Who is the Developer of Vela Bay?
The developer for Vela Bay is Sing-Haiyi Garnet Pte Ltd, a joint venture between SingHaiyi Group and Haiyi Holdings.
SingHaiyi Group is a well-established property development company. It has a diverse portfolio across residential, commercial, and industrial properties in Singapore, Australia, and the United Kingdom.
In Singapore, SingHaiyi has successfully developed several notable residential projects, demonstrating its capability to deliver quality homes that meet market demand. These include Kopar At Newton, TMW Maxwell, One Sophia, and Grand Dunman, among others.
The company's development philosophy emphasises creating sustainable, well-designed communities that balance modern living requirements with environmental considerations. This approach has positioned SingHaiyi as a trusted developer, which has clinched several prestigious construction and quality awards in Singapore.
What are the Launch Prices for Vela Bay?
Vela Bay is expected to be launched at an average price of $2,700 to $2,800 psf based on its land acquisition costs.
During the government land sale for the Bayshore Road site, SingHaiyi-Garnet submitted the highest bid of $658.89 million among eight bidders in a competitive tender. This works out to a land rate of $1,388 psf per plot ratio (ppr), setting a new benchmark for sites in the Outside Central Region (OCR).
At this price point for an OCR development, Vela Bay is likely to appeal to buyers who place a high value on the rare combination of coastal living, excellent sea views, and direct access to East Coast Park's lifestyle and leisure amenities.
For context, the land rate exceeded even some Core Central Region (CCR) projects such as Skye At Holland ($1,285 psf ppr) and River Green ($1,325 psf ppr, but below River Modern ($1,420 psf ppr).
However, it must be noted that River Modern’s higher land cost reflects its prime location next to Kim Seng Park and the historical Singapore River.
Where is Vela Bay Located?
Vela Bay is situated along Bayshore Road in Singapore's District 16, at the heart of the emerging Bayshore precinct. Next to it is the Bayshore MRT station on the Thomson-East Coast Line on one side and East Coast Park on the other, blending coastal living with strong urban links.
Across of Bayshore Road is Costa Del Sol and The Bayshore condos, completed in 2004 and 1996, respectively.
Vela Bay will enjoy a unique double frontage, with its southern side facing East Coast Park and the planned Long Island, and its northern side overlooking the established Bedok housing estate.
Transport Connectivity & Options
Vela Bay offers excellent transport connectivity for residents and visitors.
Situated next to Bayshore MRT on the Thomson-East Coast Line, which offers direct links to key destinations like Changi Airport, Marina Bay, and Orchard Road.
Meanwhile, motorists benefit from the proximity to East Coast Parkway and Kallang-Paya Lebar Expressway, ensuring swift journeys across Singapore.
MRT Connectivity
Vela Bay is situated adjacent to Bayshore MRT station on the Thomson-East Coast Line. Upon completion, residents will enjoy direct access to key destinations including Marina Parade, Marina Bay, Singapore's Central Business District, Orchard Road, and Changi Airport.
Hence, its location will appeal to working professionals, frequent travellers, and those who enjoy convenient access to major shopping hubs.
With Marina Bay station serving as an interchange for the Thomson-East Coast, Circle, and North-East Lines, residents can easily commute to many parts of Singapore, all while enjoying the calm of seaside living.
For context, the estimated travel times from Bayshore station to major destinations are as follows:
- Changi Airport - 3 stops
- Marina Parade – 3 stops
- Marina Bay - 10 stops
- Shenton Way and Central Business District - 11 stops
- Harbourfront: 14 stops
- Orchard Road - 16 stops
Expressway Connectivity
For motorists, Vela Bay offers convenient access to two major expressways:
- East Coast Parkway (ECP) - Running along the southeastern shoreline, it serves as a primary route for travellers heading from the city centre to the airport. Upon the completion of the Bayshore Flyover in 2030, it will provide a direct link to Vela Bay and the upcoming Bayshore precinct.
- Kallang-Paya Lebar Expressway (KPE) - 15-minute drive from Vela Bay, it provides a speedy link between the Northeast, such as Sengkang and Punggol and the City.
