THE TENET EXECUTIVE CONDO
Upcoming Executive Condominium Launch in Tampines
Here we review the Tenet EC. This new executive condominium at Tampines Street 62 will be launching for sale sometime in late 2022 / early 2023.
It should help to address the current dearth of new EC supply in east Singapore. Since OLA and Parc Central sold out early this year, there hasn’t been any launch units to buy in the east.
The Tenet EC, like Parc Central, is located in Tampines Town. Parc Central sold out within a year of its launch despite not being within walking distance of an MRT station. Possibly due to Tampines’ stature as a mature residential estate as well as big regional centre. It comes with not only a full range of amenities, but lifestyle and employment hubs too.
Hence the Tenet executive condo is likely to meet with a similar response to Parc Central, for similar reasons.
Incidentally, it is being developed by a joint venture of Qingjian Realty with Santarli Construction. Qingjian has the distinction of being responsible for probably more executive condos than any other developer in Singapore.
Register to view showflat or for e-Application, or to request info / updates.
Context of the Neighbourhood
As Singapore’s first generation regional centre, and one of its biggest ones, Tampines has grown into a full-fledged commercial hub.
It continues to expand and thrive as a focal point of business activity in the east of Singapore. Furthermore under the URA Master Plan, Tampines remains on course for future growth and upgrades.
This will mean the development of even more amenities in the estate. Which would then better serve the needs of Tampines residents, and incidentally those of Tenet EC too.
As it stands, Tampines is already considered one of the most well equipped and self-sufficient HDB estates. It comes with a number of fair-sized malls housing supermarkets, F&B outlets, fast food joints, shops, banking facilities. It has the full array of other facilities too – swimming and sports complexes, schools, community library, retail park, office buildings.
Amenities around the Tenet Executive Condo
The Tampines township is more than just a housing estate, or a centre of business. It is well equipped with a range of educational institutes, both local and international.
Besides numerous primary and secondary schools, it hosts the United World College of South-East Asia (East Campus), Temasek Polytechnic, and the Singapore Institute of Technology @ TP.
There is a nature park in the vicinity within 8 minutes walk as well, the Tampines Eco Green Park. For those who drive or cycle, Pasir Ris Park and its beaches are within easy reach too.
The Tenet EC also benefits from its proximity to Tampines Avenue 12 and its exit into the TPE (Tampines Expressway). One can get onto the expressway quickly, which helps cut down driving time a lot.
As such, from here to Changi Airport and JEWEL could take perhaps 10 minutes, off-peak.
An Investment Perspective
For those evaluating the Tenet executive condominium as an investment, there are some factors to consider.
Executive condominiums are executed by private developers, but generally at prices 15% to 20% lower than comparable private condominiums.
On top of that, first-timer buyers may qualify for a CPF housing grant of up to S$30,000.
And for those who currently own a HDB flat, the ABSD requirement is waived. All that adds up to a lot of potential savings.
In addition, they may still get a 75% loan for the EC even if they have an existing housing loan.
However do note that the MSR (Mortgage Servicing Ratio) is limited to only 30%, much lower than for private property purchases. While this ruling encourages financial prudence, it often makes it hard to get sufficient loans for bigger units.
Despite lower pricing vis-a-vis private condos, ECs like Tenet still come with a full suite of facilities. So much so that on the ground they are virtually indistinguishable from private condominiums.
There is however, one difference. Unlike most private condos, ECs generally don’t have one bedroom units in their unit mix. And for that matter, only a small number of 2 bedders, if at all.
That’s due to the fact that executive condos are configured to cater to families. Only couples or joint singles and family units are allowed to buy them. And they must be owner-occupied during the first 5 years or Minimum Occupation Period (MOP).
Because of that, the units tend to be more occupier-orientated, with bigger rooms. The facilities are also more comprehensive, partly because the land, being from government sales, are big enough.
Due to their lower entry price vs nearby new private condos, ECs tend to enjoy a higher ROI (Return on Investment) when they are sold.
In a sense, this lowers their “risk”, as they have a bigger “buffer” against market price drops.
Historically when after the MOP, and owners can sell or rent them out, EC prices move closer to those of their private counterparts. In many case, they have achieved higher capital gains than their private neighbours.
Alternatively after the MOP, those with the means to do so can buy another property without incurring ABSD. Unlike for HDB flats, it is possible to de-couple EC ownership, thus freeing one name for a new purchase.
Register to view showflat or for e-Application, or to request info / updates.
|Developer||QJ-OS Pte Ltd and Santarli Realty Pte Ltd|
|Status||Executive Condominium (Main applicant must be Singapore citizen)|
|Address||650 Tampines St 62, Singapore 520650|
|Site Area||23,799.2 m² (256,174 sq ft)|
|Floor Area||59,498 m² (640,436 sq ft)|
|Tenure||99 Year Leasehold|
Tenet EC Showflat · Viewing
Please drop us your contact details in the Form below if you wish to book a viewing slot for the showflat, or understand requirements for an e-application, or to know the booking process.
