In 1Q2025, Singaporeans and upgraders will have more options to choose from, with three new executive condos (ECs) set to be launched. Sim Lian Group’s Aurelle of Tampines is set to lead the way, with a total of 760 units located in Tampines Street 62. The launch is expected to take place after the Lunar New Year, following the success of the 846-unit Emerald of Katong, which has now sold over 99%. In October 2023, Sim Lian Group secured the site at Tampines Street 62 (Parcel B) for $543.28 million in a government land sales (GLS) tender.Considering the rising costs of construction and the resulting impact on gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor predicts that Aurelle at Tampines could surpass the $1,600 psf threshold and set a new price benchmark. This is supported by the success of Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.Explore extensive data about all ECs, including the average profit at 5 and 10 years The 760-unit Aurelle of Tampines is located at Tampines St 62 (Parcel B), a site purchased by Sim Lian in a government land sale for $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens)Next to Aurelle is the 618-unit Tenet EC, developed through a joint venture between Qingjian Realty, Santarli Realty and Heeton Holdings. It was launched in December 2022 and has since sold 617 units at an average price of $1,384 psf. The site for Tenet, located at Tampines Street 62 (Parcel A), was purchased in August 2021 for $442 million, the highest psf per plot ratio (ppr) price for an EC then. It is worth noting that Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites launched for sale after September 1, 2022.Tenet only has one unit remaining as of December 19, 2024, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is located 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 surrounding areas, Sim Lian Group has secured another EC site at Tampines Street 95, which was awarded in early November. The developer submitted a bid of $465 million ($768 psf ppr), setting a new record for EC land prices. The new EC project is expected to add 560 units to the market, further increasing the supply in the area. Sim Lian Group has a strong 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 for land price per psf ppr for ECs (Source: EdgeProp Landlens)Apart from 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 purchased en bloc for $970 million in 2017. Read also: Novo Place hits 88.1% as 137 units snapped up in second ballotingLaunched 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 December 19, a total of 468 sub-sale and resale transactions have been recorded. Secondary market prices now average $1,699 psf, 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)Novo Place EC is the second launch in Plantation Close, Tengah TownAnother 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, the same developers behind Novo Place EC. In mid-November, the project achieved a sales rate of 57% over the launch 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 at December 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 at December 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 opted for the deferred payment scheme, which carries a 3% premium compared to the normal payment scheme.Despite the higher benchmark price, Novo Place performed well due to several factors, Gafoor observes. These include the decreasing inventory of unsold EC units and the project’s prime location. Situated at Plantation Close in Tengah, Novo Place is close 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 EC to be launched in Pasir Ris was in 2013The third EC project set to launch in late 2025 is located at Jalan Loyang Besar in Pasir Ris. It is being developed by a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group, which 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 psfThe last EC launch 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 an increase of 61.25% over the past decade. Given that Pasir Ris has not seen a new EC launch in nearly 12 years, there is a high demand for homes.The last EC launch in Pasir Ris was the 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 will double in 2025Gafoor notes that the three upcoming EC projects – Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC – will add a total of 2,030 units to the market. This will more than double 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 December 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 of December 17, 2024 (Picture: CDL)“ECs, which combine elements of public and private housing, are still highly sought after by first-time homebuyers and HDB upgraders, as they are more affordable than new private launches,” says Gafoor.According to PropNex, the median price of 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). This is a 44% premium over new EC launch prices based on caveats lodged during the same period. 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When considering investing in condos in Singapore, it is essential to take into account the impact of the government’s property cooling measures. In recent times, the Singapore government has introduced various measures to regulate the influx of speculative purchasing and maintain a stable real estate market. These initiatives, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and those buying multiple properties. While these measures may initially affect the profitability of condo investments, they also contribute to the long-term stability of the market, making it a more secure environment for investors. Additionally, with numerous excellent Singapore Projects now available, the condo market is expected to continue being a lucrative investment option for those looking to invest.