Vela Bay records 72% take-up at launch weekend

This is Bayshore’sfirst major launch in 20 years.

Vela Bay sold 371 of 515 units, or 72%, at an average price of $2,886 per square foot during its launch weekend.

Kelvin Fong, CEO of PropNex, said Vela Bay is the first private condominium in the Bayshore precinct and the first major launch in the area in more than 20 years.

More than 70% of units offer sea views, and the project is located near Bayshore MRT station on the Thomson-East Coast Line and East Coast Park, said Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group.

Quek said buyers were also supported by plans for a car-lite Bayshore precinct and future amenities.

Fong added that the development is near Temasek Primary School, Bedok Green Primary School, and Opera Estate Primary School.

Mark Yip, CEO of Huttons Asia, said demand was driven by location attributes, pricing, and interest rate conditions, with buyers who had delayed purchases entering the market.

He noted that Singapore private residential prices have risen 24.5 times since 1975, shaping long-term ownership expectations, and cited survey findings showing strong demand from dual-income, no-children households.

Quek added that demand also reflected limited new private housing supply in the Bayshore area. He said the last Government Land Sales (GLS) site nearby was awarded in 1997 for Costa Del Sol, whilst Seaside Residences launched in 2017.

He noted the Bayshore area has about 3,000 private residential units, with a GLS site for about 1,280 homes launched for tender in March 2026.

Fong said buyers focused mainly on two- and three-bedroom units, which accounted for about 83% of sales, with demand coming from HDB upgraders, owner-occupiers, right-sizers, and investors.