Viewing of the Tenet showflat will be by advance appointment.
E-Application & Booking
To take part in the balloting and booking of units, you need to do the e-application before that. The e-Application can only be done at the computers at the Tenet showflat, not online.
As Tenet is an executive condominium, only those who qualify will be able to book a unit. To check if you are eligible, and what payment structures and grants apply, please refer to the following guides. (Opens in a new window.)
- Executive Condominium Buying Guide
- Executive Condominium Eligibility Rules
- Payment Structure for Executive Condominiums
Tenet Floor Plans
The Tenet EC floor plans are pending final approval.
Please drop us a line via the Contact Form if you would like us to email you the Tenet floor plan brochure once available.
Tenet Site Plan
The Tenet EC site is a longish, mid-sized L-shaped land parcel. It covers around 256,000 square feet of ground, with a possible built-up area of about 640,000 square feet.
This land parcel is orientated on its long sides in a north-east / south-west direction.
The Tampines Expressway (TPE) borders it on the north-east, below the level of the site. Units facing this way will get traffic noise, but less so for the lower floor units than for higher floors. However that is perhaps compensated by more open views in this direction, as the nearest buildings are a distance away.
To the south-east are new HDB blocks. Similarly to the south-west, across Tampines Street 62 where the main entrance to the Tenet executive condo turns in from. It is also the quietest side.
The land on the north-west of the site is currently empty, but is also zoned for residential development. Once completed, it is will help block some of the west sun.
Tenet Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|Total Number of Units||TBA|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
TENET EC PRICE RANGES
The Tenet price list should be released two days before the actual booking day, following the general practice for ECs. But an indicative pricing will probably be made known before that.
Please let us know via the Contact Form if you wish to be kept updated on that.
TENET PRICE BACKGROUND
The HDB land sale for this EC site launched in mid April 2021, closed on 22 July 2021, and was awarded on 3 August 2021.
QJ-OS Pte Ltd and Santarli Realty Pte Ltd clinched it with a top bid of SGD$422 million, out of a strong field of nine contenders. The intense bidding probably reflects the scarcity of EC development land in general, especially in mature housing estates.
In this case, the winning bid was a bare 1.4% above that of the second placed bidder. It equates to a land cost of $659 PSF PPR (per square foot per plot ratio).
This land rate was the highest to date at the point of tender, for an EC site. (Though it was eventually surpassed in the next EC tender, for the Bukit Batok West Ave 8 site in 2022. Which however is hardly surprising, given the pattern of ever increasing land costs in the last few years. Incidentally the Bukit Batok site was won by the same developer.)
After adding all the development costs and overheads, especially in light of increased construction charges, the breakeven is around $1,2xx PSF.
This is about $150 PSF higher than for the previous batch of executive condominiums. So we are likely to see higher selling prices too, possibly in the region of $1,350 to $1,400 PSF.
About the Developer
The Tenet executive condominium is being developed by a collaboration of a Qingjian Realty and Octava Pte Ltd joint venture, with Santarli Realty Pte Ltd.
Both have executed several projects in Singapore between them, with Qingjian being especially fruitful in the EC arena.
About Qianjian Realty Pte Ltd
Qingjian Realty is based in Singapore. It is an arm of the larger Qingjian Group from China, a consortium with diverse businesses. These include property development and investment, logistics, contracting, and capital management.
The group has been developing projects in Singapore since 1999. It built condominiums like Nin Residence (2010), Riversound Residence (2011), and River Isles (2012).
In more recent years, it launched and sold out Jadescape in Shunfu. As well as the freehold Forett condo that is more than 90% sold at an average of over $2,000 PSF. Forett is located in Upper Bukit Timah, representing an upgrade for Qingjian from its more mass-market roots.
It has also been very productive in the executive condo sector. From its first venture with a DBSS project, Natura Loft in Bishan in 2008, Qingjian proceeded to build a large chunk of the ECs here. Examples include RiverParc Residence, Ecopolitan and Waterbay (all in Punggol), Bellewaters in Sengkang, Bellewoods in Woodlands, iNz Residence EC in Choa Chu Kang, and Visionaire in Sembawang.
About Santarli Realty Pte Ltd
Santarli started as a construction company in Singapore in 1983. Over the years it grew its expertise and experience to become a world class builder. From being a general contractor, it now undertakes institutional and industrial work, as well as complex engineering jobs in both the public and private sectors. It has earned numerous awards, including many for Health & Safety.
Santarli Realty is a subsidiary of the Santarli Group of Companies. Its vision is to build quality properties that provide value to buyers and investors.
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