Vela Bay
Bayshore / Bedok · SingHaiyi Group + Chuan Investments
The first private condo launch on Singapore's Bayshore seafront in years, 3 minutes from Bayshore MRT on TEL, priced at S$2,500 $3,300 psf with a Long Island macro-story as background noise.
Location & neighbourhood
Bayshore: the eastern seafront that TEL unlocked.
Bayshore Road runs along the eastern coastal strip, a stretch historically overshadowed by the old Bayshore Park and The Bayshore condos (mid-90s vintage). The opening of Bayshore MRT (TE29, TEL) in June 2024 changed the calculus: Orchard is now ~25 minutes by rail, and the precinct has stepped out of Bedok's shadow into its own identity. The immediate neighbourhood is transitional, older resale condos on one side, the new TEL-linked precinct emerging on the other.
East Coast Park, Singapore's largest recreational park, is a short walk away. Bedok Mall, Bedok North food centre, and Siglap village are all within a 5–10 minute drive. The Bayshore precinct's master plan envisions ~12,500 homes and a transformed seafront, but that's a 2030s+ story, not a 2029 TOP story.
MRT & transport
- , Bayshore MRT (TE29, TEL), ~2–3 min sheltered walk; TEL to Marina Bay ~20 min, Orchard ~25 min
- , Bedok South MRT (TE30), opening H2 2026; ~10 min walk
- , ECP expressway: direct run to CBD / Changi Airport
- , Bus services along Upper East Coast Road
The developer
SingHaiyi: Singapore's Top Developer at EdgeProp Excellence Awards 2024.
SingHaiyi Group took 13 awards across five projects at the EdgeProp Excellence Awards 2024, including Top Developer. Their portfolio spans EC, mass-market, and mid-tier RCR. Grand Dunman (1,008 units, D15, launched 2023) won Top Mega Development and Top-Selling Project RCR at the same awards. Parc Komo (276 units, Upper Changi Road North, freehold) won multiple design and landscape awards. TMW Maxwell added mixed-use CBD experience to the portfolio.
Vela Bay is SingHaiyi's first OCR coastal/TEL-front project, different from their established RCR and landed development base. Build quality at TMW Maxwell and Parc Komo has been well-regarded; applying that standard to a 515-unit OCR coastal tower is the key test. Chuan Investments is the minority JV partner with limited independent public profile.
Named SG track record
- , Grand Dunman (1,008 units, D15)
- , Parc Komo (276 units, freehold, D17)
- , TMW Maxwell (mixed-use, D2)
- , The Vales (517 units, Sengkang)
- , CityLife@Tampines (integrated)
Unit mix & layouts
2BR-weighted mix signals upgrader + family targeting.
Pre-launch indications show a 2BR Premium and 3BR core, with a smaller 1BR+Study allocation and a 4BR 5BR penthouse tier. The developer is not building an investor-bedroom-dense project, the unit mix points to upgrader and own-stay buyers, not pure yield investors. Confirm exact floor plan mix at the sales gallery; indicative figures below from pre-launch previews.
Indicative pricing & PSF context
S$500+ premium over existing resale, what are you paying for?
Indicative PSF (pre-launch)
S$2,500 $3,300 psf
Blended average broadly mid-$2,700s per broker preview data. Official price list not released as of April 2026, confirm at sales gallery. Entry from S$1.21M (1BR+Study).
D16 resale benchmarks
- , The Bayshore (99-yr, 1996): ~S$1,360 $1,384 psf
- , Bayshore Park (99-yr, 1986): ~S$1,260 psf
- , Costa Del Sol (99-yr, 2003): ~S$2,039 psf
- , Bagnall Haus (FH, nearby): ~S$2,400 psf
- , Gap vs old resale: ~$500 $900 psf premium for new launch
The generational PSF gap between 1990s-vintage Bayshore resale (S$1,200 $1,400) and Vela Bay's new-launch pricing (S$2,500 $3,300) is structural. The TEL station and new precinct identity do not compress this gap at resale when units age, they justify the new-launch premium today but do not guarantee that the S$2,700+ PSF holds as the project approaches its 2031 TOP vintage.
Schools, amenities, connectivity
Solid east-side catchment, no elite-school anchor.
Primary schools (within 1–2km)
- , Temasek Primary, within 1km (TBC MOE)
- , Bedok Green Primary, within 2km
- , Verify via MOE School Finder before advising
Secondary schools & F&B
- , Victoria School (secondary, boys), Temasek Secondary
- , Bedok Mall, Siglap Centre, Eastwood Centre
- , Bedok Food Centre, Siglap F&B stretch
- , East Coast Park (recreational), walking distance
Healthcare & expressways
- , Changi General Hospital, ~10 min drive
- , ECP: CBD ~15 min, Airport ~10 min by car
- , PIE connecting westward via Bedok interchange
Investment thesis
Why someone would actually buy here.
