Vela Bay Sells 72% of Units on Launch Day at Average S$2,886 PSF as Bayshore Precinct Debuts

Vela Bay’s launch day performance cements its position as one of the most anticipated new launches of 2026. The 99-year leasehold development, comprising two 31-storey towers on Bayshore Road, is the first private condominium to rise in the government’s planned Bayshore precinct near the Thomson-East Coast Line’s Bayshore MRT station.

The average transacted price of S$2,886 psf came in slightly above earlier market estimates of S$2,600 to S$2,800 psf, reflecting the premium buyers were willing to pay for the project’s seafront positioning. Approximately 373 of Vela Bay’s 515 units are sea-facing, with around 271 units from Level 11 upwards enjoying unobstructed ocean views – a rarity in District 16.

SingHaiyi and Chuan Capital had acquired the Government Land Sales (GLS) site at a land cost of S$1,388 psf per plot ratio, and the launch pricing represents a healthy margin above breakeven while remaining competitive for new-build waterfront living on Singapore’s East Coast.

The strong take-up follows an equally impressive preview period. Over the weekend of 11–12 April, Vela Bay drew nearly 8,000 visitors to its showflat, and by the time balloting was conducted on 22 April, SingHaiyi had collected around 1,000 blank cheques for just 515 units – translating to roughly two interested buyers for every available home.

Vela Bay’s debut adds to a string of robust new launch performances in early 2026. The Rivelle executive condominium in Tampines sold 92.5 per cent of its units on opening day, while Pinery Residences also posted strong results. The sustained demand signals that buyer confidence remains firm despite global macroeconomic headwinds, particularly for well-located projects near MRT stations.

At S$2,886 psf, Vela Bay is positioned at a premium to older resale condominiums along the East Coast corridor but at a discount to prime waterfront developments in Districts 9 and 10. Analysts note that the Bayshore precinct’s transformation into a vibrant coastal community – supported by URA’s Long Island reclamation masterplan – has helped justify the pricing.

With roughly 144 units still available, attention now turns to whether Vela Bay can sustain its sales momentum in the weeks ahead. The remaining inventory includes a mix of unit types, and agents expect continued interest from upgraders in the Bedok–East Coast catchment as well as investors seeking rental yield from the area’s proximity to Changi Business Park and upcoming Bayshore infrastructure.

The Bayshore precinct is set to undergo significant transformation over the next decade. URA’s Long Island masterplan envisions a new waterfront community with recreational spaces, cycling paths, and coastal greenery stretching from Marina East to East Coast Park. Vela Bay’s early success suggests the market is already pricing in the precinct’s long-term potential.