Rivelle Tampines executive condominium (EC) in Tampines Street 95 has sold over 92% of its 572 units during its launch weekend, marking the strongest performance for a new EC project since 2017. The units were sold at an average price of $1,893 per square foot, according to Kelvin Fong, CEO of PropNex.
The project’s success is attributed to its strategic location near the upcoming Pinery Mall, Tampines West MRT station, and various amenities such as SAFRA Clubhouse and Bedok Reservoir Park. The proximity to educational institutions like St. Hilda’s Primary School further enhances its appeal.
The second-timer buyer quota was quickly reached on Saturday afternoon, indicating robust interest from first-time buyers. Under current EC regulations, only 30% of units can be sold to second-timers during the initial launch. Those unable to secure a unit can attempt to book one month later, with expectations that Rivelle Tampines will sell out when more second-timers are allowed to purchase.
The launch attracted over 8,000 visitors to its sales gallery, underscoring the demand for ECs in Tampines. Previous projects in the area, such as Aurelle of Tampines and Tenet EC, also experienced high sales during their launch weekends.
With Tampines being the largest Housing Development Board (HDB) town in Singapore, it offers a substantial pool of potential upgraders. The demand for ECs remains strong, supported by their affordability compared to private condos, despite rising prices due to increased land and construction costs.
