Hulhumalé Phase 2
Bayfancy Residence
1+1, two-bedroom, 2+1 and 3+1 apartments and sky villasOff-plan sale by the developer; ask for the tenure terms in writingUnder construction: 72% complete (October 2026); handover expected 30 June 2027
Developer
Bayfancy PTE LTD
Singapore real estate developer re-registered in the Maldives in 2024. Developer of Bayfancy Residence, an 18-storey apartment building on Lot 20092, Hulhumalé Phase 2, due for handover in June 2027.
Developments
Coverage
Rules & rates
Is your building on HDFC's list? The 15 approved projects
HDFC finances flats only in projects it has approved. Its list has 15, from Bayfancy and Kandoofaa Residence to The Rise, the Rainbow projects, Centreal and SJ Creek. The full list, and how a developer gets on it.
Rules & rates
What HDFC's quarterly reports show about off-plan projects
HDFC reports the progress of every development it finances to the capital market regulator. The June 2026 report: Bayfancy 93%, Kandoofa Residence 86%, The Rise 74%, Centreal 61%, Rain Pearl 45%, Rain Palm 37%, Kandoofa Ecoplex 13%. Several completion dates have moved by more than a year.
Developments
Bayfancy Residence as an investment: the rent each home has to earn
At today's starting prices a Bayfancy 1+1 needs about MVR 18,750 a month in rent to earn a 6 per cent gross return, and a 3+1 about MVR 36,150. Here is how that compares with what homes in Hulhumalé are asking, and what else to weigh.
Developments
Buying at Bayfancy Residence: the steps, and where the concierge can help
How to buy an apartment at Bayfancy Residence from first enquiry to keys, the questions to settle at each step, and how Binga's concierge can help you compare, check the contract and let the home after handover.
Developments
Bayfancy Residence, the address: Lot 20092 in Hulhumalé Phase 2
Bayfancy stands on Lot 20092 in Hulhumalé Phase 2, next to Blue Lagoon Luxury Residences, in a part of Hulhumalé still filling in. What living there looks like today and as the neighbourhood is built out.
Developments
Bayfancy Residence, the building: 18 floors on 350 piles, with a whole floor for residents
What Bayfancy Residence is made of: an 18-storey tower over a basement on Lot 20092 in Hulhumalé Phase 2, standing on more than 350 deep piles, with no shops inside, a double-height lobby and an entire 17th floor of shared amenities.
Developments
Bayfancy Residence, units and prices: five layouts, and what has changed since launch
Bayfancy's layouts run from a 735 sq ft 1+1 to sky villas of over 6,000 sq ft. Starting prices have risen since sales opened in May 2025: the 1+1 from MVR 3.5 million to 3.75 million, the 3+1 from MVR 6.2 million to 7.23 million.
Developments
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.
Launches
Bayfancy finishes plastering, opens a materials showroom and reports the building 70 per cent complete
In August 2026 Bayfancy completed all plastering, finished air-conditioning, screeding and waterproofing on its upper floors, and opened a showroom of the materials going into the apartments. Its engineering report put overall progress at 70 per cent.
Launches
Walls, roof and waterproofing done: Bayfancy Residence moves into its finishing phase
By late February 2026 all masonry at Bayfancy Residence was complete, the roof and external waterproofing were finished and the show apartment was 70 per cent built. Plastering then moved through the building, with the outside walls at 68 per cent by April.
Launches
A new investor takes a stake in Bayfancy and the developer sets 31 December 2026 for handover
Bayfancy announced that businessman Chen Jiaming had reached an agreement with its original shareholders in October 2025 and put in more capital. The developer set handover for 31 December 2026 as masonry reached the 14th floor and work on the show apartment began.
Launches
Bayfancy Residence tops out: the 18-storey frame is complete
Bayfancy poured its 18th-floor slab on 23 September 2025 and declared the superstructure complete on 18 October, with internal walls finished up to the tenth floor. The frame came in a few weeks after the September target set in July.
Launches
Bayfancy reaches its 17th floor and shows what it will hold: pool, gym, play area and co-working
The day after its 17th-floor slab was poured, Bayfancy set out plans for the whole level as residents' amenities, from an infinity pool and gym to a children's play area, reading room and co-working space, and showed a double-height lobby design.
Launches
Bayfancy reaches its 11th floor ten days ahead of plan and targets handover in late 2026
By mid-July 2025 Bayfancy Residence had poured eleven floor slabs in under four months. Its sales director said the job was ten days ahead of schedule, with the frame due by September 2025, fit-out from October and handover between September and December 2026.
Launches
Bayfancy Residence opens for sale at 20 per cent built, from MVR 3.5 million
With the fifth-floor slab poured, Bayfancy opened sales of its 18-storey building in Hulhumalé Phase 2: one-bedroom-plus apartments from MVR 3.5 million, 3+1 suites from MVR 6.2 million and sky villas from MVR 26 million, with Bank of Maldives as mortgage partner.
Launches
Bayfancy Residence pours its basement slab ahead of schedule and starts to rise
On 9 March 2025 Bayfancy Residence poured its basement slab, ahead of the 20 March target the developer had set, and moved above ground: the ground-floor slab followed on 23 March and the first floor on 30 March.
Launches
Bayfancy Residence completes its foundation piles: more than 350, driven 12 to 15 metres deep
Construction of Bayfancy Residence began on 1 December 2024. Within four weeks, more than 350 foundation piles had been driven 12 to 15 metres into the ground, three days ahead of plan, and steel sheet piling for the basement followed.
Launches
A Singapore developer arrives in the Maldives with plans for Bayfancy Residence in Hulhumalé
Bayfancy Pte Ltd, a Singapore real estate developer whose team has built large residential schemes in China, re-registered in the Maldives to build Bayfancy Residence, an apartment building in Hulhumalé.
Represent Bayfancy PTE LTD? Send the desk your news or corrections to hello@binga.mv.