Bayshore Park is the first project to be built in the Bayshore area, completed in 1986, boasting a prime location facing towards East Coast Park. Reflecting the charm of its era, it offers a massive land size of approximately between 700,000 to 800,000 sqft, allowing for sprawling in-house facilities, and fostering a sense of openness with homes comfortably distanced from each other–a rare find in today’s market. It is also one of the few projects with a direct side gate access towards East Coast Park Connector, with sea view-facing units, at a rather affordable entry price in today’s context.
Scoring 56% on our MOAT analysis with high scores in its Exit audience, Rental Demand, Region Disparity Effect, and the upcoming Bayshore MRT on the Thomson-East Coast Line (TEL), Bayshore Park might be one to consider for investment or own-stay purposes. Nonetheless being the oldest development in this area, it scored low on the Bala’s Curve Effect.
Should homeowners be wary of the lease decay or are there still positive upside opportunities for the project?
If you are interested to find out more about Bayshore Park, read on as we delve deeper into the project details, location, site, price, and MOAT analysis.
*This article was written in June 2024 and does not reflect data and market conditions beyond.
Project Details
Site Plan & Unit Distribution
Bayshore park is the first mid-high density project to be developed along the Bayshore area. Being built in the 1980s period, its charm lies in the vastness of its land size, and wide array of facilities. Having the largest land plot available on the entire Bayshore Road belt, Bayshore Park enjoys a massive land size estimated to be 700,00-800,000 sqft (that is approximately the size of Costa Del Sol and The Bayshore combined). And just to give you a sense of the vastness in land size here, Bayshore Park has a total of 7 tennis courts – a feature definitely unheard of in today’s market.
The project has a total of 1,083 units, spread across 7 residential blocks, with 4 tall blocks (30-32 storeys high) and 3 short blocks (8-10 storeys high). Additionally, it features 2 blocks that house a wide array of communal facilities, amenities and clubhouses. The project features a mix of 1 to 5 bedder types, with a variety of layouts for each unit type. Overall, the home sizes varies as such for each bedder type:
Projects completed in the 1980s era tend to be much more generous in unit sizes compared to newer projects, providing a good floor plate size for homeowners who are right-sizing their private properties, or homebuyers who prioritise space.
What is truly unique about the site plan and unit distribution would be its spread according to levels, rather than stacks. For example, referring to the elevation chart, each block has 3 main pods – the low pod, inter pod, and high pod. In each block, the high pod would feature a higher starting level, and hence a higher top floor level compared to the low and inter pod.
The smaller unit types are thus mostly spread out on lower floors between level 2 to level 7/8, while 2 bedders and 3 bedders would be the majority of the unit mix spread across levels 8 to levels 19/20/21, and the top floor units would be catered to the bigger unit types such as the 4 and 5 bedders from levels 20 to 30/31/32. This also means that if you are going for bigger unit types, chances are you will have fewer neighbours, and the chances of getting a unit with a sea view facing or unobstructed views would be much higher.
Because of the sheer land size, the developers and architects have been able to purposefully spread out each block pretty far from one another, which means that it is very unlikely you will be facing towards your neighbours’ units, hence majority of the homes here are able to enjoy a maximum level of privacy, as well as a high level of natural wind ventilation and natural brightness throughout.
If we were to compare with The Bayshore and Costa Del Sol, it’s noticeable that Bayshore Park has a similar number of units, and gets to enjoy almost double the land size, which allows residents to freely enjoy the common spaces without feeling overcrowded.
Facilities
Out of the 2 blocks of communal facilities, 1 block (Promenade) features a bistro bar, handful of mini marts, nail and hair salon, cafe, and other daily necessities provision. The other block (Dolphin Clubhouse) features all your active lifestyle facilities spread across 2 levels, and a full fledged food court serving a wide variety of cuisines and beverages, allowing residents to access their daily amenities without even leaving the project.
The first level of the Dolphin Clubhouse features originally 8 squash courts, out of which 3 has been converted into table tennis courts, 2 into a non-air conditioned gym, and the last 3 being kept as squash courts. On the second level, you have a large air conditioned gym, 2 huge function rooms, a meeting room and a reading room as well.
Apart from all the mentioned facilities, there are still tons of other outdoor facilities available such as 2 swimming pools, multiple playgrounds spread throughout the development, BBQ pits, a soccer court, jogging track, and not to forget, its impressive 7 tennis courts.
In short, with its extremely generous land size, not only do residents get to enjoy full fledged condo facilities without even needing to leave the project, the way that the developer and architect have designed the entire development also allows each homeowner to enjoy a generous distance away from each tower block. This provides each unit with excellent cross wind ventilation and natural brightness, as well as maximum level of privacy as you would unlikely be directly facing into another neighbour’s unit.
