Executive Condo Launches in 2025 to Set New Price Benchmarks

Three new executive condominiums (ECs) are scheduled for launch in 2025, with Sim Lian Group's Aurelle at Tampines leading the charge. This 760-unit development at Tampines Street 62 is anticipated to debut in the first quarter of 2025, likely after the Lunar New Year, following the successful 99% sales rate of the 846-unit Emerald of Katong.

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Sim Lian Group acquired the Tampines Street 62 (Parcel B) site for $543.28 million ($721 per square foot per plot ratio) in a government land sales (GLS) tender concluded in October 2023. Considering rising construction costs and the harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor anticipates Aurelle at Tampines to set a new price benchmark, potentially exceeding $1,600 per square foot, surpassing the average price of $1,656 per square foot achieved by Novo Place EC launched in November.

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Adjacent to Aurelle stands the 618-unit Tenet EC, a joint venture by Qingjian Realty, Santarli Realty, and Heeton Holdings. Launched in December 2022, Tenet has sold 617 units at an average price of $1,384 per square foot, with only one unit remaining as of December 19, 2024. The Tenet site, located at Tampines Street 62 (Parcel A), was acquired in August 2021 for $442 million ($659 per square foot per plot ratio), a record-high price for an EC land plot at that time. Notably, Tenet was launched before the implementation of the GFA harmonization rule, which applies to GLS sites launched for sale after September 1, 2022.

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Confident in strong homebuyer demand in Tampines and surrounding areas, Sim Lian Group secured another EC site at Tampines Street 95 in early November, submitting the highest bid of $465 million ($768 per square foot per plot ratio), setting a new high for EC land prices. This new EC project at Tampines Street 95 is expected to add 560 new units, further bolstering the EC supply in the area. Sim Lian Group boasts an extensive development track record in the eastern part of the island.

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Beyond 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 privatized HUDC estate Tampines Court, acquired by Sim Lian Group en bloc for $970 million in 2017.

Launched in February 2019, Treasure at Tampines achieved complete sales within three years at an average price of $1,356 per square foot. As of December 19, 468 sub-sale and resale transactions have been recorded. Secondary market prices now average $1,699 per square foot, reflecting a 25.3% increase over the average launch price.

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Second EC Launch in Plantation Close, Tengah Town

Another EC project slated for launch in 2025 is the 560-unit development at Plantation Close in Tengah Town, a joint venture between Hoi Hup Realty and Sunway Developments, the same developers behind Novo Place EC. At its mid-November launch, Novo Place sold 57% of its units over the opening weekend. A subsequent second round of balloting for second-timers (buyers who had previously purchased a subsidized new or resale HDB flat) resulted in the sale of another 137 units, bringing total sales to 444 units, or 88.1% of the project as of December 16, 2024.

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With an average price of $1,656 per square foot, Novo Place established 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 standard payment scheme.

Despite the higher benchmark price, Novo Place demonstrated strong performance due to several factors, including dwindling inventory of unsold EC units and the project's favorable 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, scheduled for completion by 2029.