On April 12, developer Sim Lian Group fully sold all 760 units at its executive condominium (EC), Aurelle of Tampines. Balloting for second-timer buyers began at 10 am, and by 11:06 am, the remaining 52 units had been snapped up.
Sim Lian launched the EC at Tampines Street 62 on March 8, with 682 units (90%) sold during the launch weekend. Based on caveats lodged as at April 12, the units achieved an average price of $1,766 psf.
“Given that the 30% quota for second-timer buyers was quickly filled during the initial launch, the strong demand at the subsequent sales booking was expected,” says Ismail Gafoor, CEO of PropNex.
Under the current HDB regulations, developers can allocate only 30% of EC units to second-timers — that is, buyers who have previously purchased a subsidised HDB flat, received a CPF Housing Grant for a resale flat, or owned an EC bought directly from a developer.
Aurelle of Tampines is the second executive condominium (EC) project to be fully sold during its second-timer booking phase since Copen Grand’s in November 2022. The 639-unit Copen Grand, located at Tengah Garden Walk, was jointly developed by City Developments Ltd and MCL Land. It was completely sold at an average price of $1,337 psf, based on caveats lodged with URA Realis.
Aurelle of Tampines is located within a five-minute walk of Parktown integrated development with MRT station and bus interchange station. It is also next to Tenet EC, launched in December 2022 (Source: EdgeProp Landlens)
Despite setting a new benchmark launch price for ECs at an average of $1,766 psf, Aurelle of Tampines “performed well due to the dwindling inventory of unsold ECs, along with its positive locational attributes,” says Gafoor.
According to sales data compiled by PropNex, fewer than 70 unsold EC units are left on the market after accounting for today’s second-timer booking for Aurelle of Tampines.
“Aurelle of Tampines stands out as the second EC to be located next to a fully integrated mixed-use development,” adds Mark Yip, CEO of Huttons Asia. “This offers residents unparalleled convenience at a very attractive price.”
The first EC to be located next to a fully integrated mixed-use development is the 618-unit Tenet, developed by a joint venture comprising Qingjian Realty, Santarli Realty, and Heeton Holdings. Launched in December 2022, the project has seen all but one unit sold, achieving an average price of $1,385 psf.
The fully sold status of Aurelle of Tampines just a month after its launch reflects “a very strong pool of upgrading demand in Tampines,” notes Huttons’ Yip.
The brisk sales momentum at Aurelle is expected to bode well for the upcoming launch of Otto Place, a 600-unit EC at Plantation Close, by joint venture partners Hoi Hup Realty and Sunway Developments, says Gafoor.
Slated for launch in the second half of 2025, Otto Place will enter the market at a time of broader macroeconomic uncertainty. Still, ECs continue to appeal to homebuyers, as they provide an accessible entry into the private housing sector for many households and fulfil their aspirations of owning private residential property, notes Gafoor.
“With overall private home prices likely to remain firm and private home sales expected to soften due to economic uncertainties, we anticipate demand for ECs to remain resilient. ECs are less vulnerable to market volatilities, as demand is primarily driven by owner-occupiers,” he concludes.
