Vela Bay, the first private residential project in the Bayshore precinct, achieved impressive sales over its launch weekend, selling 371 units, or 72% of its offerings. The development benefits from its proximity to the Bayshore MRT station and scenic sea views, which are expected to provide buyers with potential future gains, according to Mark Yip, CEO of Huttons Asia.
The Bayshore MRT station, part of the Thomson-East Coast Line, offers residents quick access to key employment areas such as the Central Business District, Changi Business Park, and Changi Airport. This car-lite precinct is anticipated to set a precedent for future housing models. Additionally, Temasek Primary School is conveniently located within 1km, and Bedok South MRT station is just a train ride away.
The government has recently released a land parcel above Bedok South MRT station for development into an integrated transport hub, promising more amenities for the Bayshore area. The precinct is set to house approximately 12,500 homes, with 30% allocated for private residential developments. With limited supply and uncertain future sea views, buyers are acting swiftly.
All unit types at Vela Bay attracted significant interest, with one penthouse sold. The two-bedroom units were particularly popular, aligning with the average household size of 3.06 persons. Meanwhile, nearly 75% of the three-bedroom units were sold, appealing to families, and the one-bedroom plus study units were nearly sold out, offering an attractive price point for sea views.
