The executive condominium (EC) market continues to see strong demand as evidenced by the recent launch of Aurelle of Tampines, which saw 90% of its units sold on Mar 8. Developed by Sim Lian Group, the 760-unit EC achieved an average price of $1,766 psf for the 682 units sold. All the four- and five-bedroom units have been taken up while around 84% of the three-bedroom units have also been sold according to the developer.
Commenting on the high demand for modern and well-connected homes like Aurelle of Tampines, Sim Lian Group’s executive director Kuik Sing Beng said, “This remarkable response underscores the strong demand for thoughtfully designed and well-connected modern homes like Aurelle of Tampines, in the most well-connected regional centre in Singapore.”
The average price of $1,766 psf for Aurelle of Tampines has also set a new benchmark for launch prices in the EC market, according to PropNex CEO Ismail Gafoor. He also noted that the 90% launch take-up rate is the highest for a new EC project since the 531-unit Hundred Palms Residences was sold out on launch day in July 2017 at an average price of $841 psf.
Sim Lian also announced that the 30% quota allocated for second-timers was filled by 3.15 pm on launch day. The quota for second-timers will be lifted a month after the launch date. According to Eugene Lim, key executive officer at ERA Singapore, the second-timers could have accounted for more of the sales if there was no quota limit. However, they will still have another opportunity to ballot for a unit after the quota is lifted.
Huttons Asia CEO Mark Yip suggests that the government may want to increase the quota for second-timers buying an EC, in line with the recent increase in the quota for second-timers buying BTO flats. About 68% of the buyers for Aurelle of Tampines opted for the Deferred Payment Scheme (DPS) while the remaining chose the Normal Payment Scheme. This is the highest percentage of DPS buyers seen for an EC project, according to PropNex’s Gafoor.
Prior to the launch, more than 2,200 electronic applications (e-apps) were received since the project opened for preview on Feb 21. This is the highest number of e-applications seen since Copen Grand, the first EC launched in Tengah, attracted 2,300 e-apps in 2022.
Aurelle of Tampines is the second EC launched in Tampines North, following the 618-unit Tenet which was launched in December 2022. Tenet saw 72% of its units sold on launch day at an average price of $1,348 psf. The project is now fully sold.
The pricing for Aurelle of Tampines starts from $1.417 million ($1,687 psf) for a three-bedroom unit of 840 sq ft, $1.689 million ($1,651 psf) for a four-bedroom of 1,023 sq ft, and $2.258 million ($1,665 psf) for a five-bedroom unit of 1,356 sq ft. According to ERA’s Lim, the attractive pricing, strategic location, and unique features of the project have made it a popular choice for eligible first-time buyers and upgraders.
Apart from the attractive pricing, the strong sales for Aurelle could also be attributed to its proximity to ParkTown, a fully integrated mixed-use development with a transport hub, shopping mall, hawker centre, and community club. ParkTown Residence, a 1,193-unit development by CapitaLand and UOL Group, saw 1,041 units sold on its launch weekend on Feb 22-23 and has since sold a total of 1,043 units at an average price of $2,361 psf.
Huttons’ Yip notes that Aurelle is the second EC to be located next to a fully integrated mixed-use development, after the 573-unit Esparina Residences in Sengkang which was launched in October 2010 at an average price of $748 psf. Based on caveats lodged, the average price of units sold from January 2024 to January 2025 was $1,625 psf, a 117% increase. In November 2023, a 1,367 sq ft unit on the seventh floor of Esparina Residences sold for $2.388 million ($1,747 psf), the second highest psf price achieved at the development. The highest was a 1,367 sq ft unit on the 14th floor that sold for $2.4 million ($1,756 psf) in November 2023.
When it comes to real estate investing, location is a crucial factor to consider. This holds particularly true in Singapore, where the right location can significantly impact property values. Condominiums that are situated in central areas or in close proximity to essential amenities, such as schools, shopping malls, and public transportation hubs, have shown to appreciate more in value. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently demonstrated growth in property values. With the addition of Singapore Projects, these areas have become even more desirable for potential investors. Families, in particular, are drawn to condos in these areas due to their proximity to good schools and educational institutions, making them highly sought after investments.
ERA’s Lim points out that new ECs are priced around $600 psf cheaper than new private condos in 2025, making them an appealing choice for buyers. Compared to resale condos in the suburbs, the average price for a new EC is only 1% higher. When taking into account the fresh 99-year lease and modern facilities, new ECs are a compelling option for home buyers.