Executive Condo Launches 2025 Set New Price Benchmarks

The property market has been booming, and there are no signs of it slowing down. The demand for executive condominiums (ECs) is expected to remain high, with three new projects set to launch in 2025. Leading the lineup of EC launches is Sim Lian Group’s Aurelle of Tampines, a 760-unit development located at Tampines Street 62. This highly-anticipated project is expected to debut in the first quarter of 2025, most likely after the Lunar New Year. This comes on the heels of the successful launch and over 99% sold out Emerald of Katong, an 846-unit development by the same developer.Sim Lian Group acquired the site for Aurelle at Tampines in a government land sales (GLS) tender for $543.28 million in October 2023. With the rising costs of construction and the harmonization of gross floor area (GFA) definitions, it’s believed that Aurelle at Tampines could set a new price benchmark, possibly surpassing 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.Interested in finding out more about all the ECs in Singapore, including the average profit at 5 and 10 years? Look no further than PropNex, where you can explore comprehensive data about all ECs.Aurelle of Tampines consists of 760 units and is located at Tampines St 62 (Parcel B), which Sim Lian purchased in a GLS for $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens). Located next to Aurelle is the 618-unit Tenet EC, a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Since its launch in December 2022, Tenet has managed to sell 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), setting a record-high psf ppr price for an EC land plot at the 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. As of December 19, 2024, only one unit remains at Tenet, with 617 units sold at an average price of $1,384 psf. Situated at Tampines St 62 (Parcel A), it’s located right next to Sim Lian’s upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore).Confident in the strong demand for homes in Tampines and its surrounding areas, Sim Lian Group secured another EC site when it was awarded the Tampines Street 95 GLS site in early November. At the close of the tender in October, Sim Lian submitted the highest bid of $465 million ($768 psf ppr), setting a new high for EC land prices.The upcoming EC development at Tampines Street 95 is expected to add 560 new units to the market, further boosting the EC supply in the area. Sim Lian Group has an extensive track record of developments in the eastern part of the island, making it well-positioned to take on this project.Sim Lian submitted the highest bid of $465 million ($768 psf ppr) for the EC site at Tampines St 95, which set a new benchmark in terms of land price per psf ppr for ECs (Source: EdgeProp Landlens).In addition to the Emerald of Katong and the upcoming ECs in Tampines, the group also successfully completed the Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023. Located at Tampines St 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.Read also: Novo Place hits 88.1% as 137 units snapped up in second ballotingAdvertisementLaunched in February 2019, the 2,203-unit Treasure at Tampines was completely sold out within three years at an average price of $1,356 psf. As of December 19, a total of 468 sub-sales 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)The second EC project set to be launched in 2025 will be located at Plantation Close in Tengah Town and will consist of 560 units. It will be developed by a joint venture between Hoi Hup Realty and Sunway Developments, the same developers behind Novo Place EC.When it was launched in mid-November, Novo Place managed to sell 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% as of December 16, 2024. With an average price of $1,656 psf, Novo Place set a new benchmark for EC prices. PropNex’s Gafoor notes that the “slightly elevated average pricing” at Novo Place can be attributed to the fact that 80% of buyers opted for the deferred payment scheme, which carries a 3% premium over the standard payment scheme.Despite the higher price benchmark, Novo Place performed well due to several factors, Gafoor points out. These include the dwindling inventory of unsold EC units and the project’s advantageous 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.Some of the transactions at Novo Place executive condo have already crossed the $1,700 psf threshold based on caveats lodged on URA Realis (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, the average resale price for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. As 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).The new EC supply is expected to double in 2025. 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 that were 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,” 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 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. For more information on upcoming projects like Aurelle of Tampines, be sure to check out the latest listings at Ask Buddy.

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