Vela Bay to anchor Bayshore's next chapter as SingHaiyi bets on coastal living
Gallant Tang: Vela Bay will set the benchmark for what people can expect from future projects in the area (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Ask Buddy
Vela Bay is set to become the first private residential launch in the upcoming Bayshore precinct — and a litmus test of how quickly buyers will embrace Singapore’s next coastal district.
The 515-unit development will rise on a 129,992 sq ft, 99-year leasehold site on Bayshore Road, directly opposite Bayshore MRT Station on the Thomson-East Coast Line, with a covered walkway linking the project to the station.
The project is slated to preview on April 11, with its launch scheduled two weeks later on April 25.
“We intend to create a well-connected coastal sanctuary, inspired by superyacht living with subtle Mediterranean influences,” says Gallant Tang, group CEO of SingHaiyi Group. “Vela Bay will set the benchmark for what people can expect from future projects in the area.”
Get the latest details on available units and prices for Vela Bay
Scale model of the 515-unit Vela Bay across two 31-storey towers (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Showflat of a 1,582 sq ft, five-bedroom unit, where prices start from above $4.5 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The master bedroom of the five-bedroom showflat comes with a corner window offering a view of the sea (Photo: Samuel Isaac Chua/EdgeProp Singapore)
One of the five bedrooms designed in a nautical theme (Photo: Samuel Isaac Chua/EdgeProp Singapore)
A personal milestone
Vela Bay marks the first project Tang has been involved in from concept to launch. He also chose the project’s name.
“Vela” means “sails” in Latin, and is also a nod to The Vales, an executive condo in Sengkang launched in 2015 — SingHaiyi’s first development project in Singapore, led at the time by Tang’s mother, Celine Tang.
“I just swapped the A and the E and took out the S,” he says. “It’s like a small homage to my mum.”
Tang’s parents, Celine and Gordon Tang, own SingHaiyi, as well as GRC Ltd, a construction company formed through the reverse merger of Acrophyte — formerly Chip Eng Seng Construction — and OKH Global. Through Tang Organization, the family also owns the manager of Suntec Reit and is the Reit’s largest unitholder, with a 36% stake.
“My parents have built up a very strong team,” says Tang. “I grew up knowing many of the team members — they would come to our house every Chinese New Year. There’s a lot of trust, and that’s important, especially with so much going on.”
He stepped into the role of group CEO in April 2025, at what he describes as “an interesting time”.
Tang led the joint venture between SingHaiyi and Chuan Investments to secure the Bayshore Road Government Land Sale (GLS) site with a top bid of $658.9 million, or $1,388 psf per plot ratio (Photo: Samuel Isaac Chua/EdgeProp Singapore)
A land bet validated
Tang led the joint venture between SingHaiyi and Chuan Capital to secure the Bayshore Road Government Land Sale (GLS) site with a top bid of $658.9 million, or $1,388 psf per plot ratio (psf ppr).
“At the time, some felt our bid was high,” he says. “But the market has since validated it.”
He points to subsequent GLS tenders, including the Bedok Rise site, where Allgreen Properties paid $1,330 psf ppr; and the Tanjong Rhu site, acquired by City Developments at $1,455 psf ppr. More recently, the Dover Drive GLS site, awarded to a consortium comprising Forsea Holdings, Qingjian Realty and Jianan Capital, set a new city-fringe benchmark at $1,556 psf ppr.
Vela Bay will be the first private residential development in the new 60ha Bayshore waterfront precinct (Photo: Samuel Isaac Chua/EdgeProp Singapore)
First mover in a new precinct
Vela Bay will be the first private residential development in the new 60ha Bayshore waterfront precinct, which is expected to yield about 12,500 homes. Around 70% of the precinct will be for public housing, with the remaining 30% designated for private residential developments.
“Unlike a mature estate, where change is more constrained, a new precinct gives you the opportunity to shape the community and how people live,” says Tang. The project is also a short walk from an underpass leading to East Coast Park and the beach. “Everything is at your doorstep,” he adds.
