Since the preview began over the weekend of April 11–12, developers SingHaiyi Group and Chuan Capital have collected about 1,000 cheques for Vela Bay, offering an early gauge of buyer appetite ahead of its launch.

With 515 units available, the expressions of interest suggest buyers face roughly a 50% chance of securing a unit at the launch of the first private condominium in the new Bayshore precinct.

Balloting was reportedly conducted on April 22, with prospective buyers issued queue numbers for sales booking, which is set to begin on Saturday, April 25.

Get the latest details on available units and prices for Vela Bay

Indicative prices start from above $1.2 million for a one-bedroom-plus-study unit, over $1.4 million for a two-bedroom unit, and upwards of $2.2 million for a three-bedroom unit. Four-bedroom units are expected to start from above $3.1 million, while five-bedroom units will be priced from about $4.5 million.

About half of the units are expected to enjoy unblocked sea views. The development is located directly across from Bayshore MRT Station on the Thomson-East Coast Line, with East Coast Park and the beach within walking distance.

All eyes will now be on the launch this weekend, which will test pricing tolerance — and how much of that demand converts into actual sales.

Check out the latest listings for Vela Bay, Bayshore, District 16 properties