Units at new EC Piermont Grand snapped up at average price of $1,151 psf
Sim Lian Group successfully sold 682 out of 760 units (90%) at their executive condominium (EC), Aurelle of Tampines, located at Tampines Street 62 on March 8. The units were sold at an average price of $1,766 per square foot. According to Sim Lian Group, all of the four- and five-bedroom units have been sold, while 84% of the three-bedroom units have also been snapped up.
“This overwhelming response highlights the high demand for well-designed and well-connected modern homes like Aurelle of Tampines, situated in the most well-connected regional center in Singapore,” commented Kuik Sing Beng, executive director of Sim Lian Group Limited.
For the latest updates on units and prices at Aurelle of Tampines, interested buyers can refer to the advertisement.
According to Ismail Gafoor, CEO of PropNex, the average launch price of $1,766 psf has set a new benchmark for ECs in the market. He also noted that the 90% take-up rate on launch day is the highest since the 531-unit Hundred Palms Residences was fully sold in July 2017 at an average price of $841 psf.
Sim Lian also shared that the 30% quota allocated for second-timers was reached by 3:15pm on the launch day. This quota will be lifted a month from the launch date.
“The take-up rate could have been higher without the quota limit on second-timers,” remarks Eugene Lim, key executive officer at ERA Singapore. However, he adds that the second-timers will have another opportunity to ballot for a unit a month after the launch date.
“The government may consider increasing the quota for second-timers purchasing an EC, in line with the recent increase in the quota for second-timers buying three-room and larger BTO flats,” says Mark Yip, CEO of Huttons Asia.
Around 68% of the buyers have opted for the Deferred Payment Scheme (DPS) to finance their property purchases, while the remaining have chosen the Normal Payment Scheme, notes PropNex’s Gafoor.
Prior to the launch, over 2,200 electronic applications (e-apps) were received since the preview of the project started on February 21. This is the highest number of e-apps received since the first EC launched in Tengah, Copen Grand, attracted 2,300 e-apps in 2022.
Aurelle is the second EC launched in Tampines North, following the neighboring 618-unit Tenet, a joint development by Qingjian Realty, Santarli Realty, and Heeton Holdings. Tenet, launched in December 2022, saw 72% of the units sold on launch day. The project is said to be fully sold at an average price of $1,348 psf.
Prices at Aurelle of Tampines start from $1.417 million ($1,687 psf) for a three-bedroom unit of 840 sq ft; $1.689 million ($1,651 psf) for a four-bedroom of 1,023 sq ft; and $2.258 million ($1,665 psf) for a five-bedroom of 1,356 sq ft.
“The project’s attractive pricing, strategic location, and unique features have made it a highly sought-after choice for eligible first-time buyers and upgraders,” says ERA’s Lim.
Aurelle’s strong sales could also be attributed to its proximity to ParkTown, a fully integrated mixed-use development with a transport hub (MRT station and bus interchange), shopping mall, hawker centre, and community club. The 1,193-unit ParkTown Residence, a joint venture between CapitaLand and UOL Group, sold 1,041 units on its launch weekend on February 22-23. To date, 1,043 units have been sold at an average of $2,361 psf.
“Aurelle is probably the second EC to be located next to a fully integrated mixed-use development,” says Huttons’ Yip. The first was the 573-unit Esparina Residences in Sengkang. Launched in October 2010, the average price was around $748 psf then. Based on caveats lodged, the average price of units sold from January 2024 to January 2025 is $1,625 psf, which is 117% higher.
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In November 2023, another 1,367 sq ft unit on the 14th floor sold for $2.4 million ($1,756 psf), the highest psf price achieved at Esparina Residences.
“New ECs are priced about $600 psf lower than new private condos in 2025,” notes ERA’s Lim. However, compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is only 1% higher. “This, along with a fresh 99-year lease and modern facilities, makes new ECs a compelling choice for buyers,” he adds.
Those interested in Aurelle of Tampines can check out the latest listings and compare the price trend of new launch condos and ECs. The article ends with a mention of other notable executive condo launches such as Piermont Grand, which saw all of its units sold at an average price of $1,151 psf.