Vela Bay Review: Bayshore, District 16, 515 Units
Vela Bay in Bayshore: 99-year leasehold, 515 units. Location, unit mix, prices, plans and how it sold.
Vela Bay sold 371 of its 515 homes (72%) on launch day, 25 April 2026, at an average of S$2,886 psf, according to EdgeProp. Almost all of its sales came in that first month: URA’s developer-sales data shows 370 homes sold by the end of April and 386 (75%) as at September 2026.
The developer, SingHaiyi Group with Chuan Capital, gave minimum prices by unit type and no price per sq ft. The only psf figure before the launch was PropNex’s estimate of a starting price “upwards of S$2,700 psf”, reported by EdgeProp. Vela Bay is the first private condo in the new Bayshore precinct: 515 homes in two 31-storey towers, directly opposite Bayshore MRT on the Thomson-East Coast Line, on a 99-year lease that began in June 2025.
Latest updates
3 months after launch (June 2026)
As at June 2026, URA developer sales show 371 of the 515 homes put on sale sold (72%), from 370 (72%) in April 2026. The median psf of the month’s new sales was S$2,847, against S$2,865 in April 2026. A median moves with the mix of homes sold in the month, so it is not a price index. That leaves 144 of the 515 homes in the project unsold.
1 month after launch (April 2026)
URA developer sales for April 2026, the launch month, show 370 of the 515 homes put on sale had sold (72%), at a median of S$2,865 psf for the month’s new sales.
Vela Bay at a glance
| Fact | Detail |
|---|---|
| Developer | SingHaiyi Group and Chuan Capital (legal developer: Bayshore Walk Pte. Ltd.) |
| Address | 1 Bayshore Walk, District 16 (Bedok), OCR. The sales gallery is at Eunos Avenue 3 |
| Tenure | 99-year leasehold from 25 June 2025 |
| Homes | 515 in 2 31-storey towers, from 1-bedroom + study (484 sq ft) to penthouse (1,765 sq ft) |
| Site | 112,992 sq ft, plot ratio 4.2 |
| Land | Government land sale site in 2025 for S$658.889 million, about S$1,388 psf ppr, 8 bids |
| Architect | P&T Consultants |
| Guide price | From S$2,700 psf. Example home: 1-bedroom plus study, 484 sq ft, at the indicative starting price of more than S$1.2 million, from S$1.2 million |
| Dates | Preview from 11 April 2026, sales launch 25 April 2026 |
| Expected TOP | December 2030 (vacant possession 31 December 2031) |
Sources: EdgeProp, EdgeProp project page, project site, URA tender result for the Bayshore Road site and SingHaiyi e-brochure. The lead image, the other artist’s impressions and the plans are from SingHaiyi Group and Chuan Capital’s press release pages.
Where it is: Bayshore, on the south-east coast
Vela Bay is at 1 and 3 Bayshore Walk in the Bedok planning area (District 16). Bayshore MRT (Thomson-East Coast Line) is directly opposite the development, with a side gate to the station, according to the project site and the developer’s e-brochure. On a map the station is about 100 m from the site point. Siglap MRT is about 1,320 m away in a straight line and Bedok Mall about 1,980 m. East Coast Park is a short walk away through an underpass, EdgeProp says.
- Vela Bay
- MRT station
- Hospital
- Mall
- School
Source: planning-area boundaries from URA via data.gov.sg, stations from LTA via data.gov.sg, places found with OneMap. Drawn by Propwise; not to survey accuracy.
Two changes are under way nearby. About 12,500 homes are planned for the Bayshore precinct, roughly 30% of them private, according to EdgeProp. The developer’s brochure also names SAFRA Bayshore, which it calls the largest SAFRA clubhouse in Singapore, near Bedok South MRT. For now Vela Bay is the first private condo in an area that is still being built.
Schools: two within 1 km
In a straight line from the site, Temasek Primary School is about 780 m away and Temasek Secondary School about 790 m. Bedok Green Primary School is about 1,340 m away and Victoria School about 1,560 m. The Ministry of Education measures distance for Primary 1 registration in its own way, so check each school’s band on the MOE school locator.
| Place | Type | Straight-line distance |
|---|---|---|
| Temasek Primary School | School | about 780 m |
| Temasek Secondary School | School | about 790 m |
| Bedok Green Primary School | School | about 1,340 m |
| Victoria School | School | about 1,560 m |
Source: places found with OneMap (Singapore Land Authority), stations from LTA via data.gov.sg, Propwise calculation.
