A new investor takes a stake in Bayfancy and the developer sets 31 December 2026 for handover

Two months after topping out, Bayfancy announced a change behind the project.

The investor

On 16 December 2025 the developer said businessman Chen Jiaming had made Bayfancy Residence his first investment in the Maldives.

• He reached an agreement with the project's original shareholders in October 2025.
• He then put in additional capital, which Bayfancy said would secure delivery on time and to the finishing standards promised.

Bayfancy described him as an entrepreneur with more than thirty years in education, finance, hospitality and property in China, Malaysia and Singapore. It said he spent about three months studying the Maldives before investing, and saw Bayfancy as the start of a wider commitment to the country.

A date for handover

The same announcement gave a firm date: handover on 31 December 2026, at the end of the September–December 2026 window the sales director had given in July.

On site

The November and December updates showed the slower, interior stage taking hold:

• masonry finished to the 13th floor by 23 November, and to the 14th by 10 December;
• ground-floor plastering 90 per cent complete, and plastering under way on the 8th floor;
• external walls being prepared for plaster, about 80 per cent done by late November;
• the show apartment's electrical and plumbing points marked out, with first-fix services in place.

What buyers should take from it

A change of shareholders mid-build is worth understanding if you are buying off plan. Ask the developer who now stands behind the purchase agreement. Ask whether existing buyers' contracts are unaffected, and how the new capital is being used. New capital can help a project finish, but the written answers are what protect a buyer.

Written for Binga's Bayfancy record on 18 October 2026 from the developer's announcements at the time. Dated to the event it reports.