SingHaiyi-Garnet is a strategic joint venture between SingHaiyi Group and Haiyi Holdings, both of which are associated with prominent investors Gordon Tang and Celine Tang. The joint venture was formed to pursue and develop prime residential opportunities in Singapore, with a focus on sites offering long-term growth potential and strategic positioning.
SingHaiyi-Garnet came into the spotlight in March 2025 after securing the first private residential Government Land Sale (GLS) site in the newly planned Bayshore precinct—an acquisition widely regarded as a landmark moment in the evolution of Singapore’s East Coast. The name of the new launch condo at Bayshore MRT is Vela Bay !
Landmark Acquisition at Bayshore
The joint venture submitted the top bid of S$658.89 million for the 99-year leasehold Bayshore Road GLS site, which spans approximately 112,992 square feet. This translated to a land rate of S$1,388 per square foot per plot ratio (psf ppr)—setting a new benchmark for Outside Central Region (OCR) land prices at the time of the tender.
The competitive tender attracted eight bids from major developers, reflecting strong market confidence in the Bayshore precinct’s future. SingHaiyi-Garnet emerged as the highest bidder by a narrow margin of 0.82%, edging out the second-highest offer. The close contest underscored both the site’s rarity and the conviction behind the joint venture’s valuation.
A Strategic First-Mover Development
The Bayshore Road site is expected to yield approximately 515 residential units and will form the first private condominium within the new Bayshore estate. With its proximity to Bayshore MRT station on the Thomson–East Coast Line and its potential for sea-facing views, the future development is widely anticipated to be a high-quality, premium waterfront residence.
More importantly, the project represents a first-mover advantage within a 60-hectare master-planned precinct earmarked for around 10,000 new homes, of which roughly 30% will be private housing. As the inaugural private development, the project is expected to set the tone for design, pricing, and market perception across the entire Bayshore district.
Complementary Strengths and Long-Term Vision
The SingHaiyi-Garnet joint venture brings together complementary strengths. SingHaiyi Group is a diversified real estate developer with experience across residential, commercial, and mixed-use developments, while Haiyi Holdings, as the majority shareholder of SingHaiyi, provides strong capital backing and long-term strategic alignment.
Together, the partnership reflects a focused approach to identifying high-potential sites that benefit from infrastructure-led growth, urban transformation, and enduring locational appeal. The Bayshore acquisition exemplifies this strategy—anchored by MRT connectivity, coastal living, and long-term government planning.
Confidence in the Bayshore Transformation
The successful bid by SingHaiyi-Garnet signals strong confidence in the broader transformation of the Bayshore precinct. Long envisioned as a future waterfront residential district, Bayshore is now entering a new phase of development, driven by the completion of Bayshore MRT station and long-term coastal enhancement plans.
As the first private residential project in this evolving neighbourhood, the SingHaiyi-Garnet development is positioned to play a defining role—shaping early buyer expectations while benefiting from the precinct’s gradual maturation over time.