The land: S$1,388 psf ppr in 2025
SingHaiyi Group and Chuan Capital won the Bayshore Road government land sale site in 2025 in a tender of 8 bids, at S$658.89 million, or about S$1,388 psf ppr, according to the URA tender result. Psf ppr is the price per sq ft of potential gross floor area. The site is 112,992 sq ft with a plot ratio of 4.2.
Homes and layouts: 515 homes, 27 of them with one bedroom
Home sizes run from the 484 sq ft 1-bedroom plus study to two 1,765 sq ft penthouses. Two- and three-bedroom homes, premium types included, are 372 of the 515 homes, a Propwise count from the table below.
| Type | Size (sq ft) | Homes | Levels |
|---|---|---|---|
| 1-bedroom + study (1BR+S (A)) | 484 | 27 | 5 to 31 |
| 2-bedroom (2BR (A), (B), (C)) | 592 | 84 | 1 to 30 |
| 2-bedroom premium (2BR P (A), (B), (C), (D)) | 678 to 689 | 113 | 1 to 31 |
| 3-bedroom (3BR (A), (B), (C)) | 883 to 893 | 87 | 1 to 31 |
| 3-bedroom premium (3BR P (A), (B), (C)) | 1,033 | 88 | 1 to 31 |
| 4-bedroom (4BR (A), (B)) | 1,173 | 62 | 1 to 31 |
| 4-bedroom with private lift (4BR PL) | 1,378 | 26 | 5 to 30 |
| 5-bedroom with private lift (5BR PL) | 1,582 | 26 | 5 to 30 |
| Penthouse (PH1, PH2) | 1,765 | 2 | 31 |
Sources: SingHaiyi e-brochure and Stacked Homes.
Two sea-view claims are on record and they differ. The developer’s project site says over 70% of the homes are sea-facing. EdgeProp says homes from the 10th storey up, which is more than half of the project, have uninterrupted sea views. Ask for the exact stack and storey before you choose.
Facilities
The Vela Pool is a 50-metre infinity pool, according to the developer’s feature on EdgeProp, with a kids’ pool, a jacuzzi and poolside cabanas on the project site. The site also lists the Vela Club clubhouse with function rooms and a lounge, a gymnasium and wellness deck, a calisthenics corner, an outdoor fitness corner, a recreational tennis court, a swing garden, a kids’ playground, pavilions and a BBQ area. The project site also names a BCA Green Mark Platinum Super Low Energy rating and on-site solar panels that offset at least 30% of common-area energy use.
How the price compares: an estimate against older condos
The developer gave no price per sq ft, so the first table uses PropNex’s estimate of S$2,700 psf, reported by EdgeProp two weeks before the launch, as the guide price. That estimate is 74% above the middle value of the median resale prices of the older leasehold condos around Bayshore and Bedok South (S$1,554 psf), and 15% above Seaside Residences, the newest leasehold condo in the table (S$2,347 psf). The tables use URA caveats for the 24 months from Nov 2024 to Oct 2026 (the latest month is a month so far).
| Project | Street | Tenure | Resales | Median psf | Homes under 800 sq ft (resales) |
|---|---|---|---|---|---|
| Vela Bay (guide price) | Bayshore Walk | 99-yr from 2025 | – | S$2,700 from | – |
| Costa Del Sol | Bayshore Road | 99-yr from 1997 | 66 | S$1,916 | – |
| The Bayshore | Bayshore Road | 99-yr from 1993 | 84 | S$1,383 | – |
| Bayshore Park | Bayshore Road | 99-yr from 1982 | 47 | S$1,303 | – |
| Eco | Bedok South Avenue 3 | 99-yr from 2012 | 73 | S$1,554 | S$1,508 (48) |
| Grandeur Park Residences | Bedok South Avenue 3 | 99-yr from 2016 | 72 | S$2,005 | S$2,002 (43) |
| Seaside Residences | Siglap Link | 99-yr from 2016 | 75 | S$2,347 | S$2,246 (46) |
| Eastern Lagoon | Upper East Coast Road | Freehold | 21 | S$1,655 | S$1,524 (7) |
| Riviera Residences | Riviera Drive | Freehold | 7 | S$1,973 | – |
| Project | Street | Tenure | New-sale caveats | Median psf |
|---|---|---|---|---|
| Bagnall Haus | Upper East Coast Road | Freehold | 110 | S$2,501 |
| Vela Bay | Bayshore Walk | 99-yr from 2025 | 386 | S$2,867 |
Source: URA (caveats), Propwise calculation. Guide price: PropNex's estimate of the starting price, reported by EdgeProp (the developer gave no price per sq ft), 10 Apr 2026.
