Short answer: Vela Bay is a 515-unit, 99-year leasehold condo in two 31-storey towers at 1 and 3 Bayshore Walk, District 16, by SingHaiyi Group and Chuan Capital, the first private launch in the Bayshore precinct. It is about 250 m from Bayshore MRT and sold 72% of its units on its 25 April 2026 launch day at an average S$2,886 psf.
Updated 2 October 2026. This page replaces an earlier version that contained incorrect facts; see the correction note at the end.
What is Vela Bay?
| Developer | SingHaiyi Group and Chuan Capital (land tendered as Sing-Haiyi Garnet Pte Ltd) |
| Address | 1 and 3 Bayshore Walk, off Bayshore Road (District 16) |
| Tenure | 99-year leasehold, from 25 June 2025 per EdgeProp's project listing |
| Units | 515 homes in two 31-storey towers |
| Site area | 10,497.3 sq m (about 112,990 sq ft) |
| Maximum GFA | 44,089 sq m |
| Land price | S$658.9 million, about S$1,388 psf ppr (awarded 28 March 2025) |
| Expected completion | Vacant possession by 31 December 2031, per EdgeProp's listing; Stacked reports expected TOP in 2031 |
| Nearest MRT | Bayshore (TE29), Thomson-East Coast Line, about 210 to 260 m |
| Launch | Preview 11 and 12 April 2026; sales launch 25 April 2026 |
Vela Bay sits on the first private housing Government Land Sales site in Bayshore, a new housing precinct next to East Coast Park. URA awarded the site to Sing-Haiyi Garnet Pte Ltd for S$658,888,998, or S$14,944.52 per sq m of gross floor area. That works out to about S$1,388 psf ppr, which ERA Singapore CEO Marcus Chu, quoted by EdgeProp on 18 March 2025, called a new benchmark for Outside Central Region land, above the previous S$1,250 psf ppr. The tender drew eight bids, and EdgeProp described the winning bidder at the time as a SingHaiyi Group and Haiyi Holdings joint venture.
About half of the units have uninterrupted sea views, according to the developers' figures reported by EdgeProp. The last private condo launch nearby before Vela Bay was Seaside Residences in 2017, EdgeProp noted.
What unit types does Vela Bay have?
| Type | Size (sq ft) | Units |
|---|---|---|
| 1-bedroom + study | 484 | 27 |
| 2-bedroom | 592 | 84 |
| 2-bedroom premium | 678 to 689 | 113 |
| 3-bedroom | 883 to 893 | 87 |
| 3-bedroom premium | 1,033 | 88 |
| 4-bedroom premium | 1,173 | 62 |
| 4-bedroom with private lift | 1,378 | 26 |
| 5-bedroom with private lift | 1,582 | 26 |
| Penthouse | 1,765 | 2 |
Unit counts and sizes are from EdgeProp's Vela Bay project listing. About 72% of the units are two- or three-bedders, which matches the launch-day buying pattern described below.
How far is Vela Bay from Bayshore MRT?
EdgeProp's listing puts Vela Bay about 213 to 259 m from Bayshore MRT, roughly a three-minute walk, and EdgeProp's launch report describes the station as at the project's doorstep. Bayshore station opened on 23 June 2024 as the eastern end of Thomson-East Coast Line Stage 4, which links the area to Marine Parade, Gardens by the Bay, the city centre and Orchard. The next station east, Bedok South, is part of TEL Stage 5 and was not yet open when this page was updated.
East Coast Park is across the road; Stacked describes the beach as a short walk via the underpass near Bayshore MRT. Temasek Primary and Temasek Secondary are within 1 km, according to Stacked's review.
How much did Vela Bay sell for?
