Singapore skyline, showing Pier Bay beach and Singapore flyers.
Sing-haiyi Garnet, sent back by tycoon Gordon Tang and his wife Celine, submitted a top bid of S$658.9 million ($495 million) for the first residential map in the Bayshore Road district overlooking the beach and the government auctioned along the Bayshore Road Persinct.
According to the Urban Redevelopment Bureau, the government received eight bids. Other bidders include the urban development project of billionaire Kwek Leng, as well as the Frasers property of Charoen Charoen Sirivadhanabhakdi, a joint venture tycoon of Thai beverage-to-beverage, and its Japanese partner Sekisui House.
Competitive auctions have increased the rebound in housing markets in signing city states, noted by British consulting firm Knight Frank, the first time in recent years that has attracted the land.
“Perhaps the developers saved gunpowder for more attractive sites like Bayshore Road in previous bidding,” Leonard Tay, head of research at Knight Frank in Singapore, said via email.
As demand for private residential properties started strong this year, developers are seeking to supplement their land banks and have more than 2,600 new housing units (excluding government-subsidized implementation apartments) in the first two months of the year. “This positive momentum has met a prominent launch,” Tay said in another note this week.
Other bidders of 10,497 sqm on Bayshore Road include Sunway Developments of Malaysian billionaire Jeffrey Cheah and its local partner Hoi Hup Realty. There are about 515 homes available for construction on a '99 rental plot located next to Bayshore MRT station on the newly opened part of Townsend's East Coastline.
According to Tay, the lowest price of the project could be sold at S$2,700 per square foot, according to the design and construction costs, which is the asking price of $1,388 per square foot for the highest bidder. This means that the 500 square foot (46 square meters) one-bedroom unit starts at S$1.35 million.
In recent years, Tangren has been strengthening investment in Singapore's real estate. In 2022, a joint venture between Chip Eng Seng and Singhaiyi Group and Haiyi Holdings (controlled by the couple), owns a 21% stake in the former Temasek Tower on the edge of the Raffles Place Central Business District. A 63-storey skyscraper that is the tallest after completion in 2028, the company is currently being built on the property, including Don-style companies and partners, including e-commerce giant Alibaba and Perennial Holdings, owned by palm oil billionaire Kuok Khoon Hong Tycoons Ron Sim and Pua sim and Pua seck seck guan, Ceo of par niyaire bilitiaire bilionaire billionaire.
