.Aurelle at Tampines, the 760-unit executive condo (EC) by Sim Lian Group, will be launching in the first quarter of 2025, most likely after the Lunar New Year. Its launch will follow the success of the 846-unit Emerald of Katong, which is now over 99% sold. Situated at Tampines Street 62, Aurelle is expected to set a new price benchmark for ECs, potentially exceeding $1,600 psf. This comes after the recent launch of Novo Place EC, which achieved an average price of $1,656 psf.The upcoming executive condos in Tampines are expected to draw strong demand, with Sim Lian Group’s Aurelle leading the lineup. This 760-unit development, located at Tampines Street 62, will debut in the first quarter of 2025, after the Lunar New Year. Its launch follows the success of the 846-unit Emerald of Katong, which is now over 99% sold. The site for Aurelle was secured by Sim Lian Group for $543.28 million through a government land sales (GLS) tender that concluded in October 2023.Considering the rising construction costs and the harmonisation of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle at Tampines has the potential to set a new price benchmark, potentially crossing the $1,600 psf threshold. This expectation is based on the success of Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.In addition to Aurelle, there are two other upcoming executive condo projects in Tampines. The first is Tenet EC, a 618-unit development located at Tampines Street 62 (Parcel A). Launched 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 was purchased in August 2021 for $442 million, which was a record-high psf ppr price for an EC land plot at the time. Notably, Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites launched for sale after September 1, 2022.Sim Lian Group is confident in the strong demand for homes in Tampines and the surrounding areas, as it has also secured another EC site at Tampines Street 95. The site was awarded to Sim Lian in early November, with the company submitting the highest bid of $465 million ($768 psf ppr) at the close of the tender in October. This has set a new high for EC land prices. The upcoming EC project at Tampines Street 95 will have 560 units, further adding to the EC supply in the area. With an extensive track record of developments in the eastern part of Singapore, Sim Lian Group is expected to deliver another successful project in Tampines.The next upcoming EC project, which is slated for launch in late 2025, is located at Plantation Close in Tengah Town. Developed by a joint venture between Hoi Hup Realty and Sunway Developments, this 560-unit development is situated close to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line. This project is expected to draw strong demand, following the success of Novo Place EC, which is also located in Tengah Town.In November, Novo Place sold 57% of its units over the opening weekend, and another 137 units were taken up during the second round of balloting for second-timers, bringing total sales to 444 units, or 88.1% of the project, as of December 16, 2024. With an average price of $1,656 psf, Novo Place set a new benchmark for EC prices, with 80% of buyers opting for the deferred payment scheme, which carries a 3% premium compared to the normal payment scheme.Despite the higher prices, Novo Place was well-received due to several factors, including the dwindling inventory of unsold EC units and the project’s desirable location. With the upcoming Tengah Park MRT and Bukit Batok West MRT Stations expected to be completed by 2029, Novo Place is expected to continue attracting strong demand, especially from first-time homebuyers and HDB upgraders.The last EC launch in Pasir Ris was in 2013, and there has not been any new EC development in the area in the past 12 years. This has created pent-up demand, anticipating the launch of an upcoming EC project in Jalan Loyang Besar. This project is expected to yield 710 units and is being developed by a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group. The site for this EC project was acquired for $557 million ($729 psf ppr) in August 2024.According to Gafoor, the three upcoming EC projects in Tampines will bring a total of 2,030 units to the market, effectively doubling the new supply compared to the 1,016 units launched in 2024. The first EC launched in 2024 was Lumina Grand in Bukit Batok West Avenue 5, developed by City Developments (CDL). On its launch weekend, 53% of the units were taken up, and as of December 17, 444 units (87%) had been taken up. The average price achieved to date is $1,511 psf.Gafoor also notes that ECs, which are a hybrid of public and private housing, continue to be in high demand among first-time homebuyers and HDB upgraders, as they are more affordable than private new launches. PropNex data shows that 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). This represents a 44% premium over new EC launch prices.
When embarking on a condo investment, it is important to take into account the maintenance and management of the property. Condominiums often involve maintenance fees that encompass the maintenance of shared spaces and amenities. While these fees may increase the total cost of ownership, they also guarantee that the property remains well-maintained and holds its value. To make the investment more hands-off, hiring a property management company can assist investors in managing their condos on a day-to-day basis. Consider researching New Condo Launches for potential investment options.