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Aurelle of Tampines, a new 760 units EC in Tampines North, a new township of Tampines, was launched on 8 Mar 2025 by Sim Lian Group. Aurelle is 99 year leasehold project and has a unit mix of 3 bedrooms to 5 bedrooms. Aurelle is in close proximity (about 5min walk) to Parktown, a fully integrated development with direct link to the Tampines North MRT station on the Cross Island Line (CRL), shopping mall, hawker centre, bus interchange and community club. Ikea, Giant Hypermart and Courts Superstore are also nearby.
Aurelle is very well received by HDB upgraders and first timers. The GFA harmonised project was 90% sold on booking day at an average $1,766 psf. For EC, there is a 30% quota for second timers on booking day. Once bookings by second timers hit 30%, the second timers in the queue behind are not allowed to book anymore. This 30% quota was hit at 3.15pm on 8 Mar. My clients are second timers and they did not manage to book a unit. If there are balance units one month later, the second timers then need to ballot again for a chance to buy them.
Why did I recommend Aurelle to my clients?
Aurelle is located in Tampines North, a new township in Tampines. It is well positioned to benefit from the rising home demand in the east due to the growth brought about by the new Punggol Digital District, T5 and Changi Aviation Park and the Changi Business Park. And it is rare that an EC is within 5 minutes to the MRT station and bus interchange, hawker centre, as well as the retail mall.
EC has high capital appreciation potential. It was reported by The Straits Times on 25 Nov 2024, “Executive condos gain cachet as resale units generate windfall profits” and on 3 Mar 2025, “More EC units resold for profit of at least $1M in 2024”.
EC is highly subsidised by the government, hence a cheaper price tag compared to private condominium. However, potential buyers need to meet the eligibility criteria set by HDB before they can purchase an EC.
The PSF for ECs are much lower than the private condo in the same area. The average PSF for Aurelle is $1,766 compared to the average PSF for Parktown Residence is $2,360 (33.6% higher than Aurelle).
HDB upgraders do not need to pay Additional Buyer Stamp Duty (ABSD).
Deferred payment scheme available. Pay 20% down payment, 80% deferred till TOP.
Buy first sell later. There is no need to sell the HDB until near TOP, hence save the hassle of moving twice.
Special bridging loan (SBL) available, which allows buyers to unlock the flat value of the existing flat. SBL will be explained in the later section.
EC 5 years minimum occupation period (MOP) vs 10 years MOP for the Prime and Plus HDB flats.
The price range for a 3 bedder is also within my clients’ budget.
My clients are a Singaporean couple in their mid 40s with a combined income of $13,000. Currently staying in their BTO flat for about 10 years. The main reason why they thought of moving is to grow their wealth through asset progression. By the time they retire and right size to a smaller HDB flat, the capital appreciation of the private property will earn them a good sum of profit for retirement. The current HDB flat will age and its value may drop as the lease decays and it will become harder to sell an old HDB flat.
The eligibility criteria to buy EC
First or second timer household.
First timers refers to buyers who have never enjoyed any housing subsidies from HDB, such as new BTO, new DBSS, resale flat with CPF grant, New EC, SERS, HUDC.
First timers can enjoy CPF housing grants
Second timers refers to buyers who previously owned the above mentioned (BTO, etc.) once only.
Second timers need to note that they have to pay a resale levy when they sell the first subsidised housing.
Core nucleus
Public Scheme, Fiance/Fiancee scheme, Joint singles scheme, orphans scheme
Citizenship
The core applicant must be a Singapore citizen (SC)
Include at least one other SC or Singapore Permanent Resident (PR)
Age
At least 21 years old
At least 35 years old, if two or more singles applying jointly
Monthly household income ceiling of $16,000
Ownership / Interest in property
Must not own or have interest in any local or overseas private property.
Must not have disposed of any private property in the last 30 months, from the legal completion date, before EC application.
Financing an EC purchase
Mortgage Loan assessed by the bank based on mortgage servicing ratio (MSR) of 30% of monthly income - $708,000 for 20 year loan tenure. Loan tenure is calculated based on age of the buyers.
Special bridging loan (SBL) is available for HDB upgraders buying EC. However, if the buyer is taking up a SBL, he need to take up the deferred payment scheme (DPS). The SBL amount is estimated to be about 85% to 90% of the bank valuation of the current HDB flat less outstanding loan. (note that the SBL may be calculated differently by different banks). SBL is estimated to be $663,000.
Budget for the purchase: mortgage loan up to 75% of the purchase price + SBL + CPF + cash on hand. $708K + $663K = $1,371K. This amount should not exceed 80% of the property purchase price. Hence, the maximum property purchase price is $1.71M.
Assuming they buy a $1.65M unit, the amount of cash + CPF they will need to use will be 20% of $1.65M + buyer stamp duty + legal fee + stamp duty on mortgage loan = $330K (5% must be in cash: $82,500, the balance can be paid in cash or CPF)+ $52,100 + $3000 (est) + $500 = $385,600. This amount is payable within the first 8 to 9 weeks upon booking a unit.
Buying EC, there are two payment schemes available: normal payment scheme (NPS) and deferred payment scheme (DPS). Buyers who take SBL will need to choose DPS.
For buyers who choose the NPS, they will have to make progressive payments according to the completion of the different stages of the project.
How does DPS work?
Upon booking a unit successfully, buyers need to pay 5% in cash and 15% in cash/CPF after HDB approved the purchase and after they signed the sales and purchase agreement . That makes 20% of the purchase price. The balance 80% will be covered by the mortgage loan and the SBL and the payment will commence upon TOP.
2 things to note if buyers take up DPS.
The Unit Price is 3 to 4% higher than if the buyer choose the Normal Payment Scheme (NPS).
The bank will only disburse the SBL after buyer produce HDB's approval letter for the sale of the HDB flat. What this means is when buyers receive the letter from the developer to enquire if there is any change in the family nucleus, it is about time to start marketing the HDB for sale. This could be 6 months before TOP.
What other options are there for my buyers?
Other ECs. There are two more ECs upcoming in the east.
Jalan Loyang Besar - target launch 4Q 2025 or later.
Tampines St 95 - target launch 1Q 2026 or later.
Resale condo. Depend on client’s preference on location, budget and whether the project has growth potential.
New BTO. Again, it depends on what the clients want. One of the factors for consideration is the MOP period. For Prime and Plus flats, the MOP is 10 years and for standard flats, the MOP is 5 years. For EC, MOP is 5 years and private condo, as long as you fulfill three years of ownership, there will be no seller stamp duty so owners can sell the private condo after 3 years. The other factors include the growth potential and whether it is easy to exit (will there be demand from future buyers).
There is no one perfect solution that will fit all clients. My priority is to work with my clients to understand their needs and aspirations and help them find a perfect home that fits their budget.
Update. My clients managed to secure a unit at the Aurelle of Tampines during the second timer balloting exercise on 12 April 2025. Congratulations! Aurelle of Tampines was 100% sold on that day!
Interested in the upcoming ECs? Contact me at 89232427 for a non-obligatory discussion.
