SingHaiyi’s Vela Bay condo in Bayshore opens for sale, with prices starting at ‘above S$1.2 million’

[SINGAPORE] Previews for SingHaiyi’s new Bayshore condominium Vela Bay have begun, with prices starting above S$1.2 million.

Located along Bayshore Walk in District 16, the 99-year leasehold development houses 515 units across two 31-storey blocks. It spans a total land area of 10,497 square metres (sq m), with a gross floor area of 47,442 sq m and gross plot ratio of 4.2. 

Prices for one-bedders of 484 square feet (sq ft) start at “above S$1.2 million”, SingHaiyi said. Two-bedders, ranging from 592 to 689 sq ft, are priced from “over S$1.4 million”. 

Three-bedders of 883 to 1,033 sq ft are priced upwards of S$2.2 million. Four-bedroom units, sized between 1,173 and 1,378 sq ft, are priced from “above S$3.1 million”; five-bedders of 1,582 sq ft start at about S$4.5 million. 

The project also includes two penthouses of 1,765 sq ft each, though indicative pricing has not been released. 

The developer has yet to release an average psf pricing for Vela Bay, too. Market watchers expect the number to range from S$2,600 to S$2,800 psf.  

Of the 515 units, more than 70 per cent – 372 units – are two and three-bedders. Four-bedders account for 88 units (17.1 per cent), followed by 27 one-bedders (5.2 per cent) and 26 five-bedders (5 per cent). 

SingHaiyi said Vela Bay’s public preview, which began on Saturday (Apr 11), drew nearly 8,000 visitors over the weekend. 

It expects demand from a broad mix of buyers, including investors, upgraders and families from nearby landed housing enclaves. 

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Potential buyers may also include those who missed out on units at the nearby Seaside Residences when it launched in 2017, SingHaiyi added. 

The project is Gallant Tang’s first successful tender bid before taking on SingHaiyi’s group CEO role in April 2025. 

The group outbid seven others for the Bayshore site – the first state land parcel to be offered in the new Bayshore precinct – in March 2025, with a S$658.9 million offer. This translates to a land rate of S$1,388 psf per plot ratio. 

Figures from URA Realis showed just two transactions for new non-landed private homes, excluding executive condominiums, in Vela Bay’s vicinity in the year thus far, with a median price of S$2,598 psf. Most recently, in mid-March, a 764 sq ft unit at the freehold Bagnall Haus changed hands at S$1.9 million or S$2,540 psf. 

Meanwhile, sub-sales and resales of non-landed private homes in the area recorded a median price of S$1,550 psf in that time. The latest transaction in early April was for a 1,227 sq ft unit at the 99-year leasehold Casa Merah for S$1.9 million or S$1,548 psf. 

Sales bookings for Vela Bay will start on Apr 25.