About Vela Bay

Vela Bay, new launch condo by Singhaiyi, is the first private residential developments in the upcoming Bayshore precinct, positioned as a key transformation zone along Singapore’s East Coast. Located directly next to Bayshore MRT Station on the Thomson-East Coast Line, Vela Bay offers a rare combination of coastal living, seamless MRT connectivity and direct access to the CBD via ECP. As one of the earliest projects in this precinct, Vela Bay is strategically placed to benefit from long-term uplift driven by urban rejuvenation and infrastructure expansion.

 

The site was awarded through a Government Land Sale (GLS) tender that closed on 18 March 2025, attracting eight competitive bids from established developers. This strong participation underscores market confidence in Bayshore’s future positioning as a new residential waterfront enclave. The winning bid of $658.89 million (approximately $1,388 psf per plot ratio) was submitted by SingHaiyi-Garnet, narrowly surpassing the second-highest bid from Sing Holdings, highlighting the intensity of competition for this site.

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Vela Bay sits on a 99-year leasehold site along Bayshore Road, with a land area of approximately 112,992 sq ft and yields 515 residential units. Vela Bay's proximity to the MRT station, coastal frontage and established East Coast amenities positions it as a strong candidate for both own-stay buyers and investors seeking long-term capital appreciation.

 

Industry analysts have noted that the final land bids exceeded initial expectations, reflecting strong developer conviction in the long-term growth potential of the Bayshore precinct. As the area evolves with new residential supply and improved connectivity, early entrants into projects like Vela Bay may benefit from future price re-rating as the precinct matures.