The achieved price came in above the estimate. Vela Bay’s own new-sale caveats have a median of S$2,867 psf, and the developers reported an average of S$2,886 psf on launch day. Huttons Asia’s Mark Yip had said the average could be more than S$3,000 psf, based on Seaside Residences with a premium of 20% to 25% for direct MRT access and a longer lease, as EdgeProp reports. The median new-sale price at Bagnall Haus, a freehold launch in the same district, is S$2,501 psf. Freehold and a 99-year lease on a new MRT line are different products, so treat this as context and not a ranking.
Lease age is part of the gap. The leases of the three Bayshore Road condos in the table began between 1982 and 1997, while Vela Bay’s began in June 2025. The table cannot split the gap between lease, age and location.
Recent launches in District 16:
| Project | Launched | Tenure | Homes | Sold to date | Share sold | Median psf |
|---|---|---|---|---|---|---|
| Pinery Residences | Mar 2026 | 99-year from 2025 | 588 | 552 | 93.9% | S$2,608 |
Source: URA developer sales (homes launched and sold as the developers report them to URA), data to Sep 2026. A launch’s share sold is of the homes released so far, not of all homes.
How it sold: 72% on launch day, then a slow trickle
About 1,000 buyers left cheques before the launch, and balloting took place on 22 April, EdgeProp reports. The preview weekend of 11 and 12 April drew nearly 8,000 visitors, according to EdgeProp. The 1-bedroom plus study homes, priced from more than S$1.2 million, were almost fully taken up on launch day, and about 75% of the 3-bedroom homes, priced from S$2.2 million, had sold. One of the two 1,765 sq ft penthouses went for S$5.83 million, or S$3,303 psf. About 90% of buyers were Singaporeans, 9% permanent residents and 1% foreigners. All of these are from the launch-day report, whose counts are as at 6pm on 25 April.
URA’s developer-sales data is the later check. It counts homes as developers report them to URA, not caveats, so its figures differ a little from the launch-day count.
| Since launch | Month | Homes on sale | Homes sold | Share sold | Median psf of the month’s sales |
|---|---|---|---|---|---|
| Launch month | Apr 2026 | 515 | 370 | 72% | S$2,865 |
| 1 month later | May 2026 | 515 | 371 | 72% | S$2,613 |
| 3 months later | Jul 2026 | 515 | 382 | 74% | S$2,829 |
| 6 months later | Oct 2026 | not yet | not yet | not yet | not yet |
| 12 months later | Apr 2027 | not yet | not yet | not yet | not yet |
Source: URA developer sales (homes as the developers report them to URA), Propwise calculation. Data to Sep 2026.
After the first month sales slowed sharply. 370 homes had sold by the end of April, and 386 had sold as at September 2026. The median psf of the latest month with sales is S$2,984.
What it costs to buy
The developer’s indicative price for the smallest home, the 484 sq ft 1-bedroom plus study, was more than S$1.2 million, according to EdgeProp. Stacked Homes later gave S$1,354,000 as the starting price of a 1-bedroom, in its price review. The tables below use S$1.2 million as a round example, so each figure is slightly lower than the real cost of that home. Buyer’s stamp duty on S$1.2 million is S$32,600 for everyone. Additional stamp duty depends on who is buying and how many homes they own: a Singapore citizen buying a first home pays none. A first-time bank-loan buyer borrows up to S$900,000 and puts down S$300,000, of which at least S$60,000 must be cash and the rest can be cash or CPF. The 3-month compounded SORA was 1.24% on 14 Oct 2026.
