Executive Condo Launches 2025 Set New Price Benchmarks

The upcoming launch of three new executive condo projects in 2025, including Sim Lian Group’s Aurelle at Tampines, is highly anticipated among buyers. Located next to the successful Emerald of Katong, Aurelle is expected to set a new price benchmark for ECs in Singapore. The other two upcoming EC projects at Plantation Close and Jalan Loyang Besar will boost the supply of EC units, fulfilling the demand for affordable private housing options.

Three new executive condos (ECs) are set to be launched next year, with Sim Lian Group’s Aurelle at Tampines being the first on the list. Located at Tampines Street 62, the development will comprise of 760 units and is expected to debut in the first quarter of 2025, after the Lunar New Year. The project follows in the footsteps of the successful Emerald of Katong, which has already sold more than 99% of its 846 units.

Sim Lian Group was able to secure the site for Aurelle at Tampines (Parcel B) for a whopping sum of $543.28 million, which translates to $721 per square foot (psf) per plot ratio (ppr). This government land sales (GLS) tender concluded in October of 2023.

According to Ismail Gafoor, the CEO of PropNex, with rising construction costs and the harmonisation of gross floor area (GFA) definitions, Aurelle at Tampines has the potential to set a new price benchmark and could likely surpass the $1,600 psf threshold. This expectation is based on the success of Novo Place, which was launched in November and achieved an average price of $1,656 psf.

Information on all ECs, including the average profit at 5 and 10 years, can be found on the comprehensive data provided by PropNex.

Aurelle at Tampines, the 760-unit EC is on Tampines Street 62 (Parcel B) which can be found in the EdgeProp Landlens (Source: EdgeProp)

Tenet, the 618-unit EC is located next to Aurelle at Tampines, and is the result of a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Launched in December 2022, the eco-friendly project has already sold 617 units, with only one unit remaining as of December 19, 2024. The project was purchased in August 2021 for $442 million, or $659 psf ppr. This was the record-high psf ppr price for an EC land plot at the time. Notably, the launch of the project occurred before the implementation of the GFA harmonisation rule, which applies to GLS sites launched for sale after September 1, 2022.

The Jalan Loyang Besar 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)

Sim Lian Group has shown confidence in the strong demand from homebuyers in the Tampines area and its surrounding regions. This is evidenced by its successful acquisition of another EC site which was awarded in early November this year. Sim Lian submitted a bid of $465 million ($768 psf ppr) at the close of the tender in October and has set a new landmark high for EC land prices. The new EC project at Tampines Street 95 will add another 560 units and help to further boost the EC supply in the area. Sim Lian Group boasts of an impressive track record of property 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 has set a new benchmark in terms of land price per psf ppr for ECs (Source: EdgeProp Landlens)

Beyond the successful Emerald of Katong and other upcoming EC projects in the Tampines area, the group has also completed the Treasure at Tampines, which is Singapore’s largest private condominium. Located at Tampines Street 11, Treasure at Tampines was redeveloped from the former privatised HUDC estate, Tampines Court, which was bought by Sim Lian for $970 million in 2017. The 2203-unit development was entirely sold within a duration of three years, with an average price of $1,356 psf achieved. As of December 19, a total of 468 sub-sale and resale transactions had been lodged. The resale prices for Treasure at Tampines now average at $1,699 psf, which represents an impressive 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)

The upcoming launch of three new executive condo projects in 2025, including Sim Lian Group’s Aurelle at Tampines, is highly anticipated among buyers. Located next to the successful Emerald of Katong, Aurelle is expected to set a new price benchmark for ECs in Singapore. The other two upcoming EC projects at Plantation Close and Jalan Loyang Besar will boost the supply of EC units, fulfilling the demand for affordable private housing options.

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 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)

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.

The residents of Elta Condo can look forward to improved connectivity in the near future, thanks to various upcoming transport developments in the surrounding area. In particular, the upcoming Cross Island Line (CRL) will play a significant role in enhancing the existing transport network and providing additional travel options for the community. This highly anticipated project is set to pass through key areas including Bukit Timah, Clementi, and Jurong, effectively linking the east and west regions of Singapore. With the CRL in place, residents of Elta Condo will have greater ease and convenience in getting around the city. To learn more about Elta Condo and its exciting location, please visit Elta Condo’s official website.

According to Gafoor, ECs are a hybrid of public and private housing, and are highly sought by first-time homebuyers, as well as those upgrading from an HDB flat. Subsequently, they are still more affordable than private new launches. Based on PropNex data, 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). This represents a 44% premium over new EC launch prices.

Aurelle Of Tampines properties in-depth can be found here

The Total number of units in Aurelle Of Tamp