[UPDATE] Tenet EC is 93.2% sold after balloting by second-time buyers

Crowd of HDB second-timers at Tenet EC (Photo: Qingjian Realty)

SINGAPORE (EDGEPROP) - On Jan 7, the joint developers of Tenet executive condominium (EC) released the remaining 163 units for sale to second-time buyers. Close to 140 potential buyers had registered their interest when e-application for second-time buyers began on Dec 30. Balloting began at 8.30am, and by 1pm today, 121 units (74.2%) were taken up. This brings total sales at Tenet to 576 units (93.2%) of the 618 unit EC developed jointly by Qingjian Realty, Santarli Realty and Heeton Holdings. The average transacted price achieved at Tenet was $1,380 psf. All four-bedroom and four-bedroom-plus-study apartments of 1,098 to 1,367 sq ft have been fully sold.

"Demand for ECs in Tampines had always been strong," says Mark Yip, CEO of Huttons Asia. "Nevertheless, to achieve 93% sales just one month after launch is remarkable." Tenet is near Tampines North MRT station on the Cross Island Line and a government land sale (GLS) site for an upcoming mixed-use development. This presents a potential upside for Tenet EC buyers, he adds.

Three-bedroom units from 893 to 958 sq ft, including three-bedroom premium units of 930 sq ft, and five-bedroom-plus-study units from 1,561 to 1,572 sq ft are still available. About 59% (363 units) of the 618 units are three-bedders, with four-bedders accounting for 210 units (34%) and five-bedders, the remaining 7% (45 units).

The balloting was the first physical event of the year. “The live event [is] 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, on behalf of the joint venture partners.

According to HDB, 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. Under the prevailing EC regulations, only 30% of the units in a new EC project can be allocated to second-time buyers.

"Based on our observations and dealings with the buyers, most were HDB upgraders who live in the East Region," says Nicholas Mak, head of research & consultancy, ERA Realty Network. "Some of the buyers who want to upgrade to private housing were eager to buy EC units because the recent cooling measures, such as the mortgage curbs, made EC more affordable than private housing." (Find HDB flats for rent or sale with our Singapore HDB directory)

According to ERA's Mak, Tenet EC is well located with two MRT stations nearby, and the established Tampines town centre less than a five-minute bus ride away. "The next EC to be launched in Tampines would be sometime in 2025," he adds. "This contributes to the FOMO [fear of missing out] among some buyers. The robust take-up of this EC project also shows that the government should release more land for EC development."

With the Tenet EC project now 93.2% sold, the next EC project by Qingjian Realty and Santarli Construction in the pipeline for launch is the 373-unit EC at Bukit Batok West Avenue 8, which is targeted for launch sometime in the middle of this year. The joint developers won the site in March 2022 with a bid of $266 million ($662 psf per plot ratio).

Check out the latest listings near Tenet, Tampines, Bukit Batok West Avenue 8, Tampines North MRT station