At Tampines Street 62 Sim Lian Group sold 682 units (90%), of its 760-unit executive condominium (EC), Aurelle of Tampines. The units was transacted at an average price of $1,766 psf. All the four and five bedrooms has been taken up. Of the three-bedrooms, almost 84% have also sold.
This amazing response highlights the great demand for carefully crafted and well-connected modern homes like Aurelle of Tampines, in the most well-connected regional centre in Singapore,” said Sim Lian Group Limited executive director Kuik Sing Beng.
Ismail Gafoor, CEO of PropNex, claims that the average price of $1,766 psf has set again another new benchmark launch price in the EC market. Since the 531-unit Hundred Palms Residences sold out on launch day in July 2017 at an average price of $841 psf, he said the 90% launch take-up rate is the highest for a new EC project.
Sim Lian also reported that the 30% quota set for second-timers was reached. One month following the launch date, the second-timer quota will be raised.
“The take-up rate could have been higher without the quota limit on second-timers,” says ERA Singapore main executive officer Eugene Lim. The second-timers will, he notes, have another chance to vote for a unit one month following the launch date.
Mark Yip, CEO of Huttons Asia, notes “the government may want to increase the quota for second-timers buying an EC, bringing the policy in line with the recent increase in the allocation quota for second-timers buying three-room and larger BTO [build-to-order] flats.”
Notes PropNex’s Gafoor, about 68% of the buyers claimed to have used the Deferred Payment Scheme (DPS) to pay for their property purchases; the remaining balance went for the Normal Payment Scheme.
Since the project opened for preview on February 21, more than 2,200 electronic applications (e-apps) were received ahead of the launch. With Copen Grand, the first EC started in Tengah drawing 2,300 e-apps in 2022, it is the biggest e-app figure since then.
Following the nearby 618-unit Tenet, a collaborative construction between Qingjian Realty, Santarli Realty, and Heeton Holdings, Aurelle is the second EC opened in Tampines North. Launched in December 2022, Tenet had seventy-two percent of the units snapped on launch day. Said to be totally sold at an average price of $1,348 psf is the project.
For a three-bedroom apartment from 840 sq ft, prices at Aurelle of Tampines start at $1.417 million ($1,687 psf); for a four-bedroom apartment from 1,023 sq ft, they start at $1.689 million ($1,665 psf); and for a five-bedroom apartment of 1,356 sq ft, they start at $2.258 million ($1,665 psf).
“For qualified first-time buyers and upgraders, the project’s appealing pricing, strategic location, and distinctive features have made it a highly sought-after option,” adds ERA’s Lim.
The EC’s closeness to ParkTown, a fully integrated mixed-use development with a transport hub (MRT station and bus interchange), featuring a shopping mall, hawker centre, and community club, could also be responsible for Aurelle’s robust sales.
Under a joint venture between CapitaLand and UOL Group, the 1,193-unit ParkTown Residence sold 1,041 units on its launch weekend, Feb 22–23. At average of $2,361 psf, 1,043 units have sold thus far.
“Aurelle is probably the second EC to be located next to a fully integrated mixed-use development,” notes Yip of Huttons. The first were the Sengkang 573-unit Esparina Residences. Started in October 2010, the average price at then was about $748 psf. With concessions included, the average price of units sold between January 2024 and January 2025 is $1,625 psf, 117% higher.
The second highest psf price attained at Esparina Residences changed hands last November for $2.388 million ($1,747 psf), for a 1,367 square foot apartment on the seventh level. Based on concessions made, another 1,367 square feet on the 14th floor, which sold for $2.4 million ($1,756 psf), ranked best.
Notes ERA’s Lim, new ECs in 2025 will be priced roughly $600 psf less than new private condos. Still, the average price of a new EC is merely 1% more than resale condominiums in the suburbs or outside central region (OCR). “This, together with a fresh 99-year lease and modern facilities, makes new ECs a compelling choice for buyers,” he says.