Indicative prices at the April 2026 preview, as reported by EdgeProp:
| Type | Indicative price from |
|---|---|
| 1-bedroom + study (484 sq ft) | about S$1.2 million |
| 2-bedroom | about S$1.4 million |
| 3-bedroom | about S$2.2 million |
| 4-bedroom | about S$3.1 million |
| 5-bedroom (1,582 sq ft) | about S$4.5 million |
The preview on 11 and 12 April 2026 drew nearly 8,000 visitors, and the developers collected about 1,000 cheques before the launch. On 25 April 2026, 371 of the 515 units (72%) were sold by 6pm at an average S$2,886 psf, a conversion of about 37% of those cheques. Two- and three-bedders made up about 83% of launch-day sales. A 1,765 sq ft penthouse sold for about S$5.83 million, or S$3,303 psf.
As a rough guide, the average launch price of S$2,886 psf is a little more than double the S$1,388 psf ppr land rate. Adding construction and other costs, our land-cost break-even table puts it about 19% to 25% above an estimated break-even of S$2,318–2,418 psf. Stacked called Vela Bay a cheaper way into the East Coast than Katong's boutique launches, but noted there are no direct new-launch comparables in Bayshore yet.
What else is planned around Vela Bay?
Vela Bay is the first of several new projects in Bayshore. On 20 July 2026, URA awarded the much larger Bayshore Drive commercial and residential site (57,460.6 sq m) to Gemini Residential Pte Ltd and the trustee-manager of Gemini Mall Trust for S$2.128 billion, about S$1,323 psf ppr. Bayshore is also one of the November 2026 BTO launch locations, per Stacked. This means more new supply nearby during Vela Bay's construction period, as well as more shops and services once the precinct is built out.
Who might Vela Bay suit?
- Buyers who want MRT access and the beach together. The project is about 210 to 260 m from a TEL station and across the road from East Coast Park.
- Buyers comfortable with a long wait. Completion is expected around 2031, so this is a long build period.
- Buyers who accept an untested precinct. Bayshore has no resale history for new condos yet, so future prices depend on how the precinct, its amenities and the nearby supply turn out. Stacked described Vela Bay as a lifestyle purchase rather than a proven investment.
This page explains the project; it is not a recommendation to buy. Check current availability and prices with the developer's sales team, and compare them with resale options in the east.
FAQ
Who is the developer of Vela Bay? SingHaiyi Group and Chuan Capital. URA awarded the land in March 2025 to Sing-Haiyi Garnet Pte Ltd, the SingHaiyi entity that won the tender.
Is Vela Bay freehold? No. It is a 99-year leasehold, with the lease starting on 25 June 2025 according to EdgeProp's listing.
How many units does Vela Bay have? 515 units in two 31-storey towers, from 484 sq ft one-bedroom-plus-study units to two 1,765 sq ft penthouses.
When will Vela Bay be completed? Expected TOP is 2031, per Stacked; EdgeProp's listing gives a vacant possession deadline of 31 December 2031.
What was the average price at launch? S$2,886 psf on launch day, 25 April 2026, when 371 units (72%) were sold.
Which MRT station is nearest to Vela Bay? Bayshore MRT on the Thomson-East Coast Line, about 210 to 260 m away.
Correction
An earlier version of this page wrongly named the developer as Roxy-Pacific Holdings and Macly Group, put the project at 20 Bayshore Road in District 15, gave completion as 2028 and a lease start of 2024, and said Bayshore MRT was 850 m away. It also listed a largest unit of 1,292 sq ft and described nearby amenities that could not be verified. These have been corrected from URA and EdgeProp sources. The earlier version's "full report" offer has also been removed.
Sources
- URA, Tender award for URA sale site at Bayshore Road, 28 March 2025
- URA, Tender award for URA sale site at Bayshore Drive, 20 July 2026
- EdgeProp, First GLS site in Bayshore draws eight bids, SingHaiyi puts in top bid of $1,388 psf ppr, 18 March 2025
- EdgeProp, Vela Bay sells 72% on launch day at average price of $2,886 psf, 25 April 2026
- EdgeProp via Yahoo News, Vela Bay draws nearly 8,000 visitors, 12 April 2026
- EdgeProp, Vela Bay project listing
- Stacked Homes, Vela Bay condo review, 22 April 2026
- Stacked Homes, Vela Bay pricing review, 29 April 2026
- Bayshore MRT station (opening date)
- Stacked Homes, November 2026 BTO launch sites
Related reading
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