Location Analysis
If you are looking for seafront living, Bayshore Park should be one of your considerations. It boasts its own direct side gate access towards East Coast Park Connector, bringing you to East Coast Park within a minute’s walk, where you and your family plus your furry friends can take a nice evening stroll or jog. It is also just a short 7 to 10-minute stroll to East Coast Lagoon Food Centre, where you can enjoy many popular local delights. Its seafront location would also mean homeowners would be able to get unobstructed sea views here.
The upcoming Bayshore MRT station on the TEL is slated to be operational from end June 2024, which will be a mere 3 to 5-minute walk from the development. Once operational, it can directly connect you to Orchard MRT station and other major interchanges in a shorter time frame. Otherwise, presently along East Coast Road, residents in the area can easily hop on a good range of public bus services which provide direct routes to various places such as Tanah Merah, Bedok, Marine Parade, the CBD, Orchard, and more. There is also an internal feeder bus that brings residents of The Bayshore, Costa Del Sol, and Bayshore Park towards Bedok MRT or Marine Parade, once again providing the ultimate convenience for residents here. For drivers, the East Coast Parkway is just a minute’s drive away, where you can then easily connect to other parts of Singapore.
The convenience is further accentuated by its unparalleled on-site amenities including a handful of mini-marts, hair and nail salon, Bistro Bar, cafe, a full fledged Cafeteria which offers a variety of dining options, giving residents unparalleled comfort at their doorstep without having to leave the estate.
For more options, shopping malls and daily amenities are conveniently accessible at the nearby Siglap V, Upper East Coast road shophouses, Siglap CC, Jewel Changi Airport, Bedok Mall, Simpang Bedok, Bedok Food Centre, Block 58 Bedok Market, Changi City Point, Marine Parade central, Parkway Parade, and many more – all under a 10 to 15-minute drive away.
One little downside of the project location would be lack of primary schools within the 1KM radius. Only Block 50 would feature Temasek Primary School within the 1KM mark, while all other blocks at present fall short of any primary schools, which is only natural as the project is located closer towards East Coast Park. Therefore, parents looking to enrol their children based on the residential address of the 1KM mark may not see Bayshore Park as the best fit.
Growth Potential
The Bayshore Master Plans have been in the news recently, showing the government’s plans and confidence to develop the area further. The addition of the TEL, which is slated to start service from end June 2024, would not only provide existing residents with added convenience, it would also spur the growth of the entire Bayshore area. This is of course, on top of the residential plots that will be inserted into the township through Government Land Sales (GLS) and HDB BTO projects.
The URA Master Plan denotes a brand new township to come, injecting new amenities and modern facilities into the Bayshore neighbourhood. Some transformation in the area includes the Linear Park that will connect to a 3-hectare Central Park, which would integrate heritage elements such as seawallas that mark the old coastline. Playgrounds in the area would also be designed in rustic themes.
A transit priority corridor spanning 400m will also be introduced, comprising a bus-only road, alongside foot and cycling paths, complete with amenities such as retail shops, to deliver a car-lite town.
More importantly, 9 residential plots are slated to be released as HDB BTO sites and through GLS, which means an insertion of public housing and new launches in the area that has been lacking for the past 2 decades. With potential new launches coming in the area, a new pricing benchmark would be expected, which would typically lead the resale market performance as well. This would allow older developments to continue to enjoy a gradual growth and spill-over demand from potential buyers who find more value in older developments for its space, and overall price quantum trade off.
In fact, under the recent reserve list for GLS, the plot right next to Bayshore MRT is under the list, which can yield up to 480 residential units, perhaps a mixed development to come. A new integrated development will also be connected to the upcoming Bedok South MRT station, which would feature a new bus interchange, residential homes, retail and dining options, providing for added convenience for current and future residents. These developments will surely be commanding a premium for its convenience. Let us deep dive into the price performance for Bayshore Park from here.
Price Analysis
If you are wondering what will happen to a project’s price performance as its lease continues to run, fret not. We have taken a study at the price performance trends and from what we can deduce, despite its ageing lease, Bayshore Park continues to see an uptrend movement (see graph below), similar to the price performance of Mandarin Gardens which was completed in the same period. This also goes to show that homeowners are generally not “losing money” for holding on to an older project in the present market.
You may be wondering: How about the price performance as it continues to get older than its current remaining lease? To address this, let us take a look at even older projects. Neptune Court, 99 years leasehold from 1975, and Laguna Park 99 years from 1978 – the results are consistent – despite their age, these projects continue to see an upwards price trend movement in line with the overall market sentiment. This goes to show that homeowners can still enjoy potential price growth and capital appreciation. It also indicates the healthy demand for properties in the eastern region of Singapore, specifically homes that are lined along the sealine with good connectivity to East Coast Park, outweighing its supply availability.
