Executive Condo Launches 2025 Set New Price Benchmarks

The Kranji Expressway (KJE) plays a crucial role in connecting the northern regions of Singapore to the bustling Jurong Industrial Estate. Serving as a vital link for commuters and the transportation of goods, this expressway is an essential piece of infrastructure in the area. In addition, the KJE provides convenient access to the newly developed Novo Place Tengah, making it an even more valuable asset for residents and businesses. With its prime location and modern amenities, Novo Place Tengah has quickly become a sought-after destination for individuals and companies. The KJE seamlessly connects it to other key areas of Singapore, enhancing its accessibility and convenience for all. Visit Novo Place Tengah’s website to learn more.

Please check our listing for other Sim Lian Group projects such as:The Tampines Trilliant Treasure at TampinesAdvertisementSim Lian Group has three new executive condos (ECs) in the pipeline for 2025, with Aurelle of Tampines leading the lineup. Located at Tampines Street 62, the 760-unit development is expected to debut in 1Q2025 after the Lunar New Year. It follows the success of the 846-unit Emerald of Katong, which is now over 99% sold.Sim Lian Group purchased the site at Tampines Street 62 (Parcel B) for $543.28 million or $721 psf per plot ratio (psf ppr) through a government land sales (GLS) tender in October 2023.As construction costs continue to rise and the gross floor area (GFA) definition is harmonised, PropNex CEO Ismail Gafoor believes that Aurelle at Tampines could set a new price benchmark, potentially 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.In addition to Aurelle of Tampines, the group has secured two more EC sites in Tampines and Pasir Ris. Located next to Aurelle is the 618-unit Tenet EC, which was developed through a joint venture between Qingjian Realty, Santarli Realty and Heeton Holdings. 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, located at Tampines Street 62 (Parcel A), was purchased in August 2021 for $442 million ($659 psf ppr). It was a record-high psf ppr price for an EC land plot then. Notably, Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites launched for sale after September 1, 2022.Confident in the strong homebuyer demand in Tampines and the surrounding estates, Sim Lian Group secured another EC site when it was awarded the Tampines Street 95 GLS site in early November. With a bid of $465 million ($768 psf ppr), it set a new high for EC land prices. The project is expected to add 560 new units, further boosting the EC supply in the area.In addition to Aurelle of Tampines and the upcoming EC projects in Tampines, the group has successfully completed Treasure at Tampines, Singapore’s largest private condominium, in 2023. Situated at Tampines Street 11, the project is a redevelopment of the former privatised HUDC estate Tampines Court, which Sim Lian purchased en bloc for $970 million in 2017.Launched in February 2019, the 2,203-unit Treasure at Tampines was entirely sold within three years at an average price of $1,356 psf. As of December 19, a total of 468 sub-sale and resale transactions have been recorded. Secondary market prices now average $1,699 psf, representing a 25.3% increase over the average launch price.Besides the three upcoming EC projects, another EC project is set to launch in 2025 at Plantation Close in Tengah Town. Developed by a joint venture between Hoi Hup Realty and Sunway Developments, it is expected to yield 560 units.Based on caveats lodged on URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf threshold (edgeprop.sg)In November, Novo Place, located at Plantation Close in Tengah, was launched and successfully sold 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 the total sales to 444 units, or 88.1% of the project as of December 16, 2024.At an average price of $1,656 psf, Novo Place set a new benchmark for EC prices. Despite the higher benchmark price, it performed well due to several factors, such as the dwindling inventory of unsold EC units and its favourable location. It benefits from the proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, expected to be completed by 2029.At its mid-November launch, Novo Place sold 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% of the project as at December 16, 2024 (Samuel Isaac Chua/EdgeProp Singapore)The last EC launch in Pasir Ris was in 2013. Another EC project is projected to launch in late 2025 on Jalan Loyang Besar in Pasir Ris. With a total of 710 units, it is developed by a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group. 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.Based on data from EdgeProp Singapore’s Condo Directory, there are no other upcoming EC projects in the east, as most of the new EC supply is located in the north. In 2025, the number of new EC units is expected to double compared to the 1,016 units 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.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 the prices of new EC launches.As a hybrid of public and private housing, ECs remain highly sought after by first-time homebuyers and HDB upgraders, as they are still more affordable than private new launches.