Across the road is the existing Bayshore area with three large-scale, 99-year leasehold condos — the 1,093-unit Bayshore Park (completed in 1986), the 1,038-unit The Bayshore (completed in 1996) and the 906-unit Costa Del Sol (completed in 2003).
According to PropNex, these condos in Bayshore are among the top 10 non-landed private residential projects in District 16 by leasing contracts in 2025.
Costa Del Sol was the latest launch in the existing Bayshore area when it debuted in 2000. “With no major condo launches in the Bayshore area for more than 20 years, Vela Bay is likely to garner strong interest,” says Kelvin Fong, CEO of PropNex.
Designing for views and privacy
Following the award of the site, revised height guidelines by the Civil Aviation Authority of Singapore allowed for taller residential developments. This enabled SingHaiyi to build twin 31-storey towers — set to be among the tallest in the immediate vicinity upon completion in December 2030.
The towers have a northwest–southeast orientation and are elevated 9m above street level. As a result, units from the 10th floor upwards — accounting for over 50% of the total — will enjoy uninterrupted sea views.
The elevated design also enhances privacy as the precinct becomes more built- up. Project architect P&T Consultants has similarly raised the recreation deck well above street level, offering unobstructed coastal and sunset vistas alongside facilities such as the pool, barbecue pavilion and clubhouse.
Expected pricing ‘upwards of $2,700 psf’
The development offers a range of unit types, from one-bedroom-plus-study units of 484 sq ft to five-bedroom apartments of 1,582 sq ft. There are also two penthouses, each measuring 1,765 sq ft.
SingHaiyi is indicating prices above $1.2 million for a one-bedroom-plus-study unit of 484 sq ft; in excess of $1.4 million for a two-bedroom unit of 592 sq ft; and upwards of $2.2 million for a 883 sq ft, three-bedroom unit. Four-bedroom units starting at 1,173 sq ft will be priced above $3.1 million, while five-bedroom units of 1,582 sq ft will start from about $4.5 million. The developer declined to provide indicative psf pricing at this stage.
Based on the land rate of $1,388 psf ppr, PropNex estimates that the starting price of Vela Bay could be “upwards of $2,700 psf”.
The closest comparable East Coast project is Seaside Residences, one MRT stop away at Siglap Station, says Mark Yip, CEO of Huttons Asia. Seaside Residences recorded an average transacted price of $2,379 psf, with a high of $2,734 psf in 1Q2026.
However, the 841-unit, 99-year leasehold Seaside Residences was launched in 2017, before the harmonisation of strata area and gross floor area, which came into effect in June 2023. After adjusting for harmonisation, Huttons estimates the project’s average transacted price to be $2,504 psf, with the highest at $2,878 psf.
Factoring in a 20% to 25% premium for projects with direct MRT access, as well as Vela Bay’s longer lease, Yip estimates that the average transacted price could “potentially be more than $3,000 psf”.
A playground at East Coast Park with the Marine Parade HDB estate in the background (Photo: Albert Chua/The Edge Singapore)
Potential demand drivers
Analysts say Vela Bay’s appeal will likely rest on a combination of first-mover advantage, direct MRT access, sea views and the scarcity of new private launches in the Bayshore area.
Notably, it will be the first project in the precinct to offer doorstep access to Bayshore MRT Station alongside unblocked sea views, says Huttons’ Yip. “Agents have provided feedback that many buyers are eagerly waiting for the preview of Vela Bay.”
PropNex expects the demand catchment for Vela Bay to be sizeable. Potential buyers include HDB upgraders in eastern Singapore, such as those in Marine Parade, Bedok and Tampines; affluent households drawn to beachfront living; right-sizers moving from landed or larger homes; and investors targeting the area’s longer-term rental appeal.
Vela Bay is near employment nodes such as Changi Business Park and Changi Airport (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Vela Bay is also likely to benefit from its proximity to employment nodes such as Changi Business Park and Changi Airport, as well as direct MRT connectivity to the CBD via the Thomson-East Coast Line, says PropNex’s Fong.
As a gauge of demand in the area, Huttons points to the take-up rates for the two Build-To-Order projects launched in Bayshore in October 2024, where each flat attracted more than five applicants.
