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.
There have been several Build-To-Order developments which the government has launched in Bayshore, and they have all been classified under the Plus category. This reinforces that the government is intent on developing Bayshore into a major mixed-use waterfront precinct.
When you factor in the appeal of seafront living, it’s easier to understand the developer’s confidence. And this paid off when the development sold 72% of its units during its sales launch over the April 25/26 weekend. The condo also set an average selling price of $2,886 psf.
In this Stacked Pro dive, we’ll weigh up where Vela Bay’s pricing currently stands, and what prospective buyers can expect. You can read our full review of the project here.
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