Shopping and Lifestyle Amenities
New Bayshore Housing Estate
One of the key features of the new Bayshore housing precinct is the development of a self-sufficient "urban village" that will run along the 1 km Bayshore Drive.
Envisaged as a vibrant streetscape with cafes and essential shops integrated with residential blocks, it will provide Vela Bay residents with daily conveniences.
In addition, a major Integrated Transport Hub at Bedok South MRT, one stop away, will be developed. An integrated transport hub combines an air-conditioned bus interchange with an MRT station with adjoining commercial facilities, such as a retail mall and supermarket.
For recreation, residents can look forward to the SAFRA Bayshore clubhouse, the largest in Singapore, when it is completed in 2030. It will be located next to the Bedok South MRT station.
Major Shopping Destinations
For more shopping and lifestyle options, the following popular destinations are easily reachable via MRT, and they include:
- Marine Parade: Home to Parkway Parade and just three stops from Vela Bay, it is one of the most established malls in the East with a comprehensive mix of retail, dining, supermarkets, banks, and enrichment centres. This mall serves as the primary retail hub for the Marine Parade and surrounding areas.
- Katong: Just a short walk from Parkway Parade is the vibrant Katong and Joo Chiat districts. They are known for their rich heritage with a vibrant dining scene, which include Peranakan cuisine, cafes, bakeries, and speciality shops. This area has become increasingly popular among families and young professionals for weekend lifestyle activities.
- Kallang Alive Precinct: Located near the Tanjong Rhu MRT station, it is just six stops away. The 84 ha lifestyle precinct features world-class sports venues such as the Singapore Indoor Stadium and OCBC Aquatic Centre, alongside the Kallang Wave and Kallang Leisure Park shopping malls.
- Marina Bay: 10 MRT stops away are the Shoppes at Marina Bay Sands and Marina Bay Link Mall. They offer an upmarket mix of luxury brands, fine dining, entertainment, and waterfront attractions, making it a prime destination for lifestyle and business entertainment.
- HarbourFront: Home to VivoCity and HarbourFront Centre, two major malls offering an extensive range of retail, dining, and leisure options. The area also serves as a key transportation hub, with the Sentosa Express Monorail providing access to Sentosa Island, and the Singapore Cruise Centre offering ferry services to Batam and the Riau Islands in Indonesia.
- Orchard Road: Singapore's premier shopping street, it is lined with well-known malls such as ION Orchard, Wisma Atria, and Plaza Singapura. It offers a broad mix of fashion, dining, and lifestyle options, making it a popular destination for locals and visitors alike.
Parkway Parade
The Shoppes At Marina Bay
i12 Katong
Ion Shopping Mall at Orchard Road.
Cycling at East Coast Park
Xtreme Skate Park
Bayshore Linear Park
Long Island Reservoir
Bedok Reservoir Park
Gardens by the Bay East
Dunman High School
Singapore University of Technology and Design (SUTD)
Investment Potential Amid Bayshore Precinct Transformation
At the March 2025 government land sale for Vela Bay’s site, it attracted eight bids - among the highest for a suburban site in recent years - reflecting strong institutional confidence in the Bayshore precinct.
Secured at a record $1,388 psf ppr, Vela Bay will be the first new condominium launch at Bayshore in 26 years since Costa Del Sol (2000), capitalising on potential pent-up demand and its attractive coastal location.
Hence, buyers should anticipate paying a premium for first-mover advantage in this emerging, master-planned coastal township with long-term transformational potential.
Key aspects of this transformation and factors supporting its investment potential include:
Bayshore Precinct Transformation
- One of Singapore's newest master-planned, car-lite townships with ~10,000 new homes (7,000 HDB + 3,000 private units)
- Bayshore MRT station as transport anchor, supported by cycling networks, green corridors, and waterfront access
- Phased BTO completions and future private GLS parcels will progressively enhance the precinct’s vibrancy and density, driving long-term value
Long Island Coastal Protection Project
- Major multi-decade land reclamation and coastal defence initiative from rising sea levels, effectively expanding the Bayshore precinct
- Creation of a new freshwater reservoir, which will also function as a venue for water-based recreational activities such as canoeing and dragon-boating.
- Approximately 20 km of new waterfront parks will be added, forming part of a larger continuous 120 km stretch of accessible waterfront space along Singapore's southern coast.