Bayshore MRT doorstep, genuinely 3 minutes
The sheltered walkway to TE29 Bayshore MRT is a hard, verifiable infrastructure advantage. TEL direct to Shenton Way, Marina Bay, and Orchard gives the project a connectivity profile that the 1990s-vintage Bayshore stock never had. This is the structural change that justifies the new-launch premium over old resale.
First new private launch in Bayshore precinct
No comparable new private inventory has been released at this Bayshore Road frontage for years. Vela Bay sets the price floor for the Bayshore precinct and will be the reference transaction when the Bayshore Drive integrated development comes to market. First-mover pricing tends to be softer than follow-on plots, that's a relative advantage.
Long Island optionality (multi-decade, not priced in)
URA's Long Island plan, 800 hectares of reclamation off East Coast creating a new reservoir, coastal parks and 20km+ waterfront, is included in URA Master Plan 2025. Technical studies began in early 2024 and span ~5 years. The development arc spans decades. It is genuine optionality, not a near-term catalyst, and should not be modelled into a 5–7 year hold.
SingHaiyi track record + award-winning quality
13 EdgeProp Excellence Awards in 2024. Grand Dunman and Parc Komo both delivered above-average design quality. A strong developer in a new sub-market carries less execution risk than a less-established name. Vela Bay's TOP at Dec 2031 gives you 5+ years of construction visibility.
Risks & what to stress test
Where this could bite you.
Bayshore Drive integrated development is the direct overhang
The Bayshore Drive mixed-use GLS (tendered H1 2026) will deliver up to ~1,280 residential units with integrated commercial, F&B, retail, and civic uses built in. If that project launches at S$2,350 $2,500 psf (analyst estimate) with superior amenities and direct integration, it undercuts Vela Bay's value proposition while adding competing supply. Watch the Bayshore Drive tender result closely.
Large PSF gap vs old resale limits rental yield
The Bayshore area's rental market is still benchmarked against older resale stock at S$1,200 – S$2,000 psf valuations. Tenants pay for location and size, not PSF. At S$2,700 blended PSF, gross rental yield on a 3BR will likely be sub-3%. Net yield after property tax, MCST, vacancy: ~1.8–2.5%. This is not a yield play, it is purely a capital appreciation story.
Long Island is decades away, don't price it in
Long Island reclamation is policy-committed but the development timeline spans 30–50 years. Technical studies alone will take 5 years. Any agent or marketing collateral that presents Long Island as a near-term price catalyst is misrepresenting the timeline. Model it as optionality for a second-generation hold, not a 5-year exit driver.
Leasehold decay on a 2031 TOP
99-year leasehold from GLS award (~2024). At TOP in 2031, effective remaining lease is ~92 years. By 2050, it drops to ~73 years, the threshold where bank financing starts to tighten on resale. For a 7–10 year hold, this is manageable. For a "hold for the kids" strategy, freehold alternatives in D15/D16 are worth comparing.
Winfred's take
The honest read.
Vela Bay is a well-positioned TEL-corridor play by one of Singapore's better developers in 2024–2026. The Bayshore MRT integration is real and walkable, the unit mix is sensible, and SingHaiyi's track record removes a lot of the execution risk that haunts some GLS winners. The price range, blended mid-S$2,700s, reflects a genuine upgrade over Bayshore's old-stock resale market, and if the Bayshore Drive integrated development comes in at S$2,500 psf or less, Vela Bay Phase 1 buyers will have been priced-in correctly. What gives me pause is the supply density: ~1,280 units from Bayshore Drive, ~1,040 from a New Upper Changi Road GLS, plus HDB BTOs. The Bayshore precinct is absorbing a lot of supply in a relatively short window, and the rental market hasn't caught up to new-launch PSF levels yet.
Who this suits: east-side owner-occupiers upgrading from Bedok/Tampines HDB who want TEL connectivity and coastal lifestyle, investors with a genuine 7–10 year horizon who are comfortable with sub-3% gross yield in the early years, and families who want good expressway access to CBD and Airport. Who it doesn't suit: yield-driven buyers who need 3.5%+ gross from day one, buyers treating Long Island as a near-term price catalyst, or anyone comparing this to freehold options in D15 without running the tenure-decay math.
Related reading
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