Frasers-led consortium tops Bayshore Drive tender with $2.1b bid

The offer is 5.8% above the next-highest submission.

A consortium comprising Frasers Property, Frasers Centrepoint Trust (FCT), Sunway MCL, Sekisui House, and Lum Chang Building Contractors has submitted the top bid of $2.1b for the Bayshore Drive government land sale site.

The offer translates to $1,323 per square foot per plot ratio, 5.8% above the second-highest bid, according to the consortium.

If awarded, Frasers Property, Sunway MCL, Sekisui House and Lum Chang will jointly develop the residential component.

Meanwhile, the site’s retail portion will be developed and fully owned by FCT, Sunway MCL, and Sekisui House.

The 99-year leasehold mixed-use site spans 57,460.6 square metres (sq. m.) and has a maximum gross floor area (GFA) of 149,398 sq. m.

The proposed development is expected to yield up to 1,280 residential units and 22,500 square metres of commercial space.

A key feature is a retail mall with a GFA of approximately 22,100 sq. m. and an estimated net lettable area of between 14,900 and 16,700 sq. m.

The project will be directly integrated with Bedok South MRT station on the Thomson-East Coast Line and a new bus interchange.

The Bayshore precinct is part of a long-term East Coast redevelopment, which will add about 10,000 public and private homes, green spaces, recreational facilities, and improved walking and cycling links.

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