Vela Bay Price: 3BR Expected From $2.42M at Bayshore MRT
We ran two breakeven methods on the record $1,388 psf land cost and mapped every unit type against Seaside Residences. You walk into the 11 April preview knowing the price to beat.
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SingHaiyi paid $1,388 psf ppr for the Bayshore Road GLS site — the highest ever for an OCR parcel. At the expected $2,850-$3,000 psf launch range, the 3BR (~850 sqft) works out to approximately $2.42M and the 1BR+Study (~550 sqft) to $1.57M. The counter-intuitive finding: the expected total price sits within range of 5-year-old Seaside Residences resale, and the 4BR at ~$3.42M tracks at or below a 23-year-old Costa Del Sol unit next door. Confirmed pricing drops at the 11 April preview.
Oh btw — if you have read this far and still cannot decide, we do 1-to-1 consults where we walk through your numbers, your options, and what actually makes sense for you. No obligations, no drama. Say hi
Key Details
Vela Bay at Bayshore Road
District 16 — next to Bayshore MRT (TEL)
Tap or hover over any dot for details
Source: OneMap / URA
Vela Bay Condo: $658.9 Million for a Piece of the East Coast
Eight developers walked into the Bayshore Road GLS tender. SingHaiyi-Garnet walked out with the site at $1,388 per square foot per plot ratio — the highest land price ever paid for an Outside Central Region site in Singapore.
That number is not small. It is believed to be the record PSF PPR for an OCR site — by a comfortable margin.
The site sits directly next to Bayshore MRT on the Thomson-East Coast Line. East Coast Park is across the road. For the Bayshore precinct — an area that has never had a private residential GLS launch — this is the opening act. And SingHaiyi paid for the privilege.
What does $1,388 psf ppr translate to for buyers? That is what this article unpacks.
Update (March 2026): The Vela Bay review is now live — with endorsed renders, draft floor plans, actual unit sizes, and updated pricing. Read the full Vela Bay review here.
How We Review: The QPE Framework
Every review on this site runs through our QPE framework — Quality, Price, Exit.
Quality covers developer track record, land size, layouts, MRT access, views, and facilities. Price examines total price (not psf) and how it compares against what the market has tested — is there a price gap, or are you paying above proven territory? Exit asks who buys from you when it is time to sell, what the demand pool looks like, and what competing supply exists at resale.
All three need to check out. If one fails, you need to know which one — and why.
The Land: What $658.9 Million Bought
The Vela Bay GLS site sits on 10,497 sqm (112,992 sqft) of land along Bayshore Road. It carries a 99-year leasehold tenure and a gross floor area of 44,089 sqm, yielding an estimated 515 residential units plus 2 penthouses.
The tender closed on 18 March 2025 with eight bids — a strong showing that signals developer confidence in the Bayshore precinct. SingHaiyi-Garnet's winning bid of $658.9 million was awarded on 28 March 2025.
| Detail | Value |
|---|---|
| Site area | 10,497 sqm / 112,992 sqft |
| Gross floor area | 44,089 sqm |
| Land price | $658.9 million |
| Land cost (psf ppr) | $1,388 |
| Tenure | 99-year leasehold |
| Expected units | ~515 + 2 penthouses |
| Number of bids | 8 |
| Developer | SingHaiyi-Garnet Pte. Ltd. |
The development takes the form of two towers rising approximately 31 storeys — mostly south-facing, which means the premium units at higher floors will clear the tree line for sea views.
For context, 10,497 sqm is a mid-sized site. Not a mega-development like Treasure at Tampines (2,203 units on 65,000 sqm), but substantially larger than boutique projects. At 515 units across two towers, the development has enough scale for proper facilities without the density concerns of a 1,000+ unit project.
One thing worth flagging early: Vela Bay sits within the Bayshore car-lite zone, which means an estimated 50% car park provision. For couples and singles beside an MRT, manageable. For families who drive — and the East Coast is traditionally car-dependent territory — the parking constraint is something to factor in before committing.
What Vela Bay Will Cost You
This is where the land cost gets translated into the price you pay. Two methods — the detailed GLS cost breakdown and an industry breakeven formula — both point to the same zone.
