Projects listed on EdgeProp SingaporeA total of three new executive condo (EC) projects are set to launch in 2025, with the highly anticipated Aurelle of Tampines by Sim Lian Group leading the pack. Located at Tampines Street 62, the 760-unit development will debut in the first quarter of 2025, most likely after the Lunar New Year. This launch comes on the heels of the well-received Emerald of Katong, which is now over 99% sold.
Having secured the site at Tampines Street 62 (Parcel B) for $543.28 million, or $721 psf per plot ratio (ppr) following a successful government land sales (GLS) tender in October 2023, Sim Lian Group is confident that Aurelle at Tampines will set a new price benchmark for ECs. PropNex CEO Ismail Gafoor believes that the project could potentially surpass the $1,600 psf threshold, especially considering the rising construction costs and the harmonisation of gross floor area (GFA) definitions. This expectation follows the success of the recent Novo Place EC, which was launched in November and sold at an average price of $1,656 psf.
Another development worth keeping an eye on is the 618-unit Tenet EC, which is located at Tampines Street 62 (Parcel A). It is developed through a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings, and was launched in December 2022. So far, the project has sold 617 units at an average price of $1,384 psf, with only one unit remaining as of Dec 19, 2024. The land plot for Tenet was acquired for $442 million in August 2021, translating to a record-high price of $659 psf ppr for an EC 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 Sept 1, 2022.
Adjacent to Aurelle at Tampines is the 560-unit Plantation Close EC in Tengah Town, which is set to launch in late 2025. Developed by a joint venture between Hoi Hup Realty and Sunway Developments – the same developers behind the successful Novo Place EC – the project is also expected to perform well, given its prime location near the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line.
In early November 2024, Singapore-listed developer Sim Lian Group secured another EC site when it was awarded the Tampines Street 95 GLS site. This time, the company submitted the highest bid of $465 million, or $768 psf ppr, setting a new high for EC land prices. The new project, which is expected to add 560 new units, will further boost the EC supply in the area. Sim Lian Group has an extensive track record of developments in the eastern part of the island, including the recently completed Treasure at Tampines – Singapore’s largest private condominium with 2,203 units.
Despite the higher benchmark price, Novo Place performed well due to several factors, including the project’s favourable location. Situated at Plantation Close in Tengah, the EC 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. The last EC launch in Pasir Ris was Sea Horizon in 2013, so there is currently high demand for new EC projects in the area. A third EC project, potentially launching 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, or $729 psf ppr, in August 2024. The project is expected to yield 710 units.
Assessing the potential rental yield is an essential factor to consider when investing in a condo. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore Projects, rental yields for condos can vary significantly depending on various factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. To gain valuable insights into the rental potential of a specific condo, it is crucial to conduct thorough market research and seek guidance from real estate agents.
With a total of 2,030 new units set to be added by the three upcoming EC projects, the market will see a doubling in new supply compared to the 1,016 units launched in 2024. The first EC launched in 2024 was Lumina Grand at Bukit Batok West Avenue 5, which is developed by City Developments (CDL). As of Dec 17, 444 units, or 87%, had been taken up. The average price achieved to date is $1,511 psf.
ECs remain highly sought after by first-time homebuyers and HDB upgraders, as they are still more affordable than new launches in the private market. 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 Dec 8, 2024). Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices.