Next year, 2025, will see the introduction of three new executive condominiums (ECs), with Sim Lian Group’s Aurelle of Tampines leading the pack. This 760-unit development, situated at Tampines Street 62, is set to launch in the first quarter of the year, most likely after the Lunar New Year. This launch follows the immense success of the Emerald of Katong, a 846-unit development, which is now over 99% sold.
The site for Aurelle of Tampines is situated at Tampines Street 62 (Parcel B) and was acquired by Sim Lian Group for $543.28 million during the government land sales (GLS) tender in October 2023. This translates to a price of $721 per square foot per plot ratio (psf ppr).
With the rising costs of construction and the harmonisation of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor predicts that Aurelle of Tampines could potentially set a new price benchmark, surpassing the $1,600 psf threshold. This expectation comes after the triumphant launch of Novo Place EC in November, which achieved an average price of $1,656 psf.
For a comprehensive overview of all ECs, including the average profit at 5 and 10 years, explore our extensive data.
The 760-unit Aurelle of Tampines is located at Tampines Street 62 (Parcel B) and was acquired by Sim Lian Group during the government land sales (GLS) tender in October 2023 for $543.28 million, translating to $721 psf per plot ratio (psf ppr). (Source: EdgeProp Landlens)
Adjacent to Aurelle of Tampines is the Tenet EC, a 618-unit development 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 left as of Dec 19, 2024.
Tenet is located at Tampines Street 62 (Parcel A) and was acquired in August 2021 for $442 million ($659 psf ppr), setting a record-high price of psf ppr for an EC land plot. It is noteworthy that Tenet was launched before the implementation of the GFA harmonisation rule, applicable to GLS sites launched for sale following Sept 1, 2022.
As of Dec 19, 2024, Tenet only has one remaining unit, 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)
Boasting its confidence towards the strong demand for homes in Tampines and its surrounding neighbourhoods, Sim Lian Group has secured another EC site, the Tampines Street 95 GLS site. Sim Lian placed the highest bid of $465 million ($768 psf ppr) during the tender, which closed in October. This groundbreaking bid sets a new high for EC land prices.
This new EC project at Tampines Street 95 is expected to bring in another 560 units, adding to the EC supply in the vicinity. Sim Lian Group has an extensive track record in developments in the eastern part of Singapore.
Sim Lian placed the highest bid of $465 million ($768 psf ppr) for the EC site at Tampines St 95, setting a new land price per psf ppr benchmark for ECs (Source: EdgeProp Landlens)
Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the group has been highly successful with Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, which was completed in 2023.
Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate, Tampines Court, which was purchased by Sim Lian en bloc in 2017 for a price of $970 million.
Read more: Novo Place hits 88.1% as 137 units snapped up in second balloting
Launched in February 2019, the 2,203-unit Treasure at Tampines was fully sold within three years, achieving 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 condominium, 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 slated to launch in 2025 is a 560-unit development at Plantation Close in Tengah Town, which is being developed by a joint venture between Hoi Hup Realty and Sunway Developments. These are the same developers behind Novo Place EC.
During its launch in mid-November, 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 of 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 of Dec 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 diminishing inventory of unsold EC units and the project’s convenient location. Situated at Plantation Close in Tengah, Novo Place benefits from the vicinity of 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, which could potentially launch in the later part of 2025, is located at Jalan Loyang Besar in Pasir Ris. Its site was acquired by a joint venture between Qingjian Realty, Forsea Holdings and ZACD Group 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
The last EC launch in Pasir Ris was Sea Horizon, which was launched 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 10 years. Given that Pasir Ris has not seen a new EC launch in almost 12 years, there is expected to be pent-up demand.
The last EC launch in Pasir Ris was Sea Horizon, which was launched 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 10 years. (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 is a doubling of new supply as 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 combination of public and private housing, continue to be highly popular among first-time homebuyers and HDB upgraders, as they are still more affordable than new private 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