Coupled with the upcoming transformations in the area, the BTO launches and private new launches would be something to look out for, as this would continue to lead the potential future pricing performance for the resale market.
Having a look at some of the hot new launches in eastern Singapore recently, we have Sceneca Residences, transacted averagely at $2,0XX PSF, Sky Eden @ Bedok (D16), transacted averagely at $2,1XX PSF, Tembusu Grand (D15), transacted averagely $2,4XX-$2,5XX PSF, and Grand Dunman (D15), transacted averagely at $2,5XX PSF.
We expect potential developers bidding for the Bayshore GLS and Bedok South Integrated project to be launching their units at even higher premiums (perhaps at an estimated $2,6XX-$2,8XX PSF and above) than the past few new launches’ performances. This is in line with the fact that the Bayshore GLS will be right next to Bayshore MRT station, and that the area is experiencing a lack of new launches for the past two decades, meaning potential pent-up demand. Developers will likely be able to offer sea view facing units as well, which would be a highly sought after product type at a premium. What this also means is that the 99-year leasehold projects in resale market now threading at the range of $1,3XX-$1,4XX PSF would continue to enjoy a higher level of price disparity to the new launches, creating spillover demand that will benefit the resale market and provide growth opportunities.
Volume Effect and Rental Demand are also part of the key MOAT analysis factors in our PLB MOAT Analysis. Narrowing down to District 16 itself, Bayshore Park comes in strong in terms Top Sales Volume (latest 6 months transactions as of June 2024), as well as Top Rental Volume (latest 6 months transactions as of June 2024), proving that high-density projects are great for homeowners looking for a more stable price performance, and also showing a healthy level of demand from buyers and tenants alike, backing up its positive uptake performance in the recent years.
MOAT Analysis
The MOAT Analysis is a proprietary tool by PLB that presents a meticulous technique for estimating a property’s value, considering a wide array of influential factors. This strategy involves a comparative study of the property against others, grounded on ten key dimensions, to deliver an unbiased assessment of its attractiveness to the broader market in Singapore. To grasp a deeper understanding of our tool’s functionality, kindly refer to this article, which elucidates the MOAT Analysis in detail.
The final MOAT score of Bayshore Park stands at 56%, with room for increment with the upcoming operational service of Bayshore MRT on the Thomson-East Coast Line.
Let us explore the strengths of Bayshore Park by zooming into the specific areas that it has performed well in.
Bayshore Park scored the highest for Rental Demand, Region Disparity Effect, and Exit Audience.
Due to its prime locale being closely situated to the beach as well as key employment nodes such as Changi City Point, Changi Airport, as well as direct bus services towards the CBD, rental units at Bayshore Park are highly sought after by working professionals and families alike, especially for tenants who value a good amount of facilities and generous home sizes without having to pay premium rental rates commanded in the CBD area. These factors allowed Bayshore Park to score high on its Rental Demand, further backed by its top performance in District 16 rental volume.
A healthy pool of exit audience is also favourable in allowing for price appreciation and speed of exit when an owner decides to sell. Being closely located to many HDB developments in Bedok as well as Marine Parade, coupled with the upcoming Bayshore BTO plots, a very healthy pool of exit audience can be expected. Furthermore, being closely located to a large landed enclave in the surrounding D15 and D16 area, private homeowners looking to right-size would also consider Bayshore Park should they be looking to restructure their property portfolio to enter the private non-landed market.
Being one of the first few projects to be developed in the Bayshore area, prices here are kept at a more affordable entry price compared to newer developments, due to the difference in balance lease as well as rising construction costs. For example, Bayshore Park is currently transacting in the $1,3XX PSF range, but if we take a look at the market trend of the entire OCR region, the latest performance is averaging at $1,6XX PSF. This disparity makes Bayshore Park a potential undervalued gem in the OCR region. Furthermore, with upcoming new launches that would set the future pricing benchmark in the area, the region disparity and district disparity may widen further.
One factor to note would also be the upcoming Bayshore MRT station (TEL) which is slated to be fully operational from end June 2024. Once it is ready, Bayshore Park will likely score much higher on the MRT Proximity Effect as the station would just be 3 to 5-minute walk away.
It has scored low on the Parents Attraction Effect due to the lack of primary schools within the 1KM radius, which also means families who are planning to utilise the residential address to enrol their children into their preferred primary school in the east would not be able to do so. Therefore, Bayshore Park would perhaps be more suited for families whose children are already currently enrolled in their preferred choice of school.
