Vela Bay: A Landmark Breakthrough in East Coast Living
<TLDR>
The Bayshore Road GLS site which will be called Vela Bay, launched by URA in November 2024 and closed in March 2025, drew eight bids, with Sing-Haiyi Garnet winning at S$658.9 million or S$1,388 psf ppr—setting a new suburban record. Boasting prime MRT access, sea-views, and located at the heart of the 60 ha Bayshore Master-Planned precinct, the site exemplifies strong developer confidence and pent-up homebuyer demand in a rejuvenating East Coast district.
1. The Site in Context: Location, Launch, and Scale
Launch and Tender Timeline
URA launched the Bayshore Road GLS site on 26 November 2024, with the tender closing on 18 March 2025.
Parcel Details and Yield
Land Size: Approximately 10,497.3 m² (or ~112,992 sq ft).
Gross Floor Area (GFA): Maximum of 44,089 m² (~474,570 sq ft), projected to yield around 515 private housing units.
This makes it a medium-scale, highly strategic GLS site, ideal for both major and mid-tier developers.
| Location | Bayshore |
|---|---|
| Region | Outside Central Region (OCR) |
| Planning Area | Bedok |
| Site Area | 1.05 HA / 10,500 sqm (113,021 sqft) |
| Gross Plot Ratio | 4.2 |
| Land Use Zoning | Residential (non-landed) |
| Maximum Gross Floor Area (GFA) | 44,100 sqm (474,688 sqft) |
| Estimated Housing Units | 515 |
2. Developer Competition and Record Bid
Intensity of Bidding
The tender attracted eight bids, marking the highest turnout for a private residential GLS since Jalan Tembusu in 2022.
Winning Bid Details
Winner: Sing-Haiyi Garnet (a JV between SingHaiyi Group and Haiyi Holdings) – S$658.9 million.
Land Rate: S$1,388 psf ppr.
Competitive Margin and Market Sentiment
The winning bid exceeded the next highest offer by a mere 0.8%, reflecting closely matched valuations.
Notably, business analysts also interpret the ~20% premium over some expectations as an indicator of developer confidence in this site’s potential.
3. Record-Breaking Suburban GLS Benchmark
New Highest Suburban GLS Land Rate
At S$1,388 psf ppr, this surpasses the previous OCR (Outside Central Region) record held by Clementi Avenue 1 (S$1,250 psf ppr) and slightly exceeds Lorong 1 Toa Payoh (S$1,360 psf ppr).
Blurring of Market Segments
The land rate even rivals those seen in RCR and CCR GLS plots—such as Zion Road (RCR) at S$1,202–1,304 psf ppr and Holland Drive (CCR) at S$1,285 psf ppr—indicating developers are increasingly valuing site merit over zoning labels.
4. Why the Fierce Developer Interest?
4.1 First Movers in a New Waterfront Precinct
Located in the 60 ha Bayshore precinct, this is the first private residential site released under a master plan aiming to deliver 3,000 private and 7,000 HDB flats (~10,000 new homes). Developers coveted the first-mover advantage in shaping this new East Coast estate.
4.2 Excellent Connectivity
Bayshore MRT Station, at the doorstep and part of TEL Stage 4, opened 23 June 2024, providing seamless access to Downtown and beyond.
Proximity to East Coast Parkway (ECP) ensures fast private-vehicle access to city center and Changi Airport (approx. 15-minute drive).
4.3 Lifestyle and Scenic Appeal
Some future units are expected to offer unobstructed sea views and direct access to East Coast Park, elevating their desirability.
4.4 Pent-up Demand from Upgraders and Investors
No significant private condo launch in Bayshore since Costa Del Sol (2000) or The Bayshore (~1990s), creating pent-up demand.
Potential buyers include:
HDB upgraders from Marine Parade and Bedok; around 2,012 flats will fulfill their MOP within two years, offering financial flexibility for condo upgrades.
Landed homeowners from enclaves like Kew and Sennett estates seeking modern, low-maintenance living.
Investors drawn by rental prospects and strong locational attributes.
4.5 Developer-Friendly Scale
The site’s modest yet substantial scale appealed to mid-tier developers with lower risk appetites, allowing for aggressive, yet manageable bids.
5. Site’s Value Drivers and Visionary Planning
5.1 Masterplan
Bayshore will be a new housing estate, planned as an extension of Bedok town. It is located along East Coast Park, with two MRT Stations (Bayshore and Bedok South) within the estate. Designated as a car-lite district, there will be a transit proximity corridor that acts as a community spine with sheltered walkways and cycling paths. The entire estate will inject approximately 10,000 new homes, of which around 30% is meant for private housing. Bayshore is zoned as a car-lite precinct.
The Masterplan for Bayshore area is set to enhance overall connectivity and increase the availability of amenities in the area for residents, both existing and new. As a new estate, there will be smart and sustainable features, while the living environment will encourage active lifestyles and healthy living.