GLS Cost Breakdown (From Tender Data)
| Cost Component | Amount ($M) |
|---|---|
| Land | $658.9 |
| Construction | $185.1 |
| Land financing | $103.8 |
| Professional / legal | $101.3 |
| Taxes | — |
| Marketing / others | $62.9 |
| Est. total cost | $1,112.0 |
| Est. breakeven (psf) | $2,343 |
Source: EdgeProp GLS data, published on award.
At a breakeven of $2,343 psf, the developer needs to price above this to make a margin.
Industry Breakeven Cross-Check
Running the numbers independently: the breakeven lands at approximately $2,528 psf. Add 8% harmonized costs and you get $2,730 psf. Then layer on a 10-20% developer margin:
Breakeven: $2,528 psf
+ Harmonized: $2,730 psf
+ 10% margin: $3,003 psf
+ 20% margin: $3,276 psf
The working gauge for launch pricing: $2,850-$3,000 psf. The lowest units (low floor, inland facing) could start from $2,600-$2,700 psf, while premium sea-facing stacks at higher floors could push $3,300-$3,400 psf.
The EdgeProp breakeven ($2,343) is lower because it uses a more conservative construction cost estimate. Both methods point to the same conclusion: launch pricing north of $2,800 psf is near-certain.
What That Means in Total Price
| Unit Type | Est. Size | Price at $2,850 psf | Price at $3,000 psf |
|---|---|---|---|
| 1BR+Study | ~550 sqft | $1.57M | $1.65M |
| 2BR | ~657 sqft | $1.87M | $1.97M |
| 3BR | ~850 sqft | $2.42M | $2.55M |
| 3BR Premium | ~1,050 sqft | $2.99M | $3.15M |
| 4BR | ~1,200 sqft | $3.42M | $3.60M |
| 5BR | ~1,500 sqft | $4.28M | $4.50M |
| Penthouse | ~1,800 sqft | $5.13M | $5.40M |
Sizes are estimates based on typical new launch configurations at this GLS density. Confirmed sizes and pricing expected at the 11 April 2026 preview.
The 3BR entry is the number most buyers will fixate on. At an estimated $2.42M (850 sqft at $2,850 psf), this is firmly in the premium OCR bracket — above what most first-time upgraders from Bedok or Tampines HDB flats would stretch for.
The Developer: SingHaiyi Group
SingHaiyi-Garnet Pte. Ltd. is a joint venture between SingHaiyi Group and Haiyi Holdings. SingHaiyi is a Singapore-listed developer with a track record that spans public and private residential, and they have been steadily scaling up in recent years.
Key projects in the portfolio:
- Grand Dunman (District 15) — 1,008 units at Dunman Road, one of the larger recent launches in the East Coast corridor.
- Parc Clematis (District 5) — 1,468 units at Clementi. Fully sold. This is the project that proves SingHaiyi can manage the complexity of a large-scale launch with staged pricing.
- CityLife @ Tampines — privatised EC in Tampines Central.
- The Gazania / The Lilium — boutique freehold developments in the central area.
SingHaiyi's track record is solid overall, with one notable exception — The One Collective at Sophia Road, which did not land well. But on balance, they tend to deliver good product.
The Location: Why Bayshore Commands a Premium
Vela Bay sits on Bayshore Road in District 16 — the stretch between Bedok and East Coast Park. This is the first private residential GLS site in the Bayshore precinct, which makes it a genuinely rare product. There is no other new launch competing for the same exact micro-market.
MRT Access
Bayshore MRT (TE29) on the Thomson-East Coast Line is directly adjacent to the site. The station opened in June 2024 as part of TEL Stage 4. The TEL connects directly to Marina Bay, Shenton Way, and Orchard — no transfers needed for CBD commuters.
Being beside an MRT is one thing. Being beside Bayshore MRT is another. This is not a "10-minute walk to MRT" situation. This is steps from your lobby, on a line that runs straight to the CBD.
Schools Within 1km
- Temasek Primary School — within 1km, one of the East Coast's established primary schools
- Bedok Green Primary School — within 1km
Other schools in the broader vicinity include Victoria School, Bedok View Secondary, and Bedok South Secondary.
