Vela Bay Launches April 11. Here's What Bayshore's First Private Condo Is Really Offering.
The Bayshore precinct finally gets its first private condo. Vela Bay, a 515-unit development by SingHaiyi Group, opens for balloting on April 11 at an estimated $2,700 to $2,800 psf.
That’s not cheap for District 16. But this isn’t your typical D16 play either.
What you’re actually buying into
Vela Bay sits on a 112,992 sqft site along Bayshore Road, right next to the upcoming Bayshore MRT (TE29) on the Thomson-East Coast Line. Two towers, 31 storeys each, 99-year leasehold.
The unit mix runs from 1-bedroom to 5-bedroom, plus penthouses. Over 70% of units will be sea-facing, which is probably the project’s strongest selling point. East Coast Park is literally across the road.
Facilities are generous: 50m lap pool, tennis court, basketball court, jacuzzi, kids splash pool, gym, yoga deck, sauna, steam room, BBQ pavilions, sky gardens. SingHaiyi is clearly pitching this as a resort-lifestyle product. Whether the maintenance fees match the resort fantasy is another story (and something worth keeping in mind as your monthly costs add up).
The land cost tells you everything
SingHaiyi secured this GLS site at $1,388 psf ppr, which set a record for the area. That’s the highest land rate ever paid for a Bayshore site.
At $2,700-2,800 psf selling price, the markup over land cost is roughly 94-102%. That’s thin by developer standards (the industry rule of thumb is about 2x land cost for comfortable margins). They’re not leaving much room for error.
This means two things. One: they need strong sales velocity to make the project work. Two: prices are unlikely to come down from the estimated range. If anything, choice units facing the sea will push higher.
Bayshore: the 10,000-home bet
Here’s the bigger picture that most reviews gloss over. Bayshore isn’t just a condo launch. It’s the first domino in a 60-hectare masterplanned precinct that URA has designed to hold 10,000 new homes.
Of those 10,000 homes, roughly 7,000 (70%) will be public housing. The remaining 3,000 will be private. Vela Bay gets first-mover advantage, but it also means buying into a neighbourhood that’s mostly construction site for the next decade.
The H1 2026 GLS programme includes another Bayshore Drive mixed-use site with an estimated 1,280 units, the largest plot in the entire programme. That’s your future competition, and it’ll probably launch in 2027-2028.
So you’re getting first-mover pricing (which historically commands a premium in new precincts), but you’re also living through years of construction activity around you. Tengah BTO buyers can tell you all about that tradeoff.
How does $2,700-2,800 psf compare?
Let’s benchmark this against recent launches and resale in the area.
Bayshore Park, the aging 1,100-unit development next door (built in the 1980s), trades at about $1,100-1,300 psf on resale. But it’s also 40+ years old with a remaining lease that’s shrinking fast. Not really a fair comparison.
Pinery Residences in Tampines just sold at $2,546 psf, but that’s an integrated development with a mall and MRT directly underneath. Rivelle Tampines EC went at $1,893 psf.
In the broader East Coast resale market, newer condos like Costa Rhu and the Marine Parade projects trade at $1,800-2,200 psf depending on age and tenure.
$2,700-2,800 psf puts Vela Bay at a clear premium to everything in D16. You’re paying for newness, the sea-facing orientation, MRT proximity, and the masterplan upside. Whether that premium is worth it depends on your time horizon.
The bull case
Bayshore MRT changes everything for this stretch of the East Coast. Before the TEL extension, this area was considered car-dependent and sleepy. An MRT station transforms the accessibility profile overnight.
The masterplan brings commercial amenities, new schools, parks, and a pedestrian-first “Main Street” concept. When it all comes together (probably mid-2030s), Bayshore could genuinely rival Tampines or Bedok as a self-contained suburban hub.
First-mover buyers in previous masterplanned estates (think Punggol Watertown, Paya Lebar Quarter) have generally done well on capital appreciation, though the timeline was always 7-10 years, not 3-5.
If you believe in the East Coast’s long-term appeal and you’re willing to sit through a construction-heavy period, Vela Bay’s sea-facing premium is defensible. There aren’t many new condos in Singapore where 70% of units get unblocked ocean views.
The bear case
$2,700-2,800 psf for a 99-year leasehold in the suburbs is objectively aggressive. At that price, a 2-bedder runs about $1.8 million. A 3-bedder could easily hit $2.5-2.8 million.
Rental yields in D16 for newer condos sit around 2.5-3%. On a $1.8 million 2-bedder, you’d need about $4,500/month rent to hit 3% gross. East Coast 2-bedder rents currently range $3,200-3,800. So the yield math is tight from day one.
Then there’s the supply factor. That second Bayshore GLS site (1,280 units) launches in a couple of years. Another 7,000 HDB units are planned. That’s a lot of housing in one precinct. Resale supply will get thick by the mid-2030s.
And the lease decay math starts the moment TOP happens. Your 99 years starts ticking from when the lease was granted to the developer, not from when you move in.
Who should actually be looking at this
Own-stay East Coasters. If you love the East Coast lifestyle, want sea views, and plan to live here 10+ years, this is one of the few chances to buy into a brand new precinct near East Coast Park with MRT access. That combination is genuinely rare.
Long-term investors with patience. The masterplan upside is real, but it takes time. Don’t buy this expecting to flip at TOP. Buy this expecting to hold until the precinct matures (8-12 years).
Who should skip it. Short-term investors, yield-chasers, and anyone allergic to construction noise. Also skip if your budget forces you into a 1-bedder. Shoebox units in new precincts with incoming supply have the weakest resale fundamentals.
My honest take
Vela Bay is a bet on the Bayshore precinct’s future, not its present. Right now, there’s an MRT station and a lot of empty land. In 10 years, there’ll be a waterfront township with 10,000 homes, retail, parks, and an established community.
The product itself looks solid. Sea views, decent facilities, direct MRT. SingHaiyi isn’t cutting corners on the physical product.
But at $2,700-2,800 psf, you’re paying tomorrow’s prices today. That’s always been the deal with first-mover developments in new precincts. Sometimes it works out spectacularly (early Punggol Watertown buyers are sitting on 60%+ gains). Sometimes the wait is longer than you’d like.
I’d watch the ballot numbers closely on April 11. If we see River Modern-style oversubscription, the market is telling you something about East Coast demand. If it’s more measured, there might be room to negotiate.
Either way, Bayshore just got interesting.
