The year 2025 is set to see the launch of three new executive condos (ECs), with the highly anticipated Aurelle of Tampines by Sim Lian Group being the first on the list. Expected to debut in the first quarter after the Lunar New Year, this 760-unit development at Tampines Street 62 joins the list of previous success stories such as the 846-unit Emerald of Katong, which is now over 99% sold.
In its bid for the site at Tampines Street 62 (Parcel B), Sim Lian Group spent $543.28 million translating to $721 psf per plot ratio (psf ppr) in a government land sales (GLS) tender that ended in October 2023. With the rising construction costs and the harmonisation of gross floor area (GFA) definitions, the CEO of PropNex, Ismail Gafoor, is of the opinion that Aurelle at Tampines may set a new price benchmark exceeding the $1,600 psf threshold. This expectation is drawn from the success of Novo Place EC, launched in November, with an average price of $1,656 psf.
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The 760-unit Aurelle at Tampines is located at Tampines St 62 (Parcel B), the same site acquired by Sim Lian in the GLS tender (Source: EdgeProp Landlens). Next to it is the 618-unit Tenet EC, a joint venture project by Qingjian Realty, Santarli Realty, and Heeton Holdings. Launched in December 2022, Tenet has sold 617 units, with an average price of $1,384 psf with only one unit unsold as of December 2024. The site for Tenet, located at Tampines Street 62 (Parcel A), was acquired in August 2021 at a record high psf ppr price of $442 million ($659 psf ppr). However, Tenet was launched before the implementation of the GFA harmonisation rule, which is applicable to GLS sites launched for sale from Sept 1, 2022.
Tenet has only one remaining unit left as of December 2024, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is situated at Tampines St 62 (Parcel A), sharing its boundary with Sim Lian’s upcoming 760-unit Aurelle at Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore).
When it comes to investing in a condo, financing plays a crucial role. In Singapore, there are various mortgage plans available, but it is crucial to understand the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the loan amount that a borrower can take based on their income and current debt obligations. To make well-informed choices about financing, it is recommended to work with financial advisors or mortgage brokers who can provide guidance. This will also help investors avoid over-leveraging. For more information on financing options for Singapore Condo, one can reach out to financial experts.
Confident in the strong demand for housing in Tampines and the surrounding areas, Sim Lian Group secured another EC site with its winning bid for Tampines Street 95 GLS site in early November. The project is set to add 560 new units to the market. After submitting the highest bid of $465 million ($768 psf ppr), Sim Lian Group has set a new EC land price benchmark.
The upcoming EC project at Tampines Street 95 is expected to have 560 units, adding to the EC supply in the area. Sim Lian Group has a proven track record of developing properties in the eastern region of the island. (Source: EdgeProp Landlens)
Sim Lian Group completed its previous project, Treasure at Tampines, in 2023. With 2,203 units, it remains the largest private condominium in Singapore. Located at Tampines Street 11, it was a redevelopment of the former privatised HUDC estate, Tampines Court, which Sim Lian Group acquired for $970 million in 2017.
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Developed in phases, Treasure at Tampines was launched in February 2019 and sold out within three years at an average price of $1,356 psf. As of December 2024, there have been a total of 468 sub-sale and resale transactions. With secondary market prices averaging at $1,699 psf, an increase of 25.3% over the average launch price has been recorded.
Sim Lian Group’s private condo, the 2,203-unit Treasure at Tampines was fully sold and completed in stages in 2023 (Photo: Sim Lian Group website).
Another upcoming EC project is situated at Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments, the same developers of Novo Place EC. Novo Place was launched in mid-November and sold 57% of its units over the opening weekend. In the second round of balloting for second-timers, buyers who have previously purchased a subsidised new or resale HDB flat, another 137 units were snapped up, bringing total sales to 444 units, or 88.1% of the project as of December 16, 2024.
With an average price of $1,656 psf, Novo Place set a new benchmark for EC prices. According to Gafoor, the “slightly elevated average pricing” at Novo Place could be attributed to the fact that 80% of buyers opted for the deferred payment scheme, which includes a 3% premium compared to the normal payment scheme.
Even with the higher benchmark price, Novo Place has achieved an excellent performance due to factors such as the dwindling inventory of unsold EC units and its favourable location. Situated at Plantation Close in Tengah, Novo Place will benefit from the upcoming Tengah Park MRT and Bukit Batok West MRT stations on the Jurong Region Line, set to be completed by 2029.
Based on caveats lodged on URA Realis, some transactions at Novo Place executive condo have crossed the $1,700 psf threshold (Source: EdgeProp Landlens).
The third EC project, expected to launch in late 2025, is situated at Jalan Loyang Besar in Pasir Ris. The 710-unit development is a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group. The site was acquired for $557 million ($729 psf ppr) in August 2024. The last EC project 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 increased to $1,290 psf, representing a 61.25% increase over the past decade. With no new EC launch in Pasir Ris for almost 12 years, the demand is expected to be high.
The last EC project 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 increased to $1,290 psf, representing 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 collectively add 2,030 units to the market, twice as much as the 1,016 units launched in 2024. The first EC launched in 2024 was Lumina Grand at the end of January. Developed by City Developments (CDL), the 512-unit EC located at Bukit Batok West Avenue 5, witnessed a take-up rate of 53% of the units over its launch weekend. As of December 17, 444 units (87%) have been taken up, achieving an average price of $1,511 psf. “ECs, a hybrid of public and private housing, remain highly sought after by first-time homebuyers and HDB upgraders, as they are still more affordable than private new launches,” says Gafoor.
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). Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices. Find out more about the current projects and new launches in the EdgeProp listings.