Frasers-Led Group Wins Singapore Bayshore Site for $1.65B

Waterfront Hub

The 618,506 square foot (57,461 square metre) Bayshore Drive site can support up to 1.61 million square feet of gross floor area, including as many as 1,280 homes and 242,188 square feet of commercial space. The project will connect directly to the future Bedok South MRT station on the Thomson-East Coast Line and a new bus interchange.

Frasers Property Singapore CEO Soon Su Lin (Image: Frasers Property)

Frasers Property, Sunway MCL, Sekisui House and Lum Chang will jointly develop the residential component for sale, while a separate vehicle backed by FCT, Sunway MCL and Sekisui House will develop and retain the commercial portion. FCT holds 50 percent of the retail trust, while Frasers Property owns 37.5 percent of the residential company.

The planned mall will span 237,882 square feet of gross floor area and provide between 160,000 and 180,000 square feet of net lettable space. Envisioned as the new estate’s town centre, the retail hub is also expected to serve the wider Bedok and East Coast catchment.

Sunway MCL is the former MCL Land, which Malaysia’s Sunway Group acquired from Hongkong Land last year for S$739 million before rebranding its Singapore operations. Japan’s Sekisui House has delivered more than 2.7 million homes, while Lum Chang is a Singaporean contractor with more than eight decades of construction experience.

“We are delighted to embark on our maiden partnership with Frasers Property Group through this landmark Bayshore Drive development,” said Sunway MCL CEO Lee Tong Voon. “Bringing together the complementary strengths and expertise of our consortium partners, which also include Sekisui House and Lum Chang, we are well-positioned to deliver a highly connected and vibrant mixed-use destination.”

The new project forms part of a broader Bayshore plan providing roughly 10,000 public and private homes alongside parks, cycling routes and other amenities. The precinct’s first private project is SingHaiyi’s 515-unit Vela Bay, controlled by Gordon and Celine Tang, which sold 72 percent of its homes at an average S$2,886 per square foot during its April launch weekend.

Buy and Sell

The Bayshore win comes after a Frasers Property joint venture with Mitsubishi Estate was awarded a residential site at Kallang Close in central Singapore for S$610.75 million in April. The 123,311 square foot plot can yield 470 homes overlooking the Kallang River.

Together, the awards give Frasers exposure to a large transit-oriented waterfront community in eastern Singapore and a mid-sized residential project nearer the city centre, expanding the group’s domestic pipeline across two distinct markets.

The land purchases are unfolding alongside a capital-recycling campaign focused on mature properties. Earlier this month, Frasers agreed to sell five Melbourne warehouses to ESR-REIT for A$276.8 million ($192 million), with the developer describing the disposal as a means of unlocking value and improving capital productivity.

That transaction followed the sale of Sydney’s Ed.Square Town Centre for A$248 million, the A$400 million disposal of Eastern Creek Quarter and the A$107.3 million exit from Melbourne’s Burwood Brickworks Shopping Centre. Frasers Centrepoint Trust also agreed this month to sell Singapore’s White Sands mall for S$467 million.