In the coming year, there will be three highly-anticipated new executive condo (EC) launches, with the debut of Sim Lian Group’s Aurelle of Tampines leading the pack. Located at Tampines Street 62, the 760-unit development is expected to launch in the first quarter of 2025, likely after the Lunar New Year. This launch comes on the heels of the successful sale of Emerald of Katong, a 846-unit development that is now over 99% sold.
After securing the site at Tampines Street 62 (Parcel B) for $543.28 million at a government land sales (GLS) tender in October 2023, Sim Lian Group is likely to set a new price benchmark with Aurelle at Tampines, potentially surpassing the $1,600 psf threshold. This projection is based on the success of Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.
The 760-unit Aurelle of Tampines is located at Tampines St 62 (Parcel B), which Sim Lian purchased in a GLS tender for $543.28 million, translating to $721 psf per plot ratio (psf ppr) (Source: EdgeProp Landlens)
In addition to the upcoming Aurelle, there is also the 618-unit Tenet EC, which is situated next to Aurelle and 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 December 19, 2024.
The Tenet site, located at Tampines Street 62 (Parcel A), was purchased for $442 million ($659 psf ppr) in August 2021. This set a record-high psf ppr price for an EC land plot at the time. Notably, Tenet was launched prior to the implementation of the harmonisation of gross floor area (GFA) definitions, 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) beside Sim Lian’s upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore)
With confidence in the strong demand for homes in Tampines and its surrounding areas, Sim Lian Group has secured another EC site after being awarded the Tampines Street 95 GLS site in early November. Sim Lian submitted the highest bid of $465 million ($768 psf ppr) when the tender closed in October. This has established a new high for EC land prices.
The new EC project at Tampines Street 95 is expected to add 560 new units to the area, further boosting the EC supply. 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 benchmark for EC land prices (Source: EdgeProp Landlens)
Beyond Emerald of Katong and the upcoming EC projects in Tampines, the group has successfully completed Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023. Located at Tampines Street 11, the entire Treasure at Tampines development is a redevelopment of the former privatised HUDC estate, Tampines Court, which Sim Lian purchased en bloc for $970 million in 2017.
The 2,203-unit Treasure at Tampines, developed by Sim Lian Group, was entirely sold within three years since its launch in February 2019 at an average price of $1,356 psf. As of December 19, a total of 468 sub-sale and resale transactions have been recorded for the project. 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)
In addition to the three upcoming EC projects, there is another one set to launch next year – a 560-unit development at Plantation Close in Tengah Town. This project is being developed through a joint venture between Hoi Hup Realty and Sunway Developments, which were the same developers behind 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 snapped up, bringing total sales to 444 units, or 88.1% of the project by December 16, 2024.
The average price achieved for Novo Place was $1,656 psf, setting a new benchmark for EC prices in the area. PropNex’s Gafoor believes that the “slightly elevated average pricing” at Novo Place may be due 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 this higher benchmark price, Novo Place still performed well due to several factors, according to Gafoor. This included the dwindling inventory of unsold EC units and the project’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 have already crossed the $1,700 psf threshold (Source: EdgeProp Landlens)
Another EC project launching in late 2025 is located at Jalan Loyang Besar in Pasir Ris, and is being developed through a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group. This site was purchased for $557 million ($729 psf ppr) in August 2024 and is expected to yield 710 units.
The last EC launch in Pasir Ris was Sea Horizon, which debuted back in September 2013 at an average price of $800 psf. By 2024, average resale prices for caveats lodged had risen to $1,290 psf, representing a 61.25% increase over the past decade. Due to the long gap in new EC launches in Pasir Ris, there is likely to be pent-up demand in the area.
The last EC launch in Pasir Ris was Sea Horizon, which debuted back in September 2013 at an average price of $800 psf. By 2024, average resale prices for caveats lodged had risen to $1,290 psf, representing a 61.25% increase over the past decade (Photo: Google Maps)
In 2025, the three upcoming EC projects – Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC – may potentially 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 to launch in 2024 was Lumina Grand at the end of January, which is located at Bukit Batok West Avenue 5 and developed by City Developments (CDL). On its launch weekend, 53% of the units were taken up. As of December 17, 444 units, or 87% of the project, had been taken up. The average price achieved for Lumina Grand was $1,511 psf.
The 512-unit Lumina Grand was launched at the end of January, and as at December 17, 2024, it has been more than 87% sold at an average price of $1,511 psf (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. If we consider the caveats lodged during the same period, this represents a 44% premium over new EC launch prices.
Explore comprehensive data about all ECs, including the average profit at 5 and 10 years.
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Total number of units in Aurelle Of Tampines
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Condo rental transactions in District 18
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Total number of units in Aurelle Of Tampines
Upcoming new launch projects
Condo rental transactions in District 18
Projects that obtained TOP recently
Recently launched projects