As the demand for ECs remains strong, developers are continuing to bid aggressively for EC sites. Gafoor expects the take-up rate for these upcoming projects to be strong due to their attractive locations and high-quality offerings, but advises buyers to carefully consider their financial abilities and be mindful of the MSR (Mortgage Servicing Ratio) threshold of 30%, which may limit their loan quantum.
In the coming year, three new executive condos (ECs) are set to launch, with Sim Lian Group’s Aurelle of Tampines leading the pack. The 760-unit development, located at Tampines Street 62, is expected to debut in the first quarter of 2025, most likely after the Lunar New Year. This launch comes on the heels of the success of the 846-unit Emerald of Katong, which is now over 99% sold.
In October 2023, Sim Lian Group secured the site at Tampines Street 62 (Parcel B) for $543.28 million, translating to $721 per square foot per plot ratio (psf ppr) in a government land sales (GLS) tender. With 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 is based on the success of Novo Place EC, launched in November, which 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 government land sale for $543.28 million or $721 psf per plot ratio. (Source: EdgeProp Landlens)
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 December 19, 2024. The site for Tenet, located at Tampines Street 62 (Parcel A), was purchased in August 2021 for $442 million ($659 psf ppr). Notably, Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites launched for sale after September 1, 2022.
Confident in the strong demand for homes in Tampines and surrounding areas, Sim Lian Group secured another EC site in early November at Tampines Street 95. The developer submitted the highest bid of $465 million ($768 psf ppr) in the tender that closed in October. This price has set a new high for EC land prices. The new EC project at Tampines Street 95 is expected to add 560 units to the market, further boosting the EC supply in the area. Sim Lian Group has a track record in developing projects in the eastern part of Singapore.
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Sim Lian submitted the highest bid of $465 million ($768 psf ppr) for the EC site at Tampines St 95, setting a new benchmark in terms of land price per psf ppr for ECs. (Source: EdgeProp Landlens)
Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the group has also 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 fully 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 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)
Another EC project set 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 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 at December 16, 2024.
With an average price of $1,656 psf, Novo Place has 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 has performed well due to several factors, including the dwindling inventory of unsold EC units and its favourable location. Situated at Plantation Close in Tengah, Novo Place is near 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 third EC project set to launch, potentially 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 the long gap since the last EC launch in Pasir Ris, 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, average resale prices for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. (Photo: Google Maps)
In 2025, the supply of new ECs is set to double as the three upcoming projects — Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC — will collectively add 2,030 units to the market, 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 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, according to 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 December 8, 2024). Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices.