Executive condo launches in 2025 to set new price benchmarks
By Cecilia Chow
/ EdgeProp Singapore |
Hoi Hup Realty and Sunway Developments' 700-unit Parc Central Residences was completed in July 224. It's located at Tampines St 86. Sim Lian Group's upcoming 760-unit Aurelle of Tampines is located at Tampines St 62 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Next year, three new executive condos (ECs) are slated for launch, with Sim Lian Group’s Aurelle of Tampines leading the lineup. The 760-unit development at Tampines Street 62 will debut in 1Q2025, most likely after the Lunar New Year. Its launch follows the success of the 846-unit Emerald of Katong, which is now over 99% sold.
Sim Lian Group secured the site at Tampines Street 62 (Parcel B) for $543.28 million, translating to $721 psf per plot ratio (psf ppr) in a government land sales (GLS) tender that concluded in October 2023.
Considering rising construction costs and the harmonisation 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.
Explore comprehensive data about all ECs, including the average profit at 5 and 10 years
The 760-unit Aurelle of Tampines is situated at Tampines St 62 (Parcel B), which Sim Lian purchased in a government land sale for $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens)
Located next to Aurelle is the 618-unit Tenet EC, 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 Dec 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 was a record-high psf ppr price for an EC land plot then. 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 has only one remaining unit as of Dec 19, 2024, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is 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 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. It has 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 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, 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 purchased en bloc for $970 million in 2017.
Launched 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 Dec 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 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)
Second EC launch in Plantation Close, Tengah Town
Another EC project 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. They are the same developers of Novo Place EC.
At 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 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 Dec 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 Dec 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 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 2013
A third EC project, potentially launching in late 2025, is located at Jalan Loyang Besar in Pasir Ris. A joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group purchased the site for $557 million ($729 psf ppr) in August 2024. The project is expected to yield 710 units.
The last EC launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, 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, 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 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 collectively add 2,030 units to the market. This represents a doubling in new supply compared to 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 Dec 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 at Dec 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 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.
Check out the latest listings for Aurelle Of Tampines properties
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