SOME 72 per cent of apartment units at Tenet, the third and likely last executive condominium (EC) project to hit the market this year, were sold on the first day of its launch.
Eligible buyers on Saturday (Dec 3) bought 447 units, which had an average launch price of about S$1,360 per square foot (psf).
Tenet is a joint venture between Qingjian Realty and Santarli Realty – the real estate development arms of Qingjian Group and Santarli Construction respectively – as well as Heeton Holdings.
The 618-unit project comprises 11 tower blocks of 15 floors. It is located on Tampines Street 62 and is within a five-minute walk to the upcoming Tampines North MRT station, which is due to open in 2030.
Unit sizes range from 893 square feet (sq ft) for the smallest apartments to 1,572 sq ft for a five-bedroom plus study unit.
The development previously attracted over 5,000 visitors during its launch weekend in November, with “thousands of interested buyers” arriving at its show gallery, said Qingjian Realty’s deputy general manager Yen Chong.
Wong Siew Ying, PropNex Realty’s head of research and content, said Tenet EC could be fully sold once sales are open to more second-time buyers a month from the public launch date.
Under EC rules, only 30 per cent of units in a new EC project can be allocated to second-timers on the launch day, and this quota was maxed out during the project’s launch.
“This is not surprising as an EC in a well-established town like Tampines is bound to attract plenty of interest from HDB (Housing and Development Board) upgraders not just within the estate but also from neighbourhoods nearby,” Wong added.
Tenet EC’s launch comes slightly more than a month after that of Copen Grand EC in Tengah, which sold 73 per cent of units on its launch day, with units going at an average price of S$1,300 psf. It was fully sold out just a month after that.