Tenet, the second executive condominium project launched after the new round of local property cooling measures came into effect, sold about 70% of its units on the first day of sale at an average price of about $1,360 per square foot.

The 618-unit project on 62nd Street in Tampines is a joint venture between Tsing Kin Properties, Santalie Construction and Sidon Holdings.

Wong Siew Ying, head of research and content at Bona Industrial, expects Kinglady to sell out when it is opened to second-time buyers, just like the hotly anticipated executive condominium project, Denfond Garland, which was launched in October.

Kinglady is the third and possibly the last executive condominium project to be launched locally this year.

Wong Siew Ying said the next executive condominium project to be launched is located on Bukit Batok West 8 Road and has about 375 units. She expects the project to be launched on the market in the middle of next year.

This project is expected to be popular with HDB uplifters and owner-occupier buyers as the inventory decreases.