# Bayfancy Residence, the full story: from the first pile to a June 2027 handover

> Everything about Bayfancy Residence in one place: the Singapore developer behind it, the 18-storey building on Lot 20092 in Hulhumalé Phase 2, every milestone since piling began in December 2024, the handover date as it has moved, prices then and now, and what is left before keys in June 2027.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/bayfancy-residence-the-full-story
Published: 2026-10-18T04:18:40.807Z · Updated: 2026-10-18T05:05:48.908Z · Event date: 2026-10-18

Bayfancy has reported the construction of Bayfancy Residence almost week by week since the first pile went in, from slab-by-slab notices to monthly engineering reports. Here is the full record. Each dated milestone below links to our report on it.

## At a glance

| | |
|---|---|
| **Developer** | Bayfancy PTE LTD, a Singapore developer re-registered in the Maldives |
| **Address** | Lot 20092, Hulhumalé Phase 2 (the neighbouring plot, 20094, is Blue Lagoon Luxury Residences) |
| **Building** | 18 storeys over a basement, on more than 350 piles driven 12 to 15 metres deep |
| **Homes** | 1+1, two-bedroom, 2+1 and 3+1 apartments, and sky villas of 6,100–6,500 sq ft |
| **For residents** | A full amenity floor on level 17 (infinity pool, gym, yoga studio, play area, co-working, multipurpose hall), a double-height lobby and a planned butler service; no shops in the building |
| **Construction started** | 1 December 2024 |
| **Progress** | 72 per cent (October 2026 report) |
| **Expected handover** | 30 June 2027 |

## The timeline

| Date | Milestone |
|---|---|
| 9 Sep 2024 | [Bayfancy re-registers in the Maldives with plans for the building](/bayfancy-singapore-developer-plans-hulhumale-residence) |
| 1–27 Dec 2024 | [More than 350 piles driven, three days ahead of plan](/bayfancy-residence-piling-complete) |
| 9 Mar 2025 | [Basement slab poured eleven days early](/bayfancy-residence-basement-slab-poured) |
| 18 May 2025 | [Sales open at 20 per cent built, from MVR 3.5 million](/bayfancy-residence-opens-for-sale) |
| 15 Jul 2025 | [Eleventh floor, ten days ahead; handover window September–December 2026](/bayfancy-residence-eleventh-floor-ahead-of-schedule) |
| 15 Sep 2025 | [Seventeenth floor and the amenity level revealed](/bayfancy-residence-level-17-amenities) |
| 18 Oct 2025 | [Superstructure complete](/bayfancy-residence-superstructure-complete) |
| 16 Dec 2025 | [New investor Chen Jiaming; handover set for 31 December 2026](/bayfancy-new-investor-chen-jiaming) |
| 26 Feb 2026 | [All masonry, roof and waterproofing complete](/bayfancy-residence-enters-finishing-phase) |
| 20 Aug 2026 | [All plastering complete; materials showroom opens; 70 per cent overall](/bayfancy-plastering-complete-materials-showroom-opens) |
| Oct 2026 | 72 per cent overall; windows and the scaffolding's removal begin at the top |

Bayfancy's own report dates its completed milestones as: foundation works, March 2025; superstructure, October 2025; masonry, February 2026; plastering, August 2026.

## The handover date, as it has moved

| When it was said | Handover |
|---|---|
| July 2025, sales director's interview | September to December 2026 |
| December 2025, with the new investor | 31 December 2026 |
| September–October 2026, monthly report | **30 June 2027** |

The current date is six months later than the one given last December. The frame was fast: ten and a half months from first pile to topping out. The interior has taken longer than the early schedule allowed.

One detail for buyers to raise: the header of Bayfancy's September report still says handover "30th of June **2026**", while its own schedule in the same report runs to **30 June 2027**. We read the schedule as correct. Ask the developer to confirm the date in writing.

## Prices, then and now

| Layout | From, May 2025 | From, September 2026 |
|---|---|---|
| 1+1 | MVR 3.5 million (about 735 sq ft) | MVR 3.75 million |
| Two-bedroom | MVR 4.1 million (859–906 sq ft) | MVR 5.06 million |
| 2+1 | MVR 5.2 million (about 1,133 sq ft) | MVR 6.42 million |
| 3+1 | MVR 6.2 million (1,551–1,925 sq ft) | MVR 7.23 million |
| Sky villa | MVR 26 million | not stated |

"From" prices may reflect which homes are still unsold as well as changes to the price list. Read together, they show starting prices about 7 per cent higher for the 1+1 and between 17 and 23 per cent higher for the larger layouts, sixteen months on. Bank of Maldives was named as mortgage partner at the 2025 launch.

