Vela Bay, the first private condo launch in the new Bayshore precinct drew nearly 8,000 visitors on its opening weekend (Photo: SingHaiyi)
The 515-unit Vela Bay — the first private condominium in the new Bayshore precinct — attracted nearly 8,000 visitors during its preview weekend on April 11–12. The project is slated for launch on April 25.
Jointly developed by SingHaiyi Group and Chuan Capital, the 99-year leasehold project comprises two 31-storey towers. About 50% of the units will enjoy uninterrupted sea views, while Bayshore MRT Station on the Thomson-East Coast Line sits at its doorstep. East Coast Park and the beach are also just a short walk away.
“Vela Bay’s many natural selling points have resonated with a wide range of buyers — from investors and upgraders to right-sizers, as well as families from landed enclaves looking to live closer to their children,” says Gallant Tang, group CEO of SingHaiyi Group.
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The strong turnout also “validates the thoughtful planning behind the project” — particularly its unit mix and pricing strategy, he adds.
The crowd at Vela Bay were predominantly Eastsiders, as the last new private condo launch in the area was Seaside Residences in 2017, suggesting pent-up demand for new homes in the coastal enclave (Photo: SingHaiyi)
The last new private condominium launch in the area was the 841-unit Seaside Residences, a 99-year leasehold project launched in 2017 and completed in 2021 — suggesting pent-up demand for new homes in the coastal enclave.
“We were especially heartened to hear from our agents about a potential buyer who had been waiting nine years for the opportunity to secure a coastal unit after missing out on Seaside Residences,” Tang says.
Unsurprisingly, the project drew many Eastsiders — mainly from nearby private estates such as Bayshore, Upper East Coast and Bedok, as well as Tampines — observes Mark Yip, CEO of Huttons Asia.
Units at Vela Bay range from one-bedroom-plus-study units of 484 sq ft to five-bedroom apartments of 1,582 sq ft, along with two penthouses of 1,765 sq ft each.
Showflat of the largest units at Vela Bay, the 1,582 sq ft five-bedroom unit (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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.
Read also: Vela Bay: First luxury seaview condo launch in new Bayshore precinct
The starting price of $2.2 million for a three-bedroom unit is “relatively accessible for buyers”, adds Yip.
Nearby, resale activity at Bedok South Horizon — a Build-To-Order (BTO) project launched in November 2016 and completed in 2021 — has seen prices cross the $1 million mark, as owners who have met the five-year minimum occupation period (MOP) begin to sell.
In early April, a 1,001 sq ft four-room flat at Block 154B Bedok South Road sold for $1.12 million ($1,118 psf), setting new highs for both absolute price and price per sq ft.
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