Another weekend, another big launch for an Executive Condo. This time, Tenet executive condo sold 72.3% of units on launch weekend on Dec 3 2022. This follows the recent fully sold Copen Grand.
The joint venture partners behind Tenet are developers Qingjian Realty, Santarli Realty and Heeton Holdings.
Tenet executive condo sold 72.3% of units on launch : Tenet Sales For Day 1
Tenet sold 447 out of a total of 618 units (72.3%) on this major launch of 2022.
The average price achieved at Tenet is about $1,360 psf, a new high in the EC cohort.
Tenet can command a premium given its location in Tampines, a mature and hotly sought-after residential area.
Besides its location in the popular Tampines area, Tenet is also within a five-minute walk of an upcoming government land sales (GLS) site zoned for a mixed-use development, including a future mall of about 14,000 sqm (150,696 sq ft).
The development will be integrated with a transport hub – Tampines North MRT station on the Cross Island Line and the bus interchange. The mall will be an added convenience for homebuyers.
While it has set a new benchmark price for ECs, it’s still lower than the new 99-year, suburban condos launched at average prices of $2,100 psf this year.
The popular units sold are the three-, four- and five-bedroom units, with the most popular unit types among homebuyers being the larger four-bedroom.
Most of the buyers at Tenet are existing residents in Tampines as well as those from the surrounding neighbourhoods in the eastern region, such as Bedok and Pasir Ris,
Buyers of EC projects have two distinct advantages – they do not need to pay the additional buyer’s stamp duty [ABSD] upfront and the option of the deferred payment scheme [DPS].
In addition to its proximity to the future mixed-use development and integrated transport hub at Tampines North, Tenet is also situated in the vicinity of three major transformation areas: Changi Region, Paya Lebar Airbase and Punggol digital district.
Second Timers will be able to buy Tenets too
Today Tenet EC was sold to first timers.
Second-time buyers or second-timers refer to homebuyers who have purchased a subsidised HDB flat or received CPF housing grants before and are buying another one, according to HDB. Under the prevailing EC regulations, only 30% of the units in a new EC project can be allocated to second-time buyers.
At Tenet, second-time buyers who are interested in the project will have a chance to purchase a unit, with e-application to start from December 30 and sales booking scheduled for January 7, 2023,
(Latest) : As at 7th Jan 2023, Tenet is now 93.04% sold.
What new launches after Tenet EC
The next EC project launch is the Bukit Batok West Avenue 8 project which could hit the market in mid-2023. The 375-unit EC project is another joint venture between Qingjian Realty and Santarli Realty. Watch out for the Altura EC Project at this web site.
With the diminishing balance inventory of new EC units, the next project launch will continue to attract strong interest again.
