The EC project, Tenet at 62nd Street in Tampines, is a joint venture between Chingjian Realty, Santarli Construction and Heeton Holdings, and previews began this week.

A press release issued on Friday (November 11) said that Jingjian Realty has 11 residential towers of 15 storeys with 618 units, including three-bedroom, four-bedroom and five-bedroom units.

The development is within a three-minute walk of the Cross Island Line's Tampines North Station, which is expected to be completed by 2030, as well as nearby schools, shopping malls and amenities.

The functional layout of the King's Landing units is designed for modern living, with facilities to support multi-generational families, including young families with growing children, as well as accommodating older people.

The project was officially launched on Saturday and the public can preview the show flats by appointment.

Eligible buyers have until 28 this month to submit their electronic applications.

The developer did not disclose the sales price in the announcement.

The development is still underway around King's Landing, which is currently dominated by pre-owned group homes (BTO), making it the first private residential development in its area.

The project's three-bedroom plus study units start from $1,098,000 for a minimum of 893 square feet, equivalent to $1,230 per square foot.

The four-bedroom units start from $1,438,000 for a minimum of 1098 square feet, equivalent to $1,310 per square foot.

The five-bedroom plus study unit is a minimum of 1,561 square feet and starts from $2,078,000, equivalent to $1,331 per square foot.

The 618-unit development is a joint venture between Chingjian Realty, Santarli Construction and Heeton Holdings.

According to Chingjian Realty's announcement, Jing Lai Heen is only about a three-minute walk from Tampines North Station on the Cross Island Line, which is expected to be completed by 2030, and only one kilometre from Tampines Boulevard Park.

However, along Tampines Road 8, several private residential developments are clustered, including the EC project Parc Central Residences, which is under construction.

The 700-unit Parc Central Residences is expected to receive its Provisional Occupation Permit (TOP) in 2025.

When it was launched in January last year, 59% or 414 units were sold on the first day of trading at a median price of $1,177 per square foot and all units have now been sold out.

Another private residential development, Pinevale, is located near Parc Central Residences.

The 322-unit Pinevale, which was granted a Provisional Occupation Permit in 1999, has seen eight units change hands so far this year, with prices ranging from $782 to $976 per square foot.

There are also a number of EC projects in the Tampines area, including Tampines Trilliant and CityLife@Tampines, which are located in the heart of Tampines.

Completed in 2015, 37 units have changed hands so far this year at an average price of $1,041 per square foot.

The adjacent CityLife@Tampines, completed in 2016, has seen 34 units change hands so far this year at an average unit price of $1,282, which is about 20% higher than that of Kingsway.

Overall, although Tampines is part of an established residential area, its EC projects have an average feet price below $1,300.

In contrast, many new private residential projects have already reached an average price of $2,000 per square foot.

As for the rental market, Tampines has a good demand for rentals, with 19 to 34 leases signed in the first nine months of the year for units such as Pine Fay Gardens, Kahan Gardens and CityLife@Tampines, with many units renting for at least $4,000 per month, and a monthly rent of $6,600 for a 1,300 to 1,400 square foot unit in Kahan Gardens.

Tampines is currently home to Tampines Plaza, Tampines One and Century Square. There is also a community and leisure complex, Our Tampines Hub, in the area.

The area is also home to schools such as United World College and Tampines Polytechnic.

In addition, the Sungei Tampines and Tampines Eco Green, which officially opened in July this year after a four-year renovation, provide recreational opportunities for nearby residents.

More gardens and playgrounds are expected to be added to the area, creating a more inclusive and sustainable green township.