The plot is the first private residential site in the up-and-coming Bayshore precinct and an inaugural project under the Bayshore Master Plan.
5.2 Car-Lite, Sustainable Urban Design
The Bayshore MRT Station will serve residents, located just across the road. Being on the Thomson-East Coast Line (TEL), commuters can travel directly to Marina Bay, Orchard, Upper Thomson and Woodlands.
For drivers, there is direct access to major roads such as the East Coast Parkway (ECP) Expressway which directly connects to central Singapore within a 15-minute commute time and Changi Airport.
Additional cycling networks will be developed in-line with the government’s vision to develop a car-lite neighbourhood, while connecting Bayshore with Round Island Route and the upcoming corridor from East Coast Park to Changi Beach.
The Bayshore precinct has been designated as a car-lite development, featuring dedicated walking and cycling networks, wider pavements, and proximity to public transportation.
5.3 Green and Transit-Oriented Design
Plans include a 1 km public transit street, green corridors, and integration with Cycle Round Island Route, linking Bayshore to East Coast Park and Changi Beach.
5.4 Infrastructure Enhancements
LTA plans include a new flyover to ECP by 2030, a bus-priority transit corridor, cycling paths along the flyover, and improved connectivity to Bedok South MRT station (opening 2H 2026).
5.5 Community Amenities and Planning Synergies
| School | Distance to site |
|---|---|
| Temasek Primary School | Within 1km |
| Temasek Secondary School | Within 1km |
| Bedok Green Primary School | Between 1km to 2km |
| Bedok View Secondary School | Between 1km to 2km |
| Victoria School (Secondary) | Between 1km to 2km |
| Bedok South Secondary School | Between 1km to 2km |
Within a 1–2 km radius are educational institutions such as Temasek Primary, Secondary, and Junior College, and upcoming mixed-use developments above Bedok South MRT.
By 2026, another three stations (Bedok South, Sungei Bedok and Xilin) will be completed. This will provide residents with rail access to the Singapore University of Technology and Design (SUTD), the only university in the east.
6. Launch Price Forecasts & Market Impact
Expected Selling Prices
Analysts project launch prices from S$2,500–2,700 psf, with averages above S$2,800 psf depending on design and fit-out quality.
Broader Market Significance
The top bid surpassing recent RCR/CCR rates signals that location quality now trumps regional classification in developer assessment.
The sale reaffirms strong market resilience and renewed buyer sentiment since late 2024’s buoyant new home launches in Singapore.
- From 2020 to 2024 September, the median price psf of non-landed homes in Bayshore, District 16 and OCR have increased by 29.7%, 30.5% and 24.7% respectively. The growth in all areas are relatively paced at the same rate, with District 16 leading the increase in prices.
| Planning Area/District | Median Prices of Properties in 3Q 2020 | Median Prices of Properties in 3Q 2024 | % Change in Median Price |
|---|---|---|---|
| Bayshore | $1,161 | $1,506 | 29.7% |
| District 16 | $1,161 | $1,515 | 30.5% |
| Outside Central Region | $1,318 | $1,643 | 24.7% |
However, prices in District 16 could have been propped up by new launches in the area, whereas median prices in Bayshore are based on recorded resale transactions given the lack of new projects.
7. Potential Demand/Buyer Profile
With the Bayshore area being largely undeveloped since existing projects launched more than two decades ago, the addition of 515 out of an estimated 3,000 new private homes leads major initiatives in rejuvenating the area.
The site could also potentially attract HDB upgraders given that an estimated 2,012 flats will also fulfil their MOP within the next two years. The median price of 5-room and 4-room flats of less than 15 years transacted in Bedok at $976,500 and $815,000 respectively from January 2024, which could contribute to the down payment for a new home in Bayshore.
The Bayshore area is located in proximity to numerous private landed housing enclaves, such as the Kew and Sennett Estates. Demand could come from the sizable population of landed home owners, with older owners seeking to right-size their homes, or from larger families who want to live in the same project.
The last new launch at Siglap Road (Seaside Residences) in April 2017 saw 70% of released units sold at launch. With 60% of the buyers identified from the East, the new launch with an attractive location and pricing highlights the pent-up demand in the area.
Buyers who see owning a private property as a long-term investment may see this Bayshore development as a viable option. Although future HDB estates nearby in Bayshore are likely to be classified as Plus, they could still generate upgrader demand. This provides a potential exit strategy in the future, as they could then right-size if they choose to.
While we can expect strong demand for this estate, developers having a strategic unit mix will be crucial for Bayshore Road’s eventual developer to address the diverse needs of different buyer segments. This includes catering to investors seeking rental opportunities, landed property owners right-sizing from nearby enclaves like the Kew and Sennett estates, and families (including HDB upgraders) relocating from nearby Tampines and Bedok.
With the right unit mix and pricing, we can expect the future development to be poised to draw significant buyer interest from aspiring first-movers, as well as upgraders. Homeowners from the many nearby projects, which are at least 20 years old, may consider moving to a brand-new development with the same locational attributes and a refreshed lease.