Surroundings
East Coast Park is across the road — jogging, cycling, and the beach are a walkable distance away. The Bayshore precinct also benefits from proximity to Bedok Town Centre for daily necessities, and the upcoming Long Island reclamation (URA Master Plan) will extend the waterfront living experience in this area over the coming decade.
Parkway Parade and i12 Katong are accessible within a short drive for retail and dining. For daily groceries and hawker food, Bedok Interchange and its surrounding amenities are one MRT stop away.
The Competition: What a Buyer Is Actually Cross-Shopping
A buyer walking into the Vela Bay showflat with $2.5M is not thinking "what's the closest condo to this site." They are thinking "what else can I get for $2.5M in the East Coast." Two condos answer that question better than anything else: Seaside Residences (the newest comparable) and Costa Del Sol (the most sought-after in the area).
The Two Benchmarks
| Condo | TOP | Tenure | Units | Avg PSF | MRT | Why It Matters |
|---|---|---|---|---|---|---|
| Seaside Residences | 2021 | 99-yr | 843 | $2,376 | Siglap (TEL, TE28) | Newest TEL-connected East Coast condo. One stop from Bayshore. Tells you what the modern version of this product commands. |
| Costa Del Sol | 2003 | 99-yr | 906 | $1,884 | No direct MRT | Most sought-after resale in the Bayshore cluster. 23 years old, no MRT, still holding $1,884 psf avg. Tells you the location demand is structural. |
Bayshore Park and The Bayshore are too old to draw meaningful pricing cues from. The upper East Coast stretch (Marine Parade, Amber Road) is a different micro-market with different buyer psychology. Seaside and Costa Del Sol are the only two that tell a buyer something useful.
Unit-by-Unit: What You Pay at Each
| Unit Type | Est. Size | Vela Bay at $2,850 | Seaside Residences (resale) | Costa Del Sol (resale) |
|---|---|---|---|---|
| 1BR+Study | ~550 sqft | $1.57M | — | — |
| 2BR | ~657 sqft | $1.87M | $1.85M - $2.0M | ~$1.70M |
| 3BR | ~850 sqft | $2.42M | No compact 3BR | — |
| 3BR Premium | ~1,050 sqft | $2.99M | $2.70M - $3.30M | ~$2.50M (high floor) |
| 4BR | ~1,200 sqft | $3.42M | $4.40M (1,650 sqft) | $3.0M - $3.5M |
Sizes are estimates. Confirmed sizes and pricing expected at the 11 April 2026 preview.
The pattern is clear: Vela Bay is expensive per square foot but the total price is in line with or cheaper than what Seaside Residences commands at resale. The 2BR at an estimated $1.87M sits within range of Seaside ($1.85M-$2.0M) — and for the 4-bedroom, the gap is stark. Costa Del Sol's price is comparable for a 23-year-old condo without MRT access. Different product entirely.
The 3BR (~850 sqft) is where Vela Bay may have no direct competition. Neither Seaside nor Costa Del Sol offers a compact 3BR at that size. At an estimated $2.42M-$2.55M, this fills a gap in the area — and at a price that sits below the 3BR Premium tier.
The 3BR Premium (~1,050 sqft) puts Vela Bay within the Seaside range ($2.70M-$3.30M) at an estimated $2.99M. If it comes with an enclosed kitchen and proper family layout, sea-facing units under $3M at a brand new East Coast development is a strong proposition.
The 4BR (~1,200 sqft) is compelling on paper. Seaside's 4-bedrooms are larger (1,600-1,750 sqft) but transacting at $4.4M. Costa Del Sol's 4-bedrooms are hitting $3.0M-$3.5M. Vela Bay at an estimated $3.42M delivers a new build with MRT access — at or below the price of a 23-year-old resale next door.
Important: Seaside Residences is a resale product — 5 years old, completed facilities, proven track record. Vela Bay is a new launch purchase with no TOP date. These are different risk profiles. Comparing quantum is useful for budget planning, but the products are not identical.
