93.2% sold to date: Tampines exec condo Tenet paves the way for other new launch ECs
PHOTO: 99.co
PUBLISHED ONJanuary 11, 2023 3:00 AMByFaruq Senin
Executive condominium Tenet has sold 93.2 per cent of its units in total (576 out of 618) after releasing its remaining units to second-time buyers on Jan 7, 2023 in a physical event.
Out of 163 units released in Tenet EC's latest round of bookings, 121 of them were sold at an average of $1,380 psf. All four-bedroom units have been fully sold, but three and five-bedroom units are still available to eligible buyers.
Second-time buyers refer to those who have bought a subsidised HDB flat. However, they would have to pay a resale levy in order to buy a new EC.
Overwhelming response to first physical balloting post-pandemic
Tenet EC had the first physical balloting and booking exercise since the Covid-19 pandemic and saw a huge turnout.
Close to 140 buyers registered to ballot at Tenet EC's show gallery as early as 8.30am.
This comes a month after Tenet EC's sales launch for first-time buyers in December 2022, where it sold 72 per cent of units.
According to Tenet EC's developers, Qingjian Realty, Santarli Realty and Heeton Holdings, buyers and agents enjoyed the whole process of balloting and booking their choice units.
"The enthusiastic response of families and agents to attend the physical event today gives us confidence that we are delivering what buyer wants — a home that is curated for young and multi-generational families.
"We are thrilled with the unique and exciting atmosphere of the live event, the first since the start of the pandemic, and we look forward to the next EC at Bukit Batok later this year," says Yen Chong, Deputy General Manager of Qingjian Realty.
Tenet EC is near an MRT station and an upcoming integrated development
Tenet EC's popularity could be attributed to its good location near the upcoming Tampines North MRT station (five-minute walk away).
Situated along the Cross-Island line (CRL), the station will connect residents to central and western Singapore, such as the Jurong Lake District.
Tampines North MRT station will be linked to a new integrated development along Tampines Ave 11. The government land sales (GLS) site is 50.7ha and can potentially yield 1,190 residential units.
There will also be 14,000 sqm of commercial space. The site is currently open for tender and will close in June.
Besides its location, Tenet EC is suitable for different types of families.
New ECs launching in 2023/24 to upgrade to
With the success of Tenet EC, we expect upcoming new launch ECs to do as well (or even better). If you plan to upgrade from an HDB to a new EC, here are the new launch ECs to consider.
Bukit Batok West Avenue 8
No. of units (estimated): 375
Expected TOP date: 2027
Nearest MRT: Bukit Gombak MRT, Tengah Park MRT
Primary schools within 1km: Dazhong Primary, St. Anthony’s Primary
Bukit Batok West Avenue 5
No. of units (estimated): 495
Expected TOP date: TBC
Nearest MRT: Bukit Gombak MRT, Tengah Park MRT
Primary schools within 1km: Dazhong Primary, St. Anthony’s Primary
Both ECs at Bukit Batok West are beside each other and are located near the upcoming Tengah estate, which will have Singapore's first car-free town centre.
If you're a nature lover, both sites will appeal to you as they are near Bukit Batok Hillside Park. Other nature sites like Little Guilin and Bukit Batok Nature Park are just a short drive away.
If you're currently living in Bukit Batok and are planning to sell your HDB to upgrade to either of these ECs, here are the average resale HDB prices in Jan 2023:
| Average resale HDB prices in Bukit Batok | |
|---|---|
| 3-room | $373,942 |
| 4-room | $552,600 |
| 5-room (less than 10 transactions) | $786,315 |
| Executive (less than 10 transactions) | $806,996 |
Tengah Plantation Loop
No. of units (estimated): 495
Expected TOP date: TBC
Nearest MRT: Tengah Park MRT
Primary schools within 1km: Princess Elizabeth Primary, Jurong Primary, Yuhua Primary
Tengah Plantation Loop will be the second EC in Tengah after Copen Grand.
The EC will be a five-minute walk to the future Tengah Park MRT. Residents can conveniently head to Jurong East for retail and F&B options at JEM, Westgate or IMM. The Jurong Lake District is also a short drive away.
If you're currently living near Tengah Plantation Loop and are planning to sell your HDB to upgrade to the EC, here are the average resale HDB prices in neighbouring estates in Jan 2023:
| Bukit Batok | Choa Chu Kang | Jurong East | |
| 3-room | $373,942 | $406,500 (less than 10 transactions) | $310,000 (1 transaction) |
| 4-room | $552,600 | $519,790 | $498,600 (less than 10 transactions) |
| 5-room | $786,315 (less than 10 transactions) | $591,714 (less than 10 transactions) | $625,000 (less than 10 transactions) |
| Executive | $806,996 (less than 10 transactions) | $728,333 (less than 10 transactions) | $780,106 (based on average in 2022) |
Tampines St 62 (Parcel B)
No. of units (estimated): 700
Expected TOP date: TBC
Nearest MRT: Tampines North MRT
Primary schools within 1km: Angsana Primary, Elias Park Primary, Meridian Primary, Park View Primary
Tampines St 62 (Parcel B) GLS site is beside Tenet EC and the site is expected to launch for tender in March 2023. Compared to Tenet, this project will be nearer to Tampines North MRT and the Tampines Ave 11 integrated development.
However, we predict that the average prices will be higher as it's launching 1.5 years after Tenet EC and land prices have increased since then.
If you're currently living in Tampines and are planning to sell your HDB to upgrade to Tampines St 62 (Parcel B) EC, here are the average resale HDB prices in the estate:
| Average resale HDB prices in Tampines | |
|---|---|
| 3-room | $420,481 |
| 4-room | $570,300 |
| 5-room | $675,083 |
| Executive | $860,629 (less than 10 transactions) |
ALSO READ: Upcoming Executive Condo sites in 2022 to 2024: Which EC should you go for?
This article was first published in 99.co.