore Road site is set to yield a private residential development, attracting strong demand evidenced by over 5,000 applicants for nearby BTO flats.

Meanwhile, the Media Circle sites are expected to support high-density residential developments with commercial components catering to the one-north precinct.

What makes the Bayshore Road site attractive, according to Huttons, is its proximity to Bayshore MRT station, potential sea views, and access to recreational amenities at East Coast Park.

PropNex highlights its significance as the first private housing GLS plot in the Bayshore precinct.

The Media Circle sites, located near one-north, Science Park, and NUS, are attractive for their strategic location, with PropNex pointing to high rental demand and long-term housing needs.
Huttons notes the area’s robust demand, with 75% of 424 nearby units sold since April 2023.

However, experts noted challenges that may temper bidding for both sites, such as market stabilization concerns for Bayshore and limited MRT connectivity and amenities for Media Circle.

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