The Freehold Question
At $2.5M-$3.5M, a buyer also has access to freehold East Coast condos in the Meyer-Amber-Katong corridor (District 15). This is a legitimate cross-shop.
| Condo | Tenure | District | 3BR Price | 4BR Price | MRT |
|---|---|---|---|---|---|
| Vela Bay (est.) | 99-yr | 16 | $2.42M-$2.99M | $3.42M | Bayshore (TEL) — adjacent |
| Grand Dunman | 99-yr | 15 | $2.63M - $2.91M | $3.65M - $3.79M | Dakota (CCL) |
| Amber Park | Freehold | 15 | resale from ~$2.4M | resale from ~$3.5M | Tanjong Katong (TEL) — walkable |
Grand Dunman is the same developer (SingHaiyi), same East Coast corridor, 99-year leasehold. The 3-bedroom starts from $2.63M — slightly higher than Vela Bay's estimated entry. Grand Dunman's layouts and finishes give a preview of what SingHaiyi delivers, but Vela Bay's Bayshore location and sea proximity are different selling points entirely.
Amber Park is the freehold counterpoint. At ~$2.4M for a 3BR on resale, the price is similar to Vela Bay — but you get freehold tenure in a Tanjong Katong address. No lease decay, no CPF restrictions down the road. The trade-off: no MRT adjacency and no sea views. For buyers who prioritise tenure and long-term optionality over lifestyle and connectivity, freehold at the same price is worth considering.
Looking for floor plans and renders? Draft floor plans and endorsed perspectives have been released. Our Vela Bay review has the full layout breakdown with all 20 unit types, actual sizes, and recalculated pricing.
Who This Is For / Who Should Think Twice
Without floor plans or confirmed pricing, buyer profile matching is preliminary. But the numbers give us enough to draw outlines.
Solo or couple, no kids — the 1BR+Study (~550 sqft) from an estimated $1.57M and 2BR (~657 sqft) from $1.87M offer direct MRT access and East Coast lifestyle. For tenants and young professionals commuting to the CBD via the TEL, this location is genuinely compelling.
Couple planning ahead — the 2BR (~657 sqft) at an estimated $1.87M. At that price, Vela Bay sits within range of Seaside Residences resale — but brand new with direct MRT adjacency.
Young family (1 kid) — the 3BR (~850 sqft) at an estimated $2.42M or the 3BR Premium (~1,050 sqft) at $2.99M. The 3BR Premium is the stronger pick for families if it delivers an enclosed kitchen and proper family layout. Families who need Temasek Primary within 1km may find the location premium worth it.
Established family (2-3 kids) — 4BR (~1,200 sqft) from an estimated $3.42M. The 5BR (~1,500 sqft) from $4.28M is the multi-generational play. Layout details will only become clear once floor plans are released.
Investors — at $2,850 psf, a 2BR (~657 sqft) at an estimated $1.87M with a rental of $4,000-$4,500/month achieves roughly 2.6-2.9% gross yield. The 1BR+Study (~550 sqft) at $1.57M could push 3.0-3.4%. The TEL access is the yield driver.
Not the strongest pick for: buyers stretching their budget ceiling to get into the East Coast. If $2.5M for a 3-bedroom represents your absolute maximum, a Vela Bay 3BR at an estimated $2.42M leaves little room for BSD, renovation, or market movement. Know your hard ceiling before walking into the showflat.
Vela Bay: Our Assessment
Downside risk: Not rated (no floor plans or confirmed pricing yet).
Here is what we can say: the location is the real deal. Direct TEL access at Bayshore MRT, sea views from the upper floors, East Coast Park across the road, and the first private development in this precinct in 22 years. The demand for this address is structural — the East Coast has always attracted buyers, and the Bayshore new township adds infrastructure that was never here before. This is a sell-out project. The demand will be strong.
The only question is confirmed price — and price is ultimately what determines your exit. Expensive in PSF, but the estimated total price sits within range of what Seaside Residences is transacting at on resale — and for the 4BR, an estimated $3.42M trades at or below a 23-year-old Costa Del Sol unit next door. Those numbers are hard to argue with.
The two concerns worth watching: the 50% carpark provision in a family neighbourhood, and whether the final price list stays within the $2,850-$3,000 psf range. If it creeps past $3,100, the value equation shifts.
What to watch for at the 11 April preview:
- The 3BR confirmed price — if the 3BR lands near $2.4M-$2.5M, the upgrader pool remains wide. Above $2.7M and you are selling to a niche.
