Next year, three new executive condos (ECs) are set to be launched, with Sim Lian Group’s Aurelle of Tampines taking the lead. Located at Tampines Street 62, the development will debut in the first quarter of 2025, most likely after the Lunar New Year celebrations. This launch comes on the heels of the highly successful Emerald of Katong, which is now over 99% sold.
Sim Lian Group secured the site for Aurelle of Tampines at Tampines Street 62 (Parcel B) for $543.28 million in a government land sales (GLS) tender that concluded in October 2023. This translates to $721 psf per plot ratio (psf ppr).
Considering the rise in construction costs and the harmonisation of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor predicts that Aurelle of Tampines could set a new price benchmark, potentially exceeding the $1,600 psf threshold. This expectation comes after the success of Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.
To explore comprehensive data about all ECs, including the average profit at 5 and 10 years, visit Buddy.
Investing in property in Singapore requires a thorough understanding of the regulations and limitations that govern foreign ownership. While purchasing condos is generally more feasible for non-residents compared to landed properties with stricter ownership rules, foreign buyers are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property acquisition. However, the appeal of the Singapore real estate market, with its stability and potential for growth, continues to attract foreign investors. In addition, with the introduction of New Condo Launches, opportunities for foreign ownership in Singapore are further expanded.
The 760-unit Aurelle of Tampines is located at Tampines St 62 (Parcel B), a site that Sim Lian Group purchased for $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens).
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 just one unit remaining as of Dec 19, 2024.
The site for Tenet, at Tampines Street 62 (Parcel A), was purchased in August 2021 for $442 million ($659 psf ppr). That price set a record for the highest psf ppr price for an EC land plot back then. Notably, Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites sold for sale after Sept 1, 2022.
Tenet has only one remaining unit as of Dec 19, 2024, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is 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 surrounding estates, Sim Lian Group acquired another EC site when it was awarded the Tampines Street 95 GLS site early last November. At the close of the tender in October, Sim Lian submitted the highest bid of $465 million ($768 psf ppr), setting a new high for EC land prices.
The new EC project at Tampines Street 95 is expected to add 560 new units, further boosting the EC supply in the area. Sim Lian Group has an extensive 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 for EC land prices (Source: EdgeProp Landlens).
In addition to the Emerald of Katong and the upcoming EC projects in Tampines, the group also 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 Sim Lian purchased en bloc for $970 million in 2017.
Read also: Novo Place hits 88.1% as 137 units snapped up in second balloting.
Launched in February 2019, the 2,203-unit Treasure at Tampines sold out entirely within three years at an average price of $1,356 psf. As of Dec 19, a total of 468 sub-sale and resale transactions have been recorded. Prices on the secondary market 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).
The second EC launch in Plantation Close, Tengah Town is Novo Place, a 628-unit development developed by a joint venture between Hoi Hup Realty and Sunway Developments. Launched in mid-November, Novo Place sold 57% of its units over the opening weekend. In the second round of balloting for second-timers — buyers who had previously purchased a subsidised new or resale HDB flat — another 137 units were taken up, bringing total sales to 444 units, or 88.1% of the project as of Dec 16, 2024.
In the second round of balloting for second-timers — buyers who had previously purchased a subsidised new or resale HDB flat — another 137 units were taken up, bringing total sales to 444 units, or 88.1% of the project as of Dec 16, 2024 (Photo: Samuel Isaac Chua/EdgeProp Singapore).
With an average price of $1,656 psf, Novo Place 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 chose the deferred payment plan, which carries a 3% premium compared to the regular payment plan.
Despite the higher benchmark price, Novo Place performed well due to several factors. These include the diminishing inventory of unsold EC units and its favourable location. Situated in Tengah’s Plantation Close, Novo Place benefits from its proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, which are expected to be completed by 2029.
Based on caveats lodged in URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf threshold (Source: EdgeProp Landlens).
The last EC launch in Pasir Ris was in 2013
A third EC project, potentially launching in late 2025, is located at Jalan Loyang Besar in Pasir Ris. It is a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group, who purchased the site for $557 million ($729 psf ppr) in August 2024. The project is expected to yield 710 units.
Read also: Novo Place EC achieves 57% sales on launch day at an average price of $1,654 psf.
One of the main factors driving the demand for condos in Singapore is the scarcity of land. As a small country with a rapidly increasing population, Singapore struggles to find available land for development. This results in strict land use regulations and a cutthroat real estate market where property values are continuously rising. As a result, purchasing real estate, specifically condos, has become a profitable opportunity with the potential for significant capital gains. Additionally, condos are highly sought after due to their premium location and modern amenities, making them a desirable investment for both local and foreign buyers alike.
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The last EC launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, the average resale prices for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. Given that Pasir Ris has not seen a new EC launch in nearly 12 years, pent-up demand is anticipated.
The last EC launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, the average resale prices for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade (Photo: Google Maps).
New EC supply to double in 2025
According to Gafoor, the three upcoming EC projects — Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC — will together add 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 launched 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 taken up. As of Dec 17, 444 units (87%) had been taken up. The average price achieved to date is $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 at Dec 17, 2024 (Picture: CDL).
“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) as of Dec 8, 2024, was $2,203 psf. Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices. To check out the latest listings for Aurelle of Tampines properties, please visit Buddy.