Marcus Chu, CEO of ERA Singapore, also expects demand from right-sizers in neighbouring developments such as Costa Del Sol, The Bayshore and Bayshore Park, as well as HDB upgraders in nearby Bedok and Bedok South looking to move into a private home within a familiar neighbourhood.
Higher energy prices, elevated construction costs
Heightened geopolitical tensions and rising energy prices have already introduced greater uncertainty into the global economy, says Chu. “If these conditions persist, rising costs could contribute to inflation and influence interest rate trends, causing some buyers to adopt a more cautious approach.”
The Building and Construction Authority said on April 7 that diesel and bitumen prices have spiked since the outbreak of the Middle East conflict at the start of March 2026. Contractors involved in earthworks, foundation and piling works, roadworks and reclamation have been among the worst affected because of their heavy reliance on diesel-powered machinery, vehicles and vessels.
Panoramic view of the construction site in the new Bayshore precinct near the upcoming Bedok South MRT Station, which is expected to open later this year
Tang says SingHaiyi is well aware of the market volatility. The potential rise in construction costs “is all accounted for beforehand”, he adds. After all, the group owns a construction arm, GRC Ltd.
“In Singapore, land cost makes up more than half your total cost,” notes Tang. “That’s the part you mustn’t get wrong.”
Once the land is secured, choosing the right partners and consultants becomes “an integral part of risk management”, he says. “We are working with partners who have proven their ability to manage risk in ongoing volatile situations.”
The 185ha East Coast Park is Singapore's largest park and offers a wide range of recreational activities from cycling to cable skiing (Photo: Albert Chua/The Edge Singapore)
Future growth drivers
Beyond existing amenities such as the East Coast Park and park connectors, residents will also benefit from upcoming developments in the area.
These include Long Island, a major coastal protection and land reclamation project stretching from Marina East to Tanah Merah. Spanning about 800ha — more than twice the size of Marina Bay — it is expected to feature parks, reservoirs and recreational spaces.
In addition, URA recently launched a nearby 99-year leasehold, mixed-use site at Bayshore Drive for tender. The 616,506 sq ft site could yield around 1,280 homes and more than 240,000 sq ft of commercial space, and will be integrated with Bedok South MRT Station, a bus interchange and retail amenities.
Tang says his team is still studying the feasibility of the new Bayshore site, which has just been launched for sale. While “excited about the challenge” of taking on a mixed-use development integrated with a transport hub, including a bus interchange, “it’s something that we haven’t done before”, he adds.
The Bayshore Drive mixed-use development site fronting Bedok South MRT Station will be integrated with a bus interchange and could potentially have 1,280 units (Source: EdgeProp Landlens)
Looking ahead
Early developments in emerging residential districts tend to see a boost as the area matures, says Mohan Sandrasegeran, head of research and data analytics at SRI. Improved infrastructure, connectivity and amenities help support long-term capital appreciation.
Reputable schools such as Temasek Primary School and Temasek Secondary School are located nearby. International options include The Japanese School, Singapore (Primary, Changi Campus), Global Indian International School and NPS International School.
Christine Sun, chief researcher and strategist at Realion (OrangeTee & Tie), expects the majority of buyers to be Singaporeans, with a strong family segment, given the concentration of established schools in the east.
“There could also be investors who wish to own the first private condo in the Bayshore precinct, and affluent singles who want to buy a new home in the east to enjoy the waterfront and sporting lifestyle,” she adds.
Tang: It’s not just about what’s here today, but what’s coming — the coastal lifestyle, the connectivity and the amenities. That’s what makes Bayshore compelling (Photo: Samuel Isaac Chua/EdgeProp Singapore)
For now, Tang’s focus remains on Vela Bay — the first project he has overseen from inception to launch.
What excites him most is the long-term vision for the new Bayshore precinct.
“We’re grateful to play a part in shaping this area,” he says. “It’s not just about what’s here today, but what’s coming — the coastal lifestyle, the connectivity and the amenities. That’s what makes Bayshore compelling.”
Check out the latest listings for Vela Bay properties
Ask Buddy
Follow Us
Property updates, 24/7.
Subscribe to Newsletter
Market insights, delivered weekly.
Top Articles
Search