- Floor plans and common room sizes — a 3BR with 7-8 sqm common rooms is not a real family 3-bedder. Verify that common rooms are at least 9 sqm.
- Kitchen configuration — does the 3BR have an enclosed kitchen? Open kitchens at this price point will disappoint families.
- Sea-facing vs inland stack pricing — expect a meaningful PSF premium for sea-facing units. Know which stacks command the view before committing.
- Carpark allocation details — 50% is the headline, but the exact number of lots and whether season parking is available matters for families with two cars.
We will publish a full new launch review with floor plan analysis, unit-by-unit breakdown, and downside risk rating once confirmed pricing is available.
This GLS analysis covers the land tender math. For the complete picture — renders, draft floor plans, competition comparison, and buyer recommendations — read our full Vela Bay review.
Data sources: URA REALIS, EdgeProp, LTA
Published by MJ Review Homes (reviewhomes.sg) | PropNex Realty Pte Ltd | Shaik Amar R058640H | Myra Jalil R058979B | +65 9690 5440 | +65 9738 3705
All information provided is for general reference only and is based on current planning assumptions. Details are subject to change without notice and may vary depending on final design development, regulatory requirements, and operational considerations. No representation or warranty is made as to the accuracy or completeness of the information provided.
Vela Bay — Frequently Asked Questions
Should I buy Vela Bay?
Too early to judge. Downside risk is not rated — no floor plans, no confirmed pricing, and no transaction benchmark exists for this micro-market at this price point. Wait for the preview on 11 April 2026 before committing.
What is the expected price of Vela Bay?
Based on the $1,388 psf ppr land cost, the GLS breakeven is $2,343 psf. With developer margin, the estimated launch range is $2,850-$3,000 psf. Draft floor plans confirm the 3BR at 883 sqft, translating to approximately $2.52M-$2.65M. The 1BR+Study (484 sqft) starts from $1.38M.
When is Vela Bay launching?
Vela Bay's preview is scheduled for 11 April 2026. The GLS site was awarded to SingHaiyi-Garnet on 28 March 2025.
Is Vela Bay near an MRT?
Yes. Vela Bay is directly adjacent to Bayshore MRT station (TE29) on the Thomson-East Coast Line, which opened in June 2024. The TEL runs direct to Orchard, Marina Bay, and the CBD.
Who is the developer of Vela Bay?
Vela Bay is developed by SingHaiyi-Garnet Pte. Ltd., a joint venture between SingHaiyi Group and Haiyi Holdings. SingHaiyi's track record includes Grand Dunman, Parc Clematis (1,468 units, fully sold), and CityLife @ Tampines.
How does Vela Bay compare to Costa Del Sol?
Costa Del Sol (TOP 2003) resale 3-bedders currently transact at $1.35M-$2.80M ($1,482-$2,170 psf). Vela Bay is estimated to launch at $2,850-$3,000 psf — significantly higher, but with direct MRT access that Costa Del Sol does not have. These are different products serving different buyer profiles.
How many units does Vela Bay have?
Vela Bay is expected to have approximately 515 residential units plus 2 penthouses on a 10,497 sqm site at Bayshore Road.
Is Vela Bay a good investment?
The location fundamentals are strong — direct Bayshore MRT access, East Coast Park proximity, and first GLS launch in this precinct in 22 years. Draft floor plans confirm solid layouts with 9 sqm common rooms. At $2,850 psf, the 2BR (592 sqft) at $1.69M achieves roughly 2.8-3.2% gross yield. The 1BR+Study (484 sqft) at $1.38M could push 3.5-3.7%. Exit story depends on confirmed pricing at the 11 April preview.
What schools are near Vela Bay?
Temasek Primary School and Bedok Green Primary School are both within 1km of the Vela Bay site. Other schools in the broader area include Victoria School, Bedok View Secondary, and Bedok South Secondary.
When does Vela Bay TOP?
No confirmed TOP date yet. The GLS site was awarded in March 2025 and the preview is scheduled for 11 April 2026. Based on typical development timelines for a 515-unit project, TOP is estimated around 2029-2030.
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