Vela Bay, the 515-unit condo in Bayshore by SingHaiyi Group and Chuan Capital, is an interesting test case for the new, up-and-coming Bayshore precinct in the East Coast.
For decades, this part of the seaside area has only had three condo developments on one side, and the Lucky Heights landed estate on the other. So the first government land sale site that was released by the government in April 2025 set a new record.
The SingHaiyi-led joint venture submitted the top bid of $658.9 million for the plot, which translates to a land rate of $1,388 psf per plot ratio (ppr), a record at the time. This did not turn out to be an overreach by the developers.
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