| Buyer | Buyer’s stamp duty | Additional duty (ABSD) | Total duties |
|---|---|---|---|
| Singapore citizen, first home | S$32,600 | None | S$32,600 |
| Singapore citizen, second home | S$32,600 | S$240,000 (20%) | S$272,600 |
| Permanent resident, first home | S$32,600 | S$60,000 (5%) | S$92,600 |
| Permanent resident, second home | S$32,600 | S$360,000 (30%) | S$392,600 |
| Foreigner | S$32,600 | S$720,000 (60%) | S$752,600 |
| Item | Amount | Basis |
|---|---|---|
| Price | S$1,200,000 | 1-bedroom plus study, 484 sq ft, at the indicative starting price of more than S$1.2 million, guide price from S$2,700 psf |
| Loan | S$900,000 | 75% limit for a first bank loan |
| Down payment | S$300,000 | 25% of the price |
| Of which cash at least | S$60,000 | 5% of the price; the rest can be cash or CPF |
| Interest rate | Monthly instalment |
|---|---|
| 2.0% a year (example) | S$3,327 |
| 2.5% a year (example) | S$3,556 |
| 3.0% a year (example) | S$3,794 |
| 4% a year (bank stress test) | S$4,297 |
Source: stamp duty and loan rules in the Propwise rules database (BSD in force from 15 Feb 2023), Propwise calculation. Guide price: PropNex's estimate of the starting price, reported by EdgeProp (the developer gave no price per sq ft), 10 Apr 2026. MAS rules for the lending limits.
Banks test the loan at a 4% rate. At that rate the instalment is S$4,297, so a household with no other debts needs a gross monthly income of about S$7,812. Most of the loan on an uncompleted home is drawn in stages as construction progresses, so early payments are smaller.
Who it suits
The mix points to owner-occupiers. EdgeProp quotes Huttons Asia’s Mark Yip as saying most 3-bedroom buyers were families, and PropNex’s Kelvin Fong as saying 2- and 3-bedroom homes were about 83% of launch-day sales. EdgeProp quotes Mark Yip again on the preview crowd: mostly Eastsiders from Bayshore, Upper East Coast, Bedok and Tampines. That fits upgraders from the east who want a new home near the MRT and the sea. In the launch-day report, ERA’s Marcus Chu points to a pipeline of HDB flats reaching their minimum occupation period in Tampines and Bedok as a source of upgrader demand.
It also suits buyers who plan to use the train every day, since Bayshore MRT is directly opposite. Investors were part of the mix, according to the launch-day report, but the entry price of more than S$1.2 million for a 484 sq ft home is high for that purpose, and sales have slowed since the launch.
It does not suit buyers who need a home soon. The developer’s brochure gives 31 December 2031 as the expected date of vacant possession, and the expected completion is December 2030 according to EdgeProp. It also suits less well a buyer who wants an established neighbourhood: the Bayshore precinct has about 12,500 homes still planned.
Strengths and trade-offs
Strengths
- Direct access to Bayshore MRT, with a side gate to the station and the station about 100 m from the site point, according to the project site.
- Sea views: over 70% of homes are sea-facing, the developer says, and homes from the 10th storey up have uninterrupted views, according to EdgeProp.
- A strong first weekend: 72% of the 515 homes sold on launch day, according to EdgeProp, at an average of S$2,886 psf.
- A full facility set for a 515-home project, including a 50-metre infinity pool and a tennis court.
- A choice of sizes: the 2-bedroom homes start at 592 sq ft and the 3-bedroom homes at 883 sq ft, with private-lift homes up to 1,582 sq ft.
Trade-offs
- The launch price was far above the older leasehold condos nearby: PropNex’s S$2,700 psf estimate was 74% above their middle median of S$1,554 psf, and the achieved median was higher still.
- Sales slowed after the launch month, from 370 homes sold in April to 386 as at September 2026.
- A long wait: vacant possession is expected on 31 December 2031, according to the developer’s brochure.
- The area is still being built. About 12,500 homes are planned in the Bayshore precinct, and Vela Bay is the first private condo.
- A 99-year lease that began in June 2025, with no freehold option.
- Few small homes: only 27 homes are 1-bedroom plus study, and the smallest starts above S$1.2 million.
