Executive Condo Launches 2025 Set New Price Benchmarks
The executive condo market continues to see strong demand, with three new projects set to launch in 2025. The largest development, Aurelle of Tampines, will feature 760 units in the popular Tampines area. This follows the success of Emerald of Katong, which is now almost fully sold. With construction costs on the rise and new GFA definitions in place, experts predict that Aurelle of Tampines could set a new price benchmark, potentially surpassing the $1,600 psf threshold achieved by Novo Place EC in 2024.Tenet EC, situated next to Aurelle of Tampines, was launched in December 2022 and has already sold 617 units, with only one unit remaining as of December 2024. The developers, Qingjian Realty, Santarli Realty and Heeton Holdings, obtained the site for a record-high psf ppr price of $659 in August 2021. Meanwhile, Sim Lian Group has acquired another EC site in November 2023, at a record-high price of $768 psf ppr in Tampines Street 95. This upcoming EC project is expected to add 560 units to the market.Another notable EC project set to launch in 2025 is in Plantation Close, Tengah Town. This 560-unit development is a joint venture between Hoi Hup Realty and Sunway Developments, the same developers behind the successful launch of Novo Place EC in 2024. With a location close to upcoming MRT stations and successful sales of 88.1% as of December 2024, Novo Place achieved an average price of $1,656 psf, setting a new benchmark for EC prices.The third upcoming EC launch, located at Jalan Loyang Besar in Pasir Ris, is expected to yield 710 units. The last EC launched in Pasir Ris was in 2013, and pent-up demand is anticipated in this area. Overall, the supply of new EC units is set to double in 2025, with 2,030 units expected to hit the market. With rising construction costs and limited EC supply, the executive condo market remains highly sought after by first-time homebuyers and HDB upgraders, making it an attractive investment opportunity.
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The impressive sales figures of Tenet in the previous year have undoubtedly instilled confidence among developers regarding the potential of the area. This is further evidenced by the remarkable uptake of 616 of its units, with an average price of $1,382 psf, as of October 10. The strategic location of the Parcel B site in a well-established estate, in close proximity to the Tampines North MRT Station and the upcoming mixed-use development at Tampines Avenue 11, has also added to its allure. Another highly sought-after development in the vicinity is Aurelle of Tampines, offering modern and luxurious living options.