8. Multitude of Opportunities to be Leveraged on by Developers
Older condos along East Coast Parkway have significant en bloc potential, however, they could be unsuccessful due to the development’s large size. Previous en-bloc efforts of Laguna Park have failed, with the most recent tender in 2019 at $1.48 billion closing with no applicants. Mandarin Gardens had also failed to secure the required 80% threshold. A successful en bloc launch of the development could have seen reserve price of $2.88 billion ($953 psf ppr).
The last GLS site along East Coast Parkway at Siglap Road (Seaside Residences) was awarded at $624 mil ($858 psf ppr) to the highest of eight bids in 2017. The site’s premium location boasting the unique characteristic of sea views could have attracted developers to contend for the site.
Bayshore Road site is one of the more attractive sites on the 2024 GLS Confirmed List. Having observed lukewarm responses for previous sites, developers could have withheld bids to attempt competing for Bayshore.
The palatable size of the development could also be an attractive attribute for smaller developers, which they can leverage on to place competitive bids with lower risks.
9. Developer Sentiment & Market Interpretation
Analyst Commentary on Bidding Behavior
ERA’s Marcus Chu noted strong developer interest due to site appeal and manageable size, leading to aggressive bids.
Knight Frank (Leonard Tay) emphasized that developers held back on other tenders to focus on Bayshore, given its attractive positioning.
PropNex’s Wong Siew Ying described the result as bullish, pointing to pent-up demand and first-mover advantage as key motivators.
Individual comments:
“With no new private homes in Bayshore for over 20 years… we may expect keen demand for the future project here when it is launched.” — Justin Quek, OrangeTee & Tie Singapore Business Review.
10. Developers Could Compete for First-Mover Advantage in New Township
The Bayshore Road site marks the first GLS site in Bedok since 2020 and Bayshore area since 1997, highlighting the scarcity of new private residential homes. Given its prime location next to an MRT station, developers are more willing to fork out a premium to secure the attractive site.
The upcoming Bayshore estate also draws similarities to the township development in Lentor whereby new launches in the area consecutively set the bar for future launch prices. It will be in the developers’ best interest to leverage on first-mover advantage in penetrating the market for private residential homes in Bayshore.
The wave of new launches in November garnered overwhelming response. Emerald of Katong achieved a record-high with 99% of the development sold, along with Chuan Park with 76% sales during its launch weekend. This strong indication of homebuyer optimism could translate to strong developer confidence in future GLS performance.
11. Future Outlook and Strategic Considerations for Developers
11.1 Importance of Unit Mix
To satisfy diverse buyer segments—investors, HDB upgraders, and right-sizers—developers must craft a strategic mix of unit types (e.g., compact 1-bedroom through family-oriented 4-bedroom units) and price points.
11.2 Phased Construction and Launch Timeline
Given land tender in March 2025, planning, permits, and construction suggest launches likely from late 2026 onwards, with completion over the early 2030s.
In parallel, HDB’s Bayshore Vista and Bayshore Palms (BTO) were launched in October 2024, and future precinct development will follow incrementally.
11.3 Positioning as a Signature East Coast Coastal Development
With its core attributes—sea views, seamless connectivity, and sustainable precinct design—the project has the potential to become a flagship in East Coast living.
12. Frequently Asked Questions
Q1: Why did the Bayshore GLS attract so many bids?
A: It combined a strategic location (MRT and ECP), sea-views, pent-up demand due to no major launches since 2000, and manageable parcel size—boosting developer confidence.
Q2: What are expected selling prices for new units?
A: Industry analysts estimate S$2,500–2,700 psf entry-level prices, with averages above S$2,800 psf, depending on design and finishes.
Q3: What infrastructure will support resident lifestyle?
A: Features include Bayshore MRT (TEL), ECP access, upcoming flyover and transit corridor, educational amenities, green pedestrian/cycling paths, and future mixed-use nodes.
Conclusion
The Bayshore Road GLS site attracted strong developer interest, with eight bidders competing in a highly competitive round. Sing-Haiyi Garnet had the highest bid of $658.8 million ($1,388 psf ppr), narrowly edging out the next highest bidder by 0.8%.
Despite headwinds faced by developers in the market, the Bayshore site is one of the land parcels many developers have been waiting for this year. The site’s allure and expected pent-up demand from buyers could give them confidence and provide the impetus for the aggressive bidding. Moreover, the plot’s palatable size could be draw for smaller-scale developers which resulted in the strong interest.
While bids amongst the top four bidders were aggressive, with a difference of 8%, there was a significant 35.9% gap between the lowest and highest bids. This reflects mixed market sentiments and the buying appetite of future buyers. Nonetheless, this site sets a new OCR land price benchmark, surpassing previous records in Clementi (now Elta) while being similar to Toa Payoh (now The Orie) in the RCR.