## Where the site stands (October 2026)

Bayfancy's October report lists thirteen works under way, most due by the end of the month:
- **Top floors:** aluminium doors and windows starting on levels 16–18, and the external scaffolding starting to come down from levels 17–18.
- **Outside the building:** facade drainage pipes on levels 15–18, half done.
- **Throughout:** incoming electrical lines and smoke-detector wiring on levels 8–16 at 60 per cent, garbage-chute sealing from the ground floor up, and fire doors on the service shafts.
- **Upper middle floors:** ceilings closing on level 17 and levels 9–10, and putty and tiling on levels 10–11 (30 and 40 per cent).
- **Lower floors:** floor levelling on levels 4–6, and water and electrical pipes on levels 5–7.
- **Air-conditioning:** levels 7–8, half done.

## What is left: the road to handover

| Stage | Expected |
|---|---|
| Second-fix services (MEP) | 30 December 2026 |
| Waterproofing and floor preparation | 10 January 2027 |
| Lifts installed and commissioned | 15 January 2027 |
| Doors, windows and glazing | 20 January 2027 |
| Fire and life-safety systems | 10 March 2027 |
| Common areas and the level-17 amenities | 10 March 2027 |
| Facade, external works and utility connections | 30 March 2027 |
| Ceilings, tiling and flooring | 30 April 2027 |
| Final-fix services and fixtures | 10 May 2027 |
| Painting and architectural finishes | 20 May 2027 |
| Apartment fit-out and joinery; systems testing | 30 May – 1 June 2027 |
| Inspection, snagging and repairs | 10 June 2027 |
| Final inspections and approvals | 20 June 2027 |
| **Completion and handover** | **30 June 2027** |

The schedule leaves about ten days between each of the last three stages. That leaves little room if inspections find work to redo. The windows and lifts due in January are the next dates to watch: if they hold, the rest of the schedule is credible.

## If you are buying now

1. **Get the handover date in writing,** and what the agreement provides if it moves again.
2. **Check what changed with the new shareholder** in October 2025: who signs your agreement, and whether earlier buyers' contracts carry over unchanged.
3. **Fix the specification.** Visit the materials showroom and ask for the brands and models you see to be named in the contract, or an equal standard.
4. **Ask for the service charge** for the level-17 amenities, the butler service and the lifts before you commit.
5. **Compare the price per square foot** with finished buildings nearby. A home you can move into today has no completion risk.

We will update this page with each monthly report. The concierge can walk you through Bayfancy alongside other new buildings in Hulhumalé Phase 2.

## Sources
- bayfancy-progress-september-2026.vercel.app/ (Bayfancy monthly construction progress reports, status as of August 2026 (70 per cent) and October 2026 (72 per cent); completed milestones; works in progress; 15 remaining milestones to handover on 30 June 2027; developer Bayfancy PTE LTD, Lot 20092, Hulhumalé Phase 2; read 18 October 2026) (https://bayfancy-progress-september-2026.vercel.app/ (Bayfancy monthly construction progress reports, status as of August 2026 (70 per cent) and October 2026 (72 per cent); completed milestones; works in progress; 15 remaining milestones to handover on 30 June 2027; developer Bayfancy PTE LTD, Lot 20092, Hulhumalé Phase 2; read 18 October 2026))
- bayfancy.com/news (Bayfancy's 51 news posts, 9 September 2024 to 13 October 2026, including slab-by-slab updates and "Journey to Handover" episodes 01–09; starting prices, September 2026) (https://bayfancy.com/news (Bayfancy's 51 news posts, 9 September 2024 to 13 October 2026, including slab-by-slab updates and "Journey to Handover" episodes 01–09; starting prices, September 2026))
- bayfancy-data.pages.dev/ (June 2026 engineering report) (https://bayfancy-data.pages.dev/ (June 2026 engineering report))
- bayfancy2026-07.pages.dev/ (July 2026 engineering report) (https://bayfancy2026-07.pages.dev/ (July 2026 engineering report))
- mihaaru.com/business/145599 (Mihaaru, 18 May 2025: sales open, launch prices) (https://mihaaru.com/business/145599 (Mihaaru, 18 May 2025: sales open, launch prices))
- edition.mv/business/42557 (The Edition, 15 July 2025: schedule and handover window) (https://edition.mv/business/42557 (The Edition, 15 July 2025: schedule and handover window))
- www.bluelagoon.mv/ (Blue Lagoon Luxury Residences: Plot 20094, Hulhumalé Phase 2) (https://www.bluelagoon.mv/ (Blue Lagoon Luxury Residences: Plot 20094, Hulhumalé Phase 2))

Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.