Total number of units in Aurelle Of TampinesUpcoming new launch projects Condo rental transactions in District 18Projects that obtained TOP recentlyRecently launched projectsAurelle of Tampines to Lead Lineup of Three New Executive CondosNext year, three new executive condos (ECs) are scheduled to launch, with the Sim Lian Group’s Aurelle of Tampines leading the pack. This 760-unit development at Tampines Street 62 will be introduced in the first quarter of 2025, most probably after the Lunar New Year. Its launch comes on the heels of the success of the Emerald of Katong, a 846-unit project which is now over 99% sold.The site at Tampines Street 62 (Parcel B) was secured by Sim Lian Group for $543.28 million in a government land sales (GLS) tender that concluded in October 2023. This translates to $721 per square foot per plot ratio (psf ppr).In light of the rising construction costs and harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle at Tampines could set a new price benchmark, possibly exceeding the $1,600 psf threshold. This expectation follows the performance of Novo Place EC, which saw an average price of $1,656 psf upon its launch in November.Explore comprehensive data on all ECs, including the typical yield at 5 and 10 yearsThe 760-unit Aurelle of Tampines is located at Tampines Street 62 (Parcel B), which was purchased by Sim Lian in a government land sale for $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens)Tenet EC, a 618-unit project, is situated next to Aurelle and was 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 just one unit remaining as of December 19, 2024.The site for Tenet, located at Tampines Street 62 (Parcel A), was purchased for $442 million ($659 psf ppr) in August 2021. At the time, it was the highest psf ppr price for an EC land plot. Notably, Tenet was launched prior to the implementation of the GFA harmonization rule, which applies to GLS sites launched for sale after September 1, 2022.Tenet has only one remaining unit 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)Sim Lian Group is confident in the strong demand from homebuyers in Tampines and the surrounding areas, securing 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, setting a new record psf ppr price for EC land.The new EC project at Tampines Street 95 is expected to feature 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 record 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 purchased en bloc for $970 million in 2017.Read also: Novo Place hits 88.1% as 137 units snapped up in second ballotingAdvertisementAdvertisementLaunched in February 2019, the 2,203-unit Treasure at Tampines was entirely 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, representing a 25.3% increase from 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)Second EC 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 jointly by Hoi Hup Realty and Sunway Developments. These are the same developers of Novo Place EC.Novo Place sold 57% of its units during its mid-November launch. 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 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 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 favourable 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 last EC launch in Pasir Ris was in 2013The third EC project, with a potential launch date in late 2025, is located at Jalan Loyang Besar in Pasir Ris. The site was purchased for $557 million ($729 psf ppr) in August 2024 by a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group. 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 price for caveats lodged had risen to $1,290 psf, representing 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 expected.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 price for caveats lodged had risen to $1,290 psf, representing a 61.25% increase over the past decade (Photo: Google Maps)New EC supply to double in 2025Of the three upcoming EC projects — Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC — 2,030 units are expected to be added to the market. This represents a doubling in new supply compared to the 1,016 units launched in 2024.At the end of January, Lumina Grand, a 512-unit EC located on Bukit Batok West Avenue 5, was the first EC launched in 2024. Developed by City Developments (CDL), 53% of units were taken up during the launch weekend. 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, 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) in 2024 was $2,203 psf (as of December 8, 2024). Based on caveats lodged during the same period, this represents a 44% premium over new launch prices. Check out the latest listings for Aure
A fundamental understanding of the regulations and restrictions surrounding property ownership is crucial for individuals interested in investing in Singapore. While the process of acquiring condominiums in the country is relatively uncomplicated for foreigners, the same cannot be said for landed properties which have more stringent ownership guidelines. Moreover, foreign buyers are obligated to pay a 20% Additional Buyer’s Stamp Duty (ABSD) for their initial property purchase. Despite these expenses, the real estate market in Singapore remains stable and prosperous, attracting foreign investors who are drawn to the potential growth of projects in the country. To capitalize on this potential, many investors are turning to Singapore Projects.