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 roughly $2.42M and the 1BR+Study (~550 sqft) to $1.57M. The 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.
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 Bayshore, 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?
Launch Update (30 April 2026): Vela Bay launched today and cleared 71.84% (370 of 515 units) on day one with 963 applications filed. Read the Vela Bay launch results for the full unit-by-unit breakdown.
Update (April 2026): Draft floor plans, confirmed pricing, and the launch day numbers are now live. Read the Vela Bay floor plans review, the Vela Bay pricing review, and the Vela Bay launch results.
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 where the market has cleared? 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
10,497 sqm (112,992 sqft) along Bayshore Road, 99-yr leasehold, GFA 44,089 sqm, ~515 units + 2 penthouses. Tender closed 18 Mar 2025 with 8 bids. SingHaiyi-Garnet won at $658.9 million on 28 Mar 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) | $1,388 |
| Tenure | 99-year leasehold |
| Expected units | ~515 + 2 penthouses |
| Number of bids | 8 |
| Developer | SingHaiyi-Garnet Pte. Ltd. |
Two towers ~31 storeys, mostly south-facing. Premium units at higher floors clear the tree line for sea views. 50% carpark (Bayshore car-lite zone) is tighter for families who drive.
What Vela Bay will cost you
GLS cost breakdown (from tender data)
| Cost Component | Amount ($M) |
|---|---|
| Land | $658.9 |
| Construction | $185.1 |
| Land financing | $103.8 |
| Professional / legal | $101.3 |
| Marketing / others | $62.9 |
| Est. total cost | $1,112.0 |
| Est. breakeven (psf) | $2,343 |
Source: EdgeProp GLS data, published on award.
Industry breakeven cross-check
Independent calc: breakeven ~$2,528 psf. +8% harmonized = $2,730. +10-20% margin = $3,003-$3,276 psf. Working gauge: $2,850-$3,000 psf. Low-floor inland $2,600-$2,700, premium sea-facing $3,300-$3,400. Launch above $2,800 psf 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 estimated based on typical new launch configurations. Confirmed at 11 April 2026 preview.
3BR entry is the number most buyers will fixate on. At ~$2.42M (850 sqft at $2,850 psf), firmly premium OCR. Above what most first-time upgraders from Bedok or Tampines HDB stretch for.
The developer: SingHaiyi Group
SingHaiyi-Garnet = SingHaiyi Group + Haiyi Holdings JV. SingHaiyi is Singapore-listed, steadily scaling. Recent track record: Grand Dunman (1,008 units, D15), Parc Clematis (1,468 units, Clementi, fully sold), CityLife @ Tampines, The Gazania and The Lilium boutique freeholds. Overall solid delivery with one notable miss (The One Collective at Sophia Road).
The location: why Bayshore commands a premium
Bayshore Road in District 16 is the first private residential GLS site in the Bayshore area. No other new launch competing for this exact micro-market.
Bayshore MRT (TE29) on the Thomson-East Coast Line is directly adjacent. Opened June 2024 (TEL Stage 4), direct to Marina Bay, Shenton Way, and Orchard. Not "10-minute walk to MRT", steps from the lobby.
Schools within 1km: Temasek Primary, Bedok Green Primary. Victoria School, Bedok View Secondary, Bedok South Secondary within broader vicinity.
Surroundings: East Coast Park across the road. Bedok Town Centre nearby. Long Island reclamation extends waterfront. Parkway Parade and i12 Katong short drive.
For a sense of the wider East Coast GLS pricing trend in 2026, the Tanjong Rhu Road GLS closed at $1,455 psf ppr in February 2026, 4.8% above Vela Bay's $1,388 land cost. Different micro-market, but the same upward direction on land value.
The competition: what a buyer is actually cross-shopping
A $2.5M buyer is asking: "what else can I get for $2.5M in the East Coast?" Two answers matter: Seaside Residences (newest comparable) and Costa Del Sol (most sought-after in the area).
| Condo | TOP | Units | Avg PSF | MRT | Why It Matters |
|---|---|---|---|---|---|
| Seaside Residences | 2021 | 843 | $2,376 | Siglap (TE28) | Newest TEL-connected East Coast condo, one stop from Bayshore. |
| Costa Del Sol | 2003 | 906 | $1,884 | No direct MRT | Most sought-after Bayshore-area resale. 23 years old, still $1,884 psf. Location demand has held. |
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: Vela Bay expensive per sqft but total price in line with or cheaper than Seaside Residences resale. 2BR at ~$1.87M within Seaside range ($1.85M-$2.0M). 4BR at ~$3.42M sits at or below 23-year-old Costa Del Sol resale.
3BR (~850 sqft) has no direct competition. Neither Seaside nor Costa Del Sol offers compact 3BR at that size. 3BR Premium (~1,050 sqft) at ~$2.99M sits within Seaside range. 4BR (~1,200 sqft) at ~$3.42M delivers new-build with MRT access at or below the resale next door.
Note: Seaside is 5-year-old completed product; Vela Bay is new launch with no TOP date. Different risk profiles.
Update: Draft floor plans, confirmed pricing, and launch day results are now live. Read the Vela Bay floor plans review, the Vela Bay pricing review, and the Vela Bay launch results. 71.84% sold day one against 963 applications.
Who this is for
Preliminary without floor plans, directional outlines only.
Solo or couple, no kids: 1BR+Study (~550 sqft) from ~$1.57M or 2BR (~657 sqft) from $1.87M. Direct MRT, East Coast lifestyle, TEL to CBD.
Young family (1 kid): 3BR (~850 sqft) at ~$2.42M or 3BR Premium (~1,050 sqft) at $2.99M. 3BR Premium stronger if enclosed kitchen delivers. Temasek Primary within 1km.
Established family (2-3 kids): 4BR (~1,200 sqft) from $3.42M. 5BR (~1,500 sqft) from $4.28M for multi-gen.
Investors: 2BR at $1.87M with $4,000-$4,500/month rent = 2.6-2.9% gross. 1BR+Study at $1.57M could push 3.0-3.4%. TEL gives yield support.
Not for: buyers stretching budget ceiling. If $2.5M is absolute max for a 3BR, Vela Bay leaves little for BSD, renovation, or market movement.
Vela Bay: our assessment
Downside risk: not rated (no floor plans or confirmed pricing yet).
Direct TEL access at Bayshore MRT, sea views from upper floors, East Coast Park across the road, and the first private launch in the Bayshore area in 22 years. Demand for the address has held over decades on the Costa Del Sol resale numbers.
What is still open is the confirmed price. Expensive PSF, but the estimated total sits within range of Seaside Residences resale, and the 4BR at ~$3.42M trades at or below a 23-year-old Costa Del Sol unit next door. Two concerns: the 50% carpark provision in a family neighbourhood, and whether the final price list holds within $2,850-$3,000 psf. Above $3,100 shifts the value equation.
What to watch at the 11 April preview: 3BR confirmed price (below $2.5M keeps upgrader pool wide), common room sizes (9+ sqm minimum), kitchen configuration, sea-facing vs inland stack premium, carpark allocation detail.
The land tender numbers are above. For the floor plan walk-through across all 20 unit types, read the Vela Bay floor plans review. For the confirmed price matrix and unit-by-unit competition comparison, read the Vela Bay pricing review. For the launch day take-up (71.84% sold against 963 applications), read the Vela Bay launch results.
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
Vela Bay at Bayshore Road
District 16 — next to Bayshore MRT (TEL)
Tap or hover over any dot for details
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.
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