In the coming year, three new executive condos (ECs) are scheduled to be launched, with the highly anticipated Aurelle of Tampines by Sim Lian Group leading the pack. Located in Tampines Street 62, the 760-unit development is expected to make its 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 has sold over 99% of its units.Sim Lian Group acquired the site in Tampines Street 62 (Parcel B) for $543.28 million through a government land sales (GLS) tender that concluded in October 2023. This translates to a rate of $721 per square foot per plot ratio (psf ppr).With construction costs on the rise and changes in gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor predicts that Aurelle of Tampines could potentially set a new benchmark price, surpassing the $1,600 psf threshold. This forecast is based on the success of Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.Find out more about all ECs, including the average returns at 5 and 10 years.The 760-unit Aurelle of Tampines is located at Tampines St 62 (Parcel B), which was acquired by Sim Lian at a land sale price of $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens)Adjacent to Aurelle is another EC project, Tenet EC, a joint venture by Qingjian Realty, Santarli Realty, and Heeton Holdings. The development has sold 617 units since its launch in December 2022, with only one unit remaining as of Dec 19, 2024. The site for Tenet, located at Tampines Street 62 (Parcel A), was acquired in August 2021 for a record-high price of $442 million ($659 psf ppr). Notably, Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites launched for sale after Sept 1, 2022.Tenet EC has only one unit left as of Dec 19, 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) 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 its neighbouring areas, Sim Lian Group acquired another EC site which was awarded to them in early November at Tampines Street 95. They submitted the highest bid of $465 million ($768 psf ppr) at the close of the tender. This has set a new record for EC land prices.The new EC project at Tampines Street 95 is expected to add 560 new units and further increase the supply of ECs in the area. Sim Lian Group has a proven track record of developing projects in the eastern part of Singapore.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)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 was the redevelopment of the former privatised HUDC estate Tampines Court, which Sim Lian purchased en bloc for $970 million in 2017.Read also: Novo Place records 88.1% sales as 137 units snapped up in second ballotingAdvertisementAdvertisementLaunched in February 2019, the 2,203-unit Treasure at Tampines was fully sold 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, with the secondary market prices averaging $1,699 psf. This represents a 25.3% increase over the average launch price.The private condominium developed by Sim Lian Group, the 2,203-unit Treasure at Tampines, was completely sold and completed in phases in 2023 (Photo: Sim Lian Group website)Another EC project set to launch in 2025 is the 560-unit development at Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments, which are the same developers behind Novo Place EC.During its launch in mid-November, Novo Place sold 57% of its units within the first weekend. In the second round of balloting for second-timers – buyers who had previously purchased from subsidised new or resale HDB flats – another 137 units were taken up, bringing the total number of 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 from subsidised new or resale HDB flats – another 137 units were taken up, bringing the total number of sales to 444 units or 88.1% of the project as of Dec 16, 2024 (Photo: Samuel Isaac Chua/EdgeProp Singapore)Despite setting a higher benchmark price, Novo Place performed well due to various factors, according to Gafoor. These include the limited number of unsold EC units and the development’s favourable location. Situated at Plantation Close in Tengah, 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 on URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf threshold (Source: EdgeProp Landlens)The Last Pasir Ris EC launch was in 2013Another EC project expected 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 bought 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 AdvertisementAdvertisementThe 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 supply of ECs expected to double in 2025Gafoor notes that the upcoming EC projects – Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC – will add a collective total of 2,030 units to the market. This is a doubling in comparison to 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 is located at Bukit Batok West Avenue 5. During its launch weekend, 53% of its units were taken up. As of Dec 17, 444 units (87%) have been sold. The average price achieved thus far stands at $1,511 psf.Launched at the end of January, 512-unit Lumina Grand was over 87% sold at an average price of $1,511 psf as at Dec 17, 2024 (Picture: CDL)“ECs, which are a hybrid of public and private housing, remain popular among first-time homebuyers and HDB upgraders as they are 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 Dec 8, 2024). Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices. 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Next year, three new executive condominiums (ECs) are
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