- New green and blue spaces will be integrated with other recreational areas, waterfront living concepts, and nature-based solutions to create multi-functional and climate-resilient spaces.
HDB Upgrader & Secondary Market Demand
- ~3,616 Bedok BTO units reaching MOP between 2025–2035, providing a strong HDB upgrader pipeline
- 1,444 Bayshore BTO units reaching MOP in 2039, creating a first-generation private upgrader wave with direct neighbourhood affinity
- Additional demand from ageing East Coast and Marine Parade condo owners, Siglap landed downsizers, and buyers seeking newer facilities
Vela Bay’s Investment Risk
Despite Vela Bay's strong appeal, its key risk stems from the record land cost of S$1,388 psf ppr, driving an estimated launch price of $2,800 psf - high for a suburban project. This may cap short-term gains.
Investors must rely on Bayshore's long-term growth and infrastructure delivery, requiring patience and a longer-term financial commitment.
Case Studies - Reflections At Keppel Bay & Corals At Keppel Bay
Reflections At Keppel Bay (launched April 2007) and Corals At Keppel Bay (launched May 2013) were both priced at a significant premium over competing developments at the time of their respective launches.
While they remain among Singapore's most desirable waterfront developments next to Keppel Bay, buyers who entered at launch effectively priced in "future value", leaving little room for meaningful capital appreciation in the near to medium term.
Both developments have performed poorly, eking out marginal gains - or pared losses – benefitting from the broader market surge of the 2020s (see Chart 1 below).
Chart 1: Reflections At Keppel Bay vs Corals At Keppel Bay - Average Price Performance Since Launch
| Name of Development | Launch Date | Capital Gain/Loss (psf) Since Launch* | Annualised Gain/Loss (psf)* |
| Reflections at Keppel Bay | April 2007 | +12.96% | +0.65% |
| Corals at Keppel Bay | May 2013 | -6.59% | -0.53% |
| *As of February 25, 2026 | |||
This underscores the risk of acquiring premium waterfront assets at high launch pricing, serving as a cautionary tale when evaluating entry prices for similarly positioned developments like Vela Bay.
Comparative Market Analysis
Nevertheless, let us examine how two condominium developments, also with excellent sea views, located close to Vela Bay have performed since their launch - The Bayshore and Costa Del Sol (see Chart 2 below).
Chart 2: The Bayshore vs Costal Del Sol Average Price Gain
| Name of Development | Launch Date | Capital Gain/Loss (psf) Since Launch* | Annualised Gain (psf)* |
| The Bayshore | January 1995 | +81.69% | +1.94% |
| Costa Del Sol | May 2000 | +148.71% | +3.60% |
| *As of February 25, 2026 | |||
The data indicates that both developments have delivered a rather mixed performance, with Costa Del Sol notably outperforming The Bayshore by a considerable margin. This could be attributed to The Bayshore’s older age and shorter remaining lease, as well as poorer frontage towards East Coast Park.
Conclusion
Vela Bay's investment appeal is undoubtedly strong, but conditional. The precinct transformation is real, the MRT connectivity is structurally significant, and the upgrader pipeline is substantial.
For buyers with a long investment horizon of ten years or more, patient capital, and the financial resilience to hold through an uncertain medium-term, the development's fundamentals support a credible appreciation opportunity.
For short- to medium-term investors or those seeking yield-led returns, the risk-reward equation is less compelling.
The elevated entry price leaves limited margin for error, and the immediate precinct lacks the depth of amenities and commercial density to sustain high resale demand in the early years post-TOP.
For investors, rental yields at current pricing levels may provide only a partial offset against carrying costs, even though mortgage rates have eased significantly over the past year.
Ultimately, Vela Bay is best suited for those who genuinely value seamless connectivity and the rare privilege of coastal living within a master-planned urban environment.
It is a development for buyers who are not merely chasing short-term gains, but who are willing to invest in a long-term vision - one where the Bayshore precinct gradually matures into a vibrant, well-connected waterfront community.
For this group, Vela Bay represents not just a property purchase, but a commitment to a lifestyle and a belief in the transformational potential of one of Singapore's most promising emerging precincts along the coast.
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