As of Dec 2024, out of the 85 new private residential projects in the OCR, only 35 new projects have launched and a further eight projects are expected to launch by the end of the year.Based on PropNex’s analysis of historical data, new launch prices tend to appreciate by 20-30% by the time projects obtain their temporary occupation permit (TOP). Given that new EC launches are also subjected to the same trend, Islandwide average EC prices are projected to appeal by 10-20% from the date of launch to TOP, says Gafoor.This means that the average price for new EC launches in 2025 is likely to reach $1,850- $2,000 psf, he adds.To continue meeting housing demand, Gafoor notes that the government may announce a new EC site at the Confirmed List of the first half 2025 GLS programme, adding that “it may also want to consider exploring the possibility of making hybrid ECs, a combination of public and private housing, available for singles who are looking for their own private space”.
In the upcoming year, three new executive condos (ECs) will be launched, with the first being Sim Lian Group’s Aurelle of Tampines, leading the way. Located at Tampines Street 62, this 760-unit development is expected to be launched in the first quarter of 2025, most likely after the Lunar New Year. Following the successful sale of the 846-unit Emerald of Katong, which is now over 99% sold, the launch of Aurelle marks the next big project for the group.
Securing the Tampines Street 62 (Parcel B) site at a whopping $543.28 million, the GLS tender for the land concluded in October 2023, translating to a rate of $721 per square foot per plot ratio (psf ppr). With the rising costs of construction and the adoption of harmonised gross floor area (GFA) definitions, Ismail Gafoor, the CEO of PropNex, believes that Aurelle at Tampines could set a new price benchmark, possibly crossing the $1,600 psf threshold. This expectation is based on the success of Novo Place EC, which was launched in November, achieving an average price of $1,656 psf.
The newly launched PropNex data provides in-depth information on all ECs, including the average profit at the 5 and 10-year marks.
Aurelle Of Tampines, comprising of 760 units, is located at Tampines St 62 (Parcel B), which was purchased by Sim Lian for $543.28 million, at the government land sale (Source: EdgeProp Landlens)
Next to Aurelle is the 618-unit Tenet EC, a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Launched in December 2022, Tenet has already sold 617 units at an average price of $1,384 psf, with one unit remaining as of December 19th, 2024. Located at Tampines Street 62 (Parcel A), the site for Tenet was purchased at a record-high rate of $442 million ($659 psf ppr) in August 2021. Notably, the launch of Tenet occurred before the implementation of the GFA harmonisation rule, which only applies to GLS sites launched after September 1st, 2022.
A total of 617 units have been sold at Tenet, with only one unit remaining as of December 19th, 2024. This 618-unit EC is located at Tampines St 62 (Parcel A) next to the upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore)
With strong confidence in the high demand for homes in Tampines and its surrounding areas, Sim Lian Group has acquired another EC site, winning the Tampines Street 95 GLS site in early November. At $465 million ($768 psf ppr), Sim Lian submitted the highest bid at the close of the tender in October, setting a new record for EC land prices.
The new EC project at Tampines Street 95 is expected to add 560 brand new units to the market, further bolstering the EC supply in the area. Sim Lian Group has a proven track record of developments in the eastern region of Singapore.
Sim Lian submitted the highest bid at Tampines St 95, totalling $465 million ($768 psf ppr), setting a new benchmark for land prices per square foot for executive condos (Source: EdgeProp Landlens)
Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the group has also achieved great success with Treasure at Tampines, Singapore’s largest condominium with 2,203 units, which was completed in 2023.
Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which was acquired en bloc by Sim Lian for $970 million in 2017.
Read also: Novo Place sold 88.1% of units as another 137 units are sold after second balloting
Launched in February 2019, the 2,203-unit Treasure at Tampines sold out in just three years at an average price of $1,356 psf. As of December 19th, a total of 468 sub-sale and resale transactions have been recorded. On the secondary market, prices have averaged at $1,699 psf, reflecting a 25.3% increase from 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)
At the end of January, Lumina Grand became the first EC launch of 2024. This 512-unit EC, located at Bukit Batok West Avenue 5, is developed by City Developments (CDL). On its launch weekend, 53% of the units were taken up, while as of December 17th, 444 units (87%) had been sold. The average price achieved for Lumina Grand 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 17th, 2024 (Picture: CDL)
ECs, a mix of public and private housing, remain highly sought after by first-time home buyers and HDB upgraders, as they are still more affordable than private new launches, says Gafoor.
Based on PropNex’s analysis of historical data, new launch prices have tended to appreciate by 20-30% by the time the projects have attained their temporary occupation permit (TOP). Given the trend, the average price for new EC launches during 2025 is projected to be around $1,850- $2,000 psf, says Gafoor.
This means that the average price for new EC launches during 2025 is projected to be around $1,850- $2,000 psf.
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