Artist’s impressionHomes at Vela Bay are sold during construction under the normal progressive payment scheme: the price is paid in instalments that follow the progress of the building, from the booking fee to the last payment at statutory completion.
Progressive Payment Stages at Vela Bay
The Housing Developers Rules set out each stage and the share of the price due at it. The last column gives the share paid once that stage is reached.
| Stage | % of price | Cumulative |
|---|---|---|
| Booking fee, on the grant of the option to purchase | 5% | 5% |
| Sale and purchase agreement, within 8 weeks | 15% | 20% |
| Completion of foundation | 10% | 30% |
| Completion of reinforced concrete framework | 10% | 40% |
| Completion of partition walls | 5% | 45% |
| Completion of roofing and ceiling | 5% | 50% |
| Completion of doors, windows, electrical wiring and plumbing | 5% | 55% |
| Completion of car park, roads and drains | 5% | 60% |
| Temporary Occupation Permit (TOP) | 25% | 85% |
| Certificate of Statutory Completion | 15% | 100% |
Standard schedule for a building under construction under the Housing Developers Rules, checked 22 October 2026. Vela Bay is under construction, so any stage already certified when you book is payable on the timetable in the sale and purchase agreement; the Sales Concierge confirms which stages have been reached for a particular home.
Cash, CPF and the Bank Loan at Vela Bay
The 5% booking fee is paid in cash. The rest of the buyer’s own contribution comes before any loan is drawn, and MAS rules set how much of it must be cash. A buyer with no other housing loan may borrow up to 75% of the price; of the 25% paid first, at least 5% must be cash, which the booking fee covers, and the remaining 20% may come from cash or CPF Ordinary Account savings, within CPF limits.
| Borrower | Max loan | Own funds | Minimum cash |
|---|---|---|---|
| No outstanding housing loan | 75% | 25% | 5% |
| No outstanding loan, tenure over 30 years or past age 65 | 55% | 45% | 10% |
| One outstanding housing loan | 45% | 55% | 25% |
| Two or more outstanding housing loans | 35% | 65% | 25% |
Source: MAS, checked 22 October 2026. Limits can change; confirm with MAS or your bank before signing.
On a 75% loan, the booking fee and the 15% due with the sale and purchase agreement bring the buyer to 20% of the price; half of the foundation instalment supplies the last 5% of the buyer’s share, and from that point the bank pays each certified stage. The housing loan page explains when the lower limits apply.
How the Vela Bay Loan Is Drawn
When a stage is certified, the developer sends a notice and the bank pays that instalment out of the loan. Interest is charged only on the sum drawn so far, so the monthly repayment starts modestly and rises as the towers go up.
If some stages are already certified when a home is booked, the instalments already due are paid on the timetable in the sale and purchase agreement, which usually brings a larger sum forward. The Sales Concierge explains the position at the time of booking.
Interest only on what is drawn.
Repayments begin small and grow with each certified stage of construction.
Completion and the Final Vela Bay Instalments
A 25% instalment is due at the Temporary Occupation Permit and the final 15% at the Certificate of Statutory Completion. The developer gives 31 December 2031 as the expected date of vacant possession and 31 December 2034 for legal completion; the dates that bind a particular home are the ones in its sale and purchase agreement.
Stamp duty is paid separately and early, as the stamp duty page explains. The progressive payment calculator shows the sum and an estimated monthly instalment at each stage for any price and loan you enter.
Request the Vela Bay Price List
Vela Bay is open for sale, and the Sales Concierge sends the current price list with the homes still available. Showflat viewings are arranged by appointment through the Sales Concierge.
Sent on request
- The current price list with the homes still available.
- The e-brochure and the floor plans you shortlist.
- A payment schedule and the stamp duty for your profile.
- A showflat appointment at a time that suits you.
Request the Price List
No obligation. The Sales Concierge responds personally to every enquiry.
Prefer to speak to someone? Call +65 6200 6220, or send a WhatsApp message to the same number.