Vela Bay, a 99-year leasehold project located in Bayshore’s seafront enclave, sold 371 units — or 72% of its total units — during the launch weekend of April 25–26.
Developed jointly by SingHaiyi and Chuan Capital, the average selling price is $2,886 psf.
Selling prices ranged from $1.2 million for a one-bedroom unit to $4.5 million for a five-bedroom unit. Two- and three-bedroom units collectively accounted for about 83% of total transactions, says Kelvin Fong, CEO of PropNex.
About 75% of the three-bedroom units were sold, says Mark Yip, CEO of Huttons Asia. The two-bedroom unit was “the most popular”, as “it satisfies the current family unit of [an average] 3.06 persons per household”, adds Yip.
The project was almost two times oversubscribed, with about 1,000 cheques received prior to the launch weekend.
In a press statement, developer SingHaiyi says: “We’re energised by the genuine enthusiasm from homebuyers; many were drawn to the project’s doorstep MRT connectivity, proximity to schools, and the opportunity to be part of the first private development in the new Bayshore precinct.”
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SingHaiyi adds: “From the beginning, our focus has been on delivering a thoughtful and responsible product that meets the evolving needs of a new generation of homeowners,while staying disciplined in how we price and bring our developments to market. The strong support from the buyers reflect confidence not just in Vela Bay, but in the long-term transformation of the Bayshore area.”
Demand for Vela Bay is driven by a mix of HDB upgraders whose HDB flats are reaching their minimum occupation period (MOP) and therefore hold “substantial housing equity”, as well as long-term investors who are “drawn to [the] rarity of new coastal homes with MRT connectivity”, says Marcus Chu, CEO of ERA Singapore.
“The project also appeals to lifestyle-driven buyers seeking a coastal living environment, given its proximity to East Coast Park and sea-facing orientation. At the same time, investors may be attracted by the area’s rental potential, supported by connectivity to key employment nodes such as the CBD, Changi Business Park and the wider eastern region.
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“With a substantial pipeline of HDB flats of over 11,000 flats reaching MOP in the East, particularly Tampines and Bedok, over the coming years, a steady upgrader demand base has underpinned take-up,” adds Chu.
Schools within 1km of Vela Bay include Temasek Primary School, which further enhances its appeal to families, says Chu.
In addition, the supply of upcoming private residential projects remains “limited” in the Bayshore precinct, says Justin Quek, deputy group CEO of Realion Group (OrangeTee & ETC).
“With only approximately 3,000 private residential units in this area, the low supply of new homes may have driven the strong demand. A larger integrated site was just launched for tender by URA in March, which can yield approximately 1,280 private homes. With no other sites announced, we do not expect more developments to be launched for sale in the near future,” adds Quek.
At Vela Bay, 70% of its units are expected to be sea-facing, which offers unblocked views of the coastline, notes Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). The development is located within a two-minute walk from Bayshore MRT Station on the Thomson-East Coast Line, providing convenient access to key employment nodes and lifestyle destinations, he adds.
“Vela Bay’s launch also comes at a time when its developer, SingHaiyi Group, is building on momentum following the successful en bloc acquisition of Loyang Valley Condominium. This reflects a continued strategic focus on expanding its footprint in the eastern corridor, where redevelopment and transformation opportunities are becoming increasingly visible,” adds Sandrasegeran.
The project is the first private residential development in the 60ha Bayshore waterfront precinct, which is envisioned to deliver around 12,500 homes. Roughly 70% of the precinct will be dedicated to public housing, with the remainder set aside for private condominiums. SingHaiyi Group and Haiyi Holdings — controlled by Gordon and Celine Tang — secured the site for $658.9 million in March 2025, translating to $1,388 psf per plot ratio (ppr). At the time, this marked a record high for a 99‑year leasehold housing site in the Outside Central Region (OCR).
Spanning 129,992 sq ft and comprising two 31-storey towers, Vela Bay offers a mix of one-bedroom- plus-study units from 484 sq ft to five-bedroom apartments of 1,582 sq ft, alongside two penthouses of 1,765 sq ft each.
Architecturally, Vela Bay draws inspiration from the sleek lines of luxury yachts in a reflection of its coastal setting. More than half of the units face the sea, while the interiors “balance efficiency with elegance”, according to SingHaiyi.
Each residence is fitted with high‑end appliances from brands such as Miele, SMEG, Geberit and Newform, reinforcing the project’s upscale positioning and aesthetic appeal within the OCR.
The development is expected to receive its Temporary Occupation Permit (TOP) in 2031.
Table: ERA Research and Market Intelligence
Data: HDB, data.gov.sg
