Slated for launch on April 25, the 515-unit Vela Bay saw close to 8,000 visitors turning up during its preview weekend on April 11–12. The strong showing offers an early indication of buyer interest in the new Bayshore precinct, where an upcoming waterfront urban village with about 12,500 homes is taking shape.
A new landmark in the emerging Bayshore precinct
Positioned as the first private condominium in the emerging Bayshore area, Vela Bay is jointly developed by SingHaiyi Group and Chuan Capital. The project features two 31-storey residential towers and sits directly next to Bayshore MRT Station on the Thomson-East Coast Line. Its coastal setting also places residents within walking distance of East Coast Park and the beachfront, with around half of the units expected to enjoy unobstructed sea views.
Read more: Vela Bay: A new landmark of coastal luxury and connectivity in the new Bayshore precinct
Developers note that the project’s positioning appears to resonate with a broad mix of buyers. Interest has come from investors, HDB upgraders, right-sizers, and even families currently living in landed homes who are considering a move closer to their children. The turnout also suggests that the project’s unit mix and pricing have struck a workable balance for today’s market.
A large portion of visitors reportedly came from the eastern region, including nearby estates such as Bayshore, Upper East Coast, Bedok, and Tampines. This is not entirely surprising. The last private condominium launch in the immediate area was Seaside Residences back in 2017, which means buyers have had limited new options in the coastal belt for almost a decade. That gap has likely contributed to some level of pent-up demand.
Unit types at Vela Bay range from 1-bedroom + Study layouts starting at 484 sqft to 5-bedroom apartments of up to 1,582 sqft. The development will also include two penthouses, each measuring 1,765 sqft. This spread allows the project to cater to both smaller households and larger families looking for more generous space.
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Firming HDB resale market supports upgrader interest
Market observers note that the starting price for 3-bedroom units still falls within a comfortable range for a segment of upgrader buyers, especially those moving from larger HDB flats. This comes at a time when resale prices in nearby public housing estates continue to firm.
At Bedok South Horizon, a relatively new BTO project completed in 2021, resale transactions have started to cross the S$1 million mark as more units enter the market after fulfilling their 5-year MOP. In early April, a 1,001 sqft 4-room flat in the development sold for S$1.12 million, or around S$1,118 psf, setting a new high for both the project and the wider Bedok area.
The upward trend in HDB resale prices could, in turn, support upgrader demand for nearby private projects such as Vela Bay, as owners look to leverage their gains into a move up the property ladder.
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