Three new executive condos (ECs) are scheduled for launch next year, with the Sim Lian Group’s Aurelle of Tampines leading the pack. The 760-unit development, situated at Tampines Street 62, is slated to debut in the first quarter of 2025, most likely after the Lunar New Year. This launch follows the success of the 846-unit Emerald of Katong, which is now over 99% sold.
The Sim Lian Group acquired the site at Tampines Street 62 (Parcel B) for $543.28 million, which translates to $721 psf per plot ratio (psf ppr) in a government land sales (GLS) tender that concluded in October 2023. Given the rising construction costs and the harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle at Tampines could set a new price benchmark, potentially surpassing the $1,600 psf threshold. This expectation follows the success of Novo Place EC, launched in November, which achieved an average price of $1,656 psf.
The 760-unit Aurelle of Tampines is located at the site at Tampines St 62 (Parcel B), which was acquired by Sim Lian Group through a government land sale for $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens).
Adjacent to Aurelle is the 618-unit Tenet EC, which is developed through 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 purchased in August 2021 for $442 million ($659 psf ppr). It set a record-high psf ppr price for an EC land plot 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. As of December 19, there is only one remaining unit at Tenet EC, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is situated at Tampines St 62 (Parcel A), next to Sim Lian’s upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore).
With confidence in the strong homebuyer demand in Tampines and the surrounding estates, Sim Lian Group secured another EC site when it was awarded the Tampines Street 95 GLS site in early November. Sim Lian submitted the highest bid of $465 million ($768 psf ppr) at the close of the tender in October. This set 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 a rich 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, which set a new benchmark in terms of land price per psf ppr for ECs (Source: EdgeProp Landlens).
Beyond the Emerald of Katong and the upcoming EC projects in Tampines, the group 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 Sim Lian acquired for $970 million in 2017. Check out the latest listings for Aurelle Of Tampines properties.
The 2,203-unit Treasure at Tampines, which is Sim Lian Group’s private condo, was fully sold and completed in phases in 2023 (Photo: Sim Lian Group website).
Another EC project, developed by a joint venture between Hoi Hup Realty and Sunway Developments, will launch in 2025. This project, with 560 units at Plantation Close in Tengah Town, is the same developers as Novo Place EC. During its mid-November launch, 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 subsidized 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 December 16, 2024.
In the second round of balloting for second-timers, buyers who had previously purchased a subsidized 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 December 16, 2024 (Photo: Samuel Isaac Chua/EdgeProp Singapore).
Despite the higher benchmark price, Novo Place performed well due to several factors, Gafoor notes. These include the dwindling inventory of unsold EC units and the project’s favorable location. Situated at Plantation Close in Tengah, Novo Place benefits from 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 on URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf threshold (Source: EdgeProp Landlens).
The third EC project, which is likely to launch in late 2025, is located at Jalan Loyang Besar in Pasir Ris. A joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group acquired the site for $557 million ($729 psf ppr) in August 2024. The project is expected to yield 710 units.
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, the average resale price for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. As Pasir Ris has not seen a new EC project launch in almost 12 years, pent-up demand is anticipated.
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, the average resale price 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
Gafoor notes that the three upcoming EC projects – Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC – will add 2,030 units to the market collectively. This represents a doubling in new supply compared to the 1,016 units launched in 2024.
Located in Bukit Batok West Avenue 5, the 512-unit Lumina Grand was the first EC project launched in 2024. The project, developed by City Developments (CDL), saw 53% of its units sold on its launch weekend. As of December 17, 444 units (87%) have 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 of December 17, 2024 (Picture: CDL).
Gafoor notes, “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.” 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.
Total number of units in Aurelle Of Tampines
< When looking into purchasing a condo, it’s crucial to take into account its maintenance and management. In most cases, condos come with maintenance fees that cover the upkeep of shared areas and amenities. While these fees may increase the overall cost of owning a condo, they also ensure that the property stays in good condition and maintains its value. Hiring a property management company can assist investors in managing the day-to-day operations of their condo, making it a more hands-off investment.
Aurelle of Tampines will have a total of 760 units.
Upcoming new launch projects
Other upcoming EC projects include Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments, with 560 units, and a project at Jalan Loyang Besar in Pasir Ris, developed by a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group, with 710 units.
Condo rental transactions in District 18
According to URA Realis data, there were 3,038 rental transactions for private non-landed homes in District 18 in the first ten months of 2024. This is an increase of 7.6% compared to the same period in 2023.
Projects that obtained TOP recently
The most recently completed project in District 18 is Treasure at Tampines, developed by Sim Lian Group, with 2,203