Vela Bay, a 99-year leasehold project located in Bayshore's seafront enclave, sold 317 units — or 72% of its total units — during the launch weekend of April 25-26.
Developed jointly by SingHaiyi and Chuan Capital, the average selling price is $2,886 psf.
The units sold ranged in price from $1.2 million for a one-bedroom unit to $4.5 million for a five-bedroom unit. Two- and three-bedroom units collectively accounted for about 83% of total transactions, says Kelvin Fong, CEO of PropNex.
Meanwhile, the three-bedroom type sold about 75% of its total stock, says Mark Yip, CEO of Huttons Asia. The two-bedroom unit-type was “the most popular”, as “it satisfies the current family unit of [average] 3.06 persons per household”, adds Yip.
The project was almost two times oversubscribed, with about 1,000 cheques received prior to the launch weekend.
Demand for Vela Bay is driven by a mix of HDB upgraders whose HDB flats “are reaching their minimum occupation period (MOP)” and therefore hold “substantial housing equity”; as well as “long-term investors” who are “drawn to [the] rarity of new coastal homes with MRT connectivity”, says Marcus Chu, CEO of ERA Singapore.
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“The project has also appealed to lifestyle-driven buyers seeking a coastal living environment, given its proximity to East Coast Park and sea-facing orientation. At the same time, investors may be attracted by the area’s rental potential, supported by connectivity to key employment nodes such as the CBD, Changi Business Park and the wider east region,” adds Chu.
“With a substantial pipeline of HDB flats of over 11,000 flats reaching MOP in the East, particularly Tampines in Bedok, over the coming years, a steady upgrader demand base has underpinned take-up,” Chu notes.
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In addition, supply of upcoming private residential projects remains “limited” in the Bayshore precinct, says Justin Quek, deputy group CEO of Realion Group (OrangeTee & ETC).
“With only approximately 3,000 private residential units in this area, the low supply of new homes may have driven the strong demand. A larger integrated site was just launched for tender by URA in March, which can yield approximately 1,280 private homes. With no other sites announced, we do not expect more developments to be launched for sale in the near future,” adds Quek.
70% of Vela Bay’s units are expected to be sea-facing, which “offers unblocked views of the coastline”, says Mohan Sandrasegeran, head of research and data analytics of Singapore Realtors Inc. (SRI). The development is located “within two-minutes’ walk from Bayshore MRT Station on the Thomson-East Coast line, providing convenient access to key employment nodes and lifestyle destinations”, adds Mohan.
Schools within 1km of Vela Bay include Temasek Primary School, which “has further enhanced its appeals to families”, adds Chu.
East Coast Park is also located within walking distance, at less than 1km away. In addition, “the development is located near key employment nodes such as Changi Business Park, where a strong base of jobs continues to support housing demand in the East”, says Chu.
“Vela Bay’s launch also comes at a time when its developer, SingHaiyi Group, is building on momentum following the successful en bloc acquisition of Loyang Valley Condominium. This reflects a continued strategic focus on expanding its footprint in the eastern corridor, where redevelopment and transformation opportunities are becoming increasingly visible,” adds Mohan.
Table: ERA Research and Market Intelligence
Data: HDB, data.gov.sg
