Listen, if you haven’t been tracking what’s happening at Upper East Coast, you need to pay attention. Vela Bay just dropped. And it’s an absolute game-changer.
Why? Because this is the first private condo to hit the Bayshore precinct in 26 years. Think about that. 26 years! The last time a new private project launched around here, some of today’s buyers were still taking their PSLE.
Here are the hard facts on what SingHaiyi Group and Haiyi Holdings are doing with this joint venture:
- The Build: Two massive 31-storey towers along Bayshore Road, packing 515 residential units.
- The Draw: Sweeping, unblocked sea views and a two-minute walk to the new Bayshore MRT station. Seriously, it’s a shorter walk to the train than from most HDB blocks to the nearest kopitiam.
- The Options: The unit mix spans from 1-bedroom plus study layouts for investors, all the way up to massive 5-bedroom premium apartments for upgrading families.
But let’s talk dollars and cents. This is where the market gets real.
They grabbed this land for an OCR (Outside Central Region) record of S$658.89 million. That translates to a land rate of S$1,388 per square foot. That is serious, aggressive money for an OCR site. It’s like paying Category E COE prices just for the right to build—that’s how much the developers believe in this specific location. The plot ratio is a high 4.52 on a 10,497 sqm parcel, so they are maximizing every single inch of that land.
Look, a S$1,388 psf land rate means the final launch prices won’t be cheap. You’re paying a premium for that direct TEL line access and the waterfront living. But in a market where finding a fresh, large-scale East Coast site is rarer than finding an empty table at Maxwell Food Centre during the weekday lunch hour, Vela Bay is going to draw a massive crowd.
This is the new benchmark for the East.
