Vela Bay sells 72% on launch day at average price of $2,886 psf
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Joint developers SingHaiyi and Chuan Capital have sold 371 units (72%) of the 515-unit Vela Bay as at 6pm on its launch day on April 25.
The units were sold at an average price of $2,886 psf, reflecting strong demand for the first private residential launch in the new Bayshore precinct.
Interest was broad-based across unit types. One-bedroom-plus-study units, priced from above $1.2 million, were almost fully taken up, while two-bedroom units from $1.4 million also saw strong demand. About 75% of the three-bedroom units, priced from $2.2 million, were sold, with most buyers comprising families, says Mark Yip, CEO of Huttons Asia.
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Collectively, the two- and three-bedders accounted for about 83% of sales at launch, says Kelvin Fong, CEO of PropNex.
One of the two 1,765 sq ft, five-bedroom penthouses offering a 180-degree sea view was sold for $5.83 million ($3,303 psf). The buyer is understood to be a Singaporean.
About 90% the buyers at Vela Bay are said to be Singaporeans, with 9% permanent residents and 1% foreigners.
Half the units in the project will enjoy uninterrupted sea views.
Sales on launch day (Source: Agents)
Prior to the launch, the developers collected about 1,000 expressions of interest, translating to a sales conversion rate of about 37%.
Located directly opposite Bayshore MRT Station on the Thomson-East Coast Line, Vela Bay is within walking distance of East Coast Park. Temasek Primary School is also within 1km, while the upcoming Bedok South MRT Station is one stop away.
The project marks the first private residential launch in the Bayshore precinct, where about 12,500 homes are planned, of which around 30% will be private housing.
“We’re energised by the strong response from homebuyers,” says Gallant Tang, group CEO of SingHaiyi, on behalf of the joint venture partners. “Many were drawn to the project’s doorstep MRT Station connectivity, proximity to schools, and the opportunity to be part of the first private development in the new Bayshore precinct.”
Analysts attribute the strong take-up to pent-up demand and limited new supply in the area. The last major private developments nearby were Costa Del Sol, completed in 2003, and Seaside Residences, launched in 2017 and completed in 2021.
“With limited new supply, buyers are responding to the rare opportunity to enter the Bayshore market,” says Justin Quek, deputy group CEO of OrangeTee & ETC.
Looking ahead, a mixed-use site integrated with Bedok South MRT Station is expected to yield about 1,280 units, representing the next major supply in the area.
A sizeable pipeline of HDB flats reaching their minimum occupation period (MOP) in the east — particularly in Tampines and Bedok — is also expected to support upgrader demand, says Marcus Chu, CEO of ERA Singapore.
The project has also attracted lifestyle-driven buyers drawn to its coastal location near East Coast Park, as well as investors eyeing rental potential given its connectivity to key employment nodes such as the CBD and Changi Business Park, adds Chu.
“The strong support from buyers reflects confidence not just in Vela Bay, but in the long-term transformation of the Bayshore area,” says Tang.
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