Vela Bay Developer

SingHaiyi Group, a prominent Singapore-based developer, has secured the upcoming Vela Bay through its joint venture, SingHaiyi-Garnet Pte. Ltd., after clinching the top bid in a competitive Government Land Sale (GLS) tender.

The first GLS site in the Bayshore precinct drew eight bids, with SingHaiyi edging out rivals like Sing Holdings and City Developments by submitting $658.89 million, translating to $1,388 psf per plot ratio (ppr).

This 99-year leasehold plot on Bayshore Road spans 112,992 sq ft and could yield around 515 residential units, boasting sea views and direct access to Bayshore MRT.

SingHaiyi’s track record includes completed projects like Parc Clematis (1,468 units, 2023), Kopar at Newton (378 units, 2023), The Gazania (250 units, 2022), Park Colonial (805 units, 2021), and High Park Residences (1,399 units, 2019), showcasing expertise in residential developments. Ongoing include Grand Dunman and Sora.

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