Frasers Property-led consortium tops bid for Bayshore Drive site in Singapore at $1.6 billion (updated)

Sekisui House

15/07/2026 16:50

Rewrites throughout, adds further details on bid
July 15 (Reuters) - A consortium led by Frasers Property FRPL.SI and Frasers Centrepoint Trust FCRT.SI (FCT) placed the highest bid for the Bayshore Drive site in Singapore, offering S$2.1 billion ($1.64 billion), the companies said in a statement on Wednesday.
The consortium includes Japanese homebuilder Sekisui House 1928.T, Sunway MCL, and property investor Lum Chang's LUCS.SI unit Lum Chang Building Contractors.
The consortium offered S$1,323 per square foot per plot ratio for the Government Land Sales site, 5.8% higher than the second-highest bid. State land in Singapore is released for development through the Government Land Sales programme.
    The site is designated for mixed-use development with residential and commercial spaces, and is expected to yield up to 1,280 residential units and 22,500 square metres of commercial area, which would also include a retail mall, the statement added.
    The consortium will operate through a special purpose trust and a special purpose company, each allocated with the retail and residential components of the development.
    The holders of the special purpose trust - retail malls holder Frasers Centrepoint Trust, Sunway MCL's unit, and Sekisui House would be responsible for the commercial component and the costs associated.
    A separate special purpose company, which includes Sunway MCL and Sekisui House's participation, would also be held by Frasers Property and Lum Chang Holdings' units, and will be responsible for developing and bearing the costs of the residential component of the site for sale.
    "The project allows FCT to harness development as a new growth driver at an attractive yield, while creating a pipeline for future acquisition," said Richard Ng, CEO of the Manager of Frasers Centrepoint Trust.
    Frasers Property, which held about S$40 billion in assets at March end, has an over 38% stake in Frasers Centrepoint Trust, according to LSEG-compiled data.
    
    

($1 = 1.2900 Singapore dollars)

 (Reporting by Aamir Shaik Khalid and Nichiket Sunil in Bengaluru; Editing by Shreya Biswas and Shailesh Kuber)
 ((Aamir.SheikKhalid@thomsonreuters.com;))