It has also scored low on the Bala’s Curve Effect, naturally so due to the ageing lease. Nonetheless, as seen in the pricing analysis above, Bayshore Park displays a resilient price performance, with positive upsides to be enjoyed despite its age. Just a quick tip, if you are a young buyer, do note that your loan tenure and/or loan to value may be prorated, hence do check in with your bankers or mortgage brokers to have a better understanding before you make a purchase commitment.
Floor Plan Analysis
In this segment, we will highlight our top choice from each unit type available at Bayshore Park. Our aim is to furnish you with useful knowledge that will assist you in choosing the perfect unit tailored to your tastes. As there are many variations in layout and types, we will be highlighting our top pick for each unit type.
Generally, due to the architectural design of the project to give each unit a good amount of privacy, most of the layouts here would see some odd angles, which allows homeowners to deploy some creativity to revamp or design the layout according to their personal preferences.
1-Bedroom
For 1 bedders, there is only one type of floor plan, and it’s a rather spacious 1 bedder, with a proper enclosed kitchen that can also open up seamlessly to your dining, living hall and a mini balcony space. You also have an enclosed master bedroom with an ensuite bathroom. Overall it is an extremely generous size for a 1 bedder, one that is hard to find in today’s new launch market.
2-Bedroom
Out of the 4 different floor plans for 2 bedders, our top pick is between Type B1 and B2, as they feature a more regular layout throughout the home, and noticeably larger bedrooms and bathrooms compared to Type B3 and B4. In this layout, you would still be able to enjoy an enclosed kitchen, great size for those who cook daily, a well sized living and dining room, perfect for small families who enjoy hosting regularly.
3-Bedroom
Our preferred layout for the 3 bedder would be Type C2 or C3 (936 – 947 sqft), as it offers more regular rooms and common spaces, compared to Type C1. It offers an enclosed kitchen, that can easily be fully opened up towards your dining hall, providing flexibility in your kitchen set up. It also features a spacious living room, 3 generously sized bedrooms that can all easily accommodate queen or king-sized beds. One little point to note, there is no dedicated service yard in the layouts here, hence the mini balcony would be the most ideal spot for your laundry needs.
4-Bedroom
There is only one type of layout for the 4 bedders here. And immediately what stands out the most would be its huge balcony space, proving itself to be the ideal layout for those who enjoy a good amount of outdoor spaces and indoor space within your own home. The massive balcony would be perfect for multi purpose usage such as an outdoor alfresco dining hall, or a chill out area, or even an outdoor fitness corner. It is also a luxurious layout where you have all 4 bedrooms with their own ensuite bathrooms, and still have ample space for a dedicated guest powder room. Similarly you also get to enjoy a dedicated living hall, and a kitchen space that opens up seamlessly to your dining hall. This is definitely perfect for large families who value privacy, and enjoy balcony spaces at the same time.
5-Bedroom
There are only two 5 bedder floor plans available, our pick is Type E1 as it enjoys a larger, seamless landscape balcony that provides more natural lighting and breeze into the home than Type E2. Just by looking at the floor plan, you can see how generous the home sizes and layouts are here, with dedicated ensuite bathrooms for each of the 5 bedrooms.
Additionally, there is also provision for a guest powder room, an additional helper’s room and WC, for an added level of comfort and privacy for each family member. This layout is also highly recommended for multi-generational families, as you can easily do up a dual-key concept. What we really enjoy would be its segregation of the bedrooms from the main communal spaces as well, allowing for large families to host their guests comfortably or watch TV in the main living hall, without disturbing other family members in the bedrooms at all times.
As the larger bedroom types are only available on the top few floors, this also means you would be enjoying paramount unblocked views right from your unit, throughout all bedrooms and common spaces – truly an embodiment of luxury living in the sky.
Closing Thoughts
If you are seeking a resort-like living environment, Bayshore Park is worth considering. Located right across from East Coast Park and within walking distance to an MRT station, it offers the potential for spacious homes with unobstructed views. While it may have a lower performance on the Bala’s Curve Effect, its unique characteristics make it an attractive option for those looking for a permanent residence.
With its expansive land size, Bayshore Park offers residents full-fledged condo facilities and conveniences within the project itself. The generously spaced residential blocks provide added privacy for each home, a rare feature in today’s market. Additionally, the upcoming Bayshore Master Plan transformations present further growth opportunities and potential for increased regional disparity effect.
Let’s Get In Touch
If you’re considering buying, selling, or renting a unit and are uncertain about its implications on your property journey and portfolio, please reach out to us here. We would be delighted to help with any market and financial assessments related to your property, or offer a second opinion.
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