The executive condominium (EC) market in Singapore continues to thrive as developer Sim Lian Group sold 682 units out of a total of 760 units in less than a day for its latest launch, Aurelle of Tampines, which is located at Tampines Street 62. The average price achieved for the units sold was a remarkable $1,766 psf.The remaining 78 units, which are mostly three-bedroom units, are still available for sale. This launch take-up rate of 90% also marks the highest success rate for an EC launch since the 531-unit Hundred Palms Residences was completely sold out on its launch day in July 2017, at an average price of $841 psf.Sim Lian Group’s executive director, Kuik Sing Beng, attributes this strong response to the demand for well-connected, modern homes such as Aurelle of Tampines in one of Singapore’s most connected regional centres. He also added that all the four- and five-bedroom units have already been sold out, and an impressive 84% of the three-bedroom units have been snapped up as well.According to Ismail Gafoor, CEO of PropNex, the average price of $1,766 psf achieved at Aurelle of Tampines has set another new benchmark for the EC market. He also points out that the 90% launch take-up rate is the highest since the successful launch of Hundred Palms Residences.Eugene Lim, key executive officer at ERA Singapore, believes that the take-up rate could have been even higher if there was no quota limit on second-timers. However, he notes that these second-timers will have another opportunity to ballot for a unit a month after the launch date. He also adds that the government may consider increasing the quota for second-timers, in line with the recent increase in the allocation quota for larger three-room BTO flats.Mark Yip, CEO of Huttons Asia, agrees that the demand could have been higher without the quota limit on second-timers. He also suggests that the government may adjust the policy to bring it in line with the increase in the allocation quota for larger BTO flats.Sim Lian Group also reports that the 30% quota allocated for second-timers was achieved by 3.15 pm on the launch day. This quota will be lifted a month from the launch date.According to PropNex’s Gafoor, about 68% of the buyers have opted for the Deferred Payment Scheme (DPS) to finance their purchases, while the rest have chosen the Normal Payment Scheme. This is a common trend among buyers of recent projects, as it allows them to manage their cash flow more effectively.As for the location of the project, it is adjacent to ParkTown, a fully integrated mixed-use development that features a transport hub, shopping mall, hawker centre, and community club. This may have contributed to the strong sales, as the 1,193-unit ParkTown Residence, jointly developed by CapitaLand and UOL Group, recorded impressive sales on its launch weekend on Feb 22-23. To date, 1,043 units have been sold at an average of $2,361 psf.Aurelle is the second EC to be launched in Tampines North, following the successful launch of the nearby 618-unit Tenet in December 2022, which saw 72% of the units sold on launch day. The project was 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 from 840 sq ft; $1.689 million ($1,651 psf) for a four-bedroom from 1,023 sq ft; and $2.258 million ($1,665 psf) for a five-bedroom of 1,356 sq ft. The pricing, coupled with the strategic location and unique features, have made Aurelle a highly sought-after option for eligible first-time buyers and upgraders, according to ERA’s Lim.Overall, the strong response to Aurelle of Tampines could also be attributed to its proximity to ParkTown, which is a rarity for ECs. The first EC to enjoy such a location was the 573-unit Esparina Residences in Sengkang, launched in 2010. The average price of units sold then was around $748 psf. However, based on caveats lodged, the average price of units sold from January 2024 to January 2025 was $1,625 psf, a significant increase of 117%.Recently, a 1,367 sq ft unit on the seventh floor of Esparina Residences was sold for $2.388 million ($1,747 psf), making it the second-highest psf price achieved at the development. In November 2023, another 1,367 sq ft unit on the 14th floor was sold for $2.4 million ($1,756 psf).According to ERA’s Lim, new ECs are priced about $600 psf cheaper than new private condos in 2025. However, when compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is only 1% higher. This, combined with a fresh 99-year lease and modern facilities, makes new ECs an attractive choice for buyers.