More executive condos (ECs) are set to enter the market next year, with three new developments scheduled for launch. Leading the lineup is Sim Lian Group’s Aurelle of Tampines, with a total of 760 units, followed by Tenet EC with 618 units and the upcoming EC project at Tampines Street 95 with 560 units.Given the success of previous developments such as the 846-unit Emerald of Katong, which is now over 99% sold, and the rising construction costs and harmonisation of gross floor area (GFA) definitions, industry experts predict that Aurelle at Tampines could potentially surpass the $1,600 psf threshold.Furthermore, another joint venture between Qingjian Realty, Santarli Realty and Heeton Holdings is set to launch their 618-unit Tenet EC, which has already sold 617 units since its launch in December 2022. The success of these developments can be attributed to Sim Lian Group’s extensive experience in the eastern part of the island and their track record of developments.Currently, there is also another EC project set to launch in Plantation Close in Tengah Town by a joint venture between Hoi Hup Realty and Sunway Developments. This project, with 560 units, is expected to follow in the footsteps of Novo Place, an EC launched by the same developers, which has already sold 57% of its units during its launch in mid-November at an average price of $1,656 psf.
Additionally, the last EC launch in Pasir Ris was in 2013, making the upcoming development in Jalan Loyang Besar highly anticipated, especially considering the increase in resale prices for caveats lodged over the past decade. With the three upcoming EC projects expected to add 2,030 units to the market, there will be a doubling in new supply compared to the 1,016 units launched in 2024.
Overall, ECs are still highly sought after by first-time homebuyers and HDB upgraders, as they remain more affordable compared to private new launches. 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, which translates to a 44% premium over new EC launch prices. As the demand for ECs continues to rise, the upcoming developments are expected to see strong interest and success in the market.