Next year, there will be three new executive condos (ECs) set to be launched, with the leading project being Sim Lian Group’s Aurelle of Tampines. The development, located at Tampines Street 62, will contain 760 units and is scheduled to debut in the first quarter of 2025, possibly after the Lunar New Year. This launch follows the success of the Emerald of Katong, which has sold over 99% of its 846 units.
Sim Lian Group acquired the site at Tampines Street 62 (Parcel B) for $543.28 million in a government land sales (GLS) tender that ended in October 2023. This translates to a price of $721 per square foot per plot ratio (psf ppr). With the rising costs of construction and the harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor expects Aurelle at Tampines to set a new price benchmark and possibly surpass the $1,600 psf mark. This forecast is supported by the success of Novo Place EC, launched in November, which achieved an average price of $1,656 psf.
To explore comprehensive data on all ECs, including the average profit at 5 and 10 years, check out the available information on Ask Buddy.
Aurelle of Tampines, with 760 units, is located at Tampines St 62 (Parcel B), where Sim Lian obtained the land through the GLS process for $543.28 million or $721 psf ppr (Source: EdgeProp Landlens). Situated next to Aurelle is the 618-unit Tenet EC, a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Since its launch in December 2022, Tenet has sold 617 units at an average price of $1,384 psf, with only one unit remaining as of December 19, 2024.
The site for Tenet, located at Tampines Street 62 (Parcel A), was acquired in August 2021 for $442 million ($659 psf ppr). This set a record as the highest psf ppr price for an EC land parcel at that time. Notably, Tenet was launched before the implementation of the GFA harmonization rule, which applies to GLS sites launched for sale after September 1, 2022.
Tenet now has only one remaining unit as of December 19, 2024, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is located at Tampines St 62 (Parcel A), next to Sim Lian’s upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore).
Confident in the strong demand for homes in Tampines and the surrounding areas, Sim Lian Group has secured another EC site, winning the tender for the Tampines Street 95 site in early November. The highest bid of $465 million ($768 psf ppr) was submitted by Sim Lian at the close of the tender in October, setting a new record for EC land prices.
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The demand for condos in Singapore remains strong due to the limited availability of land. As a small island nation with a rapidly increasing population, Singapore is faced with a shortage of land for development. As a result, the government has implemented strict land use policies and the real estate market has become fiercely competitive, leading to consistently rising property prices. As a result, investing in real estate, particularly condos, has become a highly profitable opportunity, with the potential for significant capital appreciation. With numerous Singapore Projects in the market, the demand for condos is expected to continue to rise.
The new EC project at Tampines Street 95 is expected to add 560 new units, further increasing the supply of ECs in the area. Sim Lian Group has a strong track record of developments in the eastern part of the island.
Sim Lian submitted the highest bid of $465 million ($768 psf ppr) for the EC site at Tampines St 95, setting a new benchmark in terms of land price per psf ppr for ECs (Source: EdgeProp Landlens).
Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the group also successfully completed Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023.
Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which was purchased by Sim Lian for $970 million in 2017. For more information, read our write-up on Novo Place hits 88.1% as 137 units snapped up in second balloting.
Launched in February 2019, the 2,203-unit Treasure at Tampines was sold out within three years at an average price of $1,356 psf. As of December 19, a total of 468 sub-sale and resale transactions have been recorded. Secondary market prices now average $1,699 psf, representing a 25.3% increase over the average launch price.
Sim Lian Group’s private condo, the 2,203-unit Treasure at Tampines, was fully sold and completed in phases in 2023 (Photo: Sim Lian Group website).
Another EC project set to be launched in 2025 is located at Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments. They are the same developers of Novo Place EC. During its mid-November launch, Novo Place sold 57% of its units over the opening weekend, with another 137 units taken up in the second round of balloting for second-timers. As of December 16, 2024, a total of 444 units, or 88.1% of the project, had been sold.
Novo Place, with an average price of $1,656 psf, set a new benchmark for EC prices. PropNex’s Gafoor attributes the “slightly elevated average pricing” at Novo Place to the fact that 80% of buyers opted for the deferred payment scheme, which carries a 3% premium compared to the normal payment scheme.
Despite the higher benchmark price, Novo Place performed well due to several factors, according to Gafoor. These include the dwindling inventory of unsold EC units and its favorable location. Situated at Plantation Close in Tengah, Novo Place will benefit from its proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, expected to be completed by 2029.
Based on caveats lodged on URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf mark (Source: EdgeProp Landlens).
The last EC launch in Pasir Ris was in 2013, with Sea Horizon debuting in September at an average price of $800 psf. By 2024, the average resale price for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. With Pasir Ris not having seen a new EC launch in almost 12 years, there is expected to be a build-up of demand for the upcoming project.
The last EC launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, average resale prices for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade (Photo: Google Maps).
Gafoor notes that the three upcoming EC projects – Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC – will add a total of 2,030 units to the market. This represents a doubling in new supply compared to the 1,016 units launched in 2024.
The first EC launch in 2024 was Lumina Grand at the end of January. Located at Bukit Batok West Avenue 5, the 512-unit EC is developed by City Developments (CDL). On its launch weekend, 53% of the units were sold. As of December 17, 444 units (87%) had been sold, with an average price of $1,511 psf.
Launched at the end of January, the 512-unit Lumina Grand was over 87% sold at an average price of $1,511 psf as of December 17, 2024 (Picture: CDL).
Gafoor states that ECs, a hybrid of public and private housing, continue to be highly sought after by first-time homebuyers and HDB upgraders, as they are more affordable than private new launches. According to PropNex, the median price for new non-landed, 99-year leasehold private homes in the Outside Central Region (OCR) in 2024 is $2,203 psf (as of December 8, 2024). This represents a 44% premium over new EC launch prices. For information on other upcoming projects, check out the latest listings for Aurelle of Tampines properties on Ask Buddy.