Square Foot Research Singapore

Executive Condominium

Twin Waterfalls

It staged a strong comeback after the last launch in 2004. Since then, supply is set to double and more. The total EC units under construction including recent land sales, launched in less than 2 years, is now about the same as the existing completed supply, where it took over 10 years to sell and build.

An Executive Condominium (EC) is essentially a hybrid between a private property and a HDB flat. New units come with ownership and resale restrictions such as a household income of not more than $12,000 and a Minimum Occupation Period (MOP) of five years. During the 6th to 10th year after completion, units can be sold to Singaporeans or PRs with no family nucleus requirements (Partially Privatised). After 10 years, all restrictions are lifted (Privatised). On the positive side, buyers are eligible to certain grants.

Against this backdrop, new EC units are currently sold at about 20-30% discount compared to nearby new private properties. We expect the discount to start narrowing once the units are allowed to be sold after the 5-year MOP, and eventually priced like private properties once they cross the first 10-year period. See two examples below where this is true. We have picked a pair of properties (one EC and one private property) in each case with the same tenure, same completion date, and approximately the same distance away from the area's main amenity, the MRT station.

While an EC might be a good option for genuine owner-occupied buyers who are prepared to stay for at least 5 years, do take note that generally, the construction cost (may reflect the quality of the project) for an EC tends to be 20% lower than that of a private property.

A list of all the ECs is given below. More than half of the completed ECs have been fully privatised. Most of the other half are in their 6th to 10th year. La Casa remains the only EC currently that has yet to cross the initial 5-year MOP. This is due to a vacuum period of about 6 years (2004 - 2010) with no new EC developments. The priciest EC is Bishan Loft, where units have crossed the $1,000 psf mark.

Distribution of Executive Condominiums

Note: Mouseover to see the property's name.
Source: URA, http://www.squarefoot.com.sg
Uncompleted
First 5 Years
Partially Privatised
Privatised

Average Prices and Rents of Executive Condominiums

Note: *Prices and rentals are based on data in the past 6 months.
Source: http://www.squarefoot.com.sg
Marker Project Tenure Completion Lowest price*
($psf)
Average price*
($psf)
Highest price*
($psf)
Lowest rental*
($psf pm)
Average rental*
($psf pm)
Highest rental*
($psf pm)
EASTVALE 99 Yrs FROM 1996 Jan 1999 613 673 733 1.9 2.1 2.9
WESTMERE 99 Yrs FROM 1996 Feb 1999 717 821 879 1.9 2.3 2.8
CHESTERVALE 99 Yrs FROM 1997 Mar 1999 610 651 667 1.4 1.6 1.9
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 Apr 1999 737 801 877 1.5 2.3 2.8
PINEVALE 99 Yrs FROM 1997 Jul 1999 684 706 751 1.7 2.0 2.2
WINDERMERE 99 Yrs FROM 1997 Sep 1999 612 637 664 1.4 1.8 2.4
THE FLORIDA 99 Yrs FROM 1997 Feb 2000 565 695 783 1.5 1.9 2.4
THE RIVERVALE 99 Yrs FROM 1997 Jun 2000 675 743 790 1.6 1.9 2.1
WOODSVALE 99 Yrs FROM 1997 Aug 2000 557 605 658 1.6 1.9 2.4
YEW MEI GREEN 99 Yrs FROM 1997 Sep 2000 639 691 743 1.3 1.9 2.1
SUMMERDALE 99 Yrs FROM 1997 Sep 2000 584 661 716 1.3 2.0 2.4
NORTHOAKS 99 Yrs FROM 1997 Oct 2000 520 621 664 1.4 1.9 2.2
THE FLORAVALE 99 Yrs FROM 1997 Oct 2000 611 659 686 1.7 2.0 2.4
LILYDALE 99 Yrs FROM 2000 Mar 2003 533 627 679 1.3 1.9 2.1
THE EDEN AT TAMPINES 99 Yrs FROM 2000 Apr 2003 698 782 828 1.7 2.2 2.8
THE DEW 99 Yrs FROM 2000 Jul 2003 853 869 896 1.5 1.9 2.2
BISHAN LOFT 99 Yrs FROM 2000 Sep 2003 1,091 1,169 1,226 2.4 2.8 3.1
NUOVO 99 Yrs FROM 2001 Aug 2004 708 833 907 1.6 2.1 2.6
PARK GREEN 99 Yrs FROM 2001 Sep 2004 654 750 789 1.7 2.0 2.3
WHITEWATER 99 Yrs FROM 2002 Jan 2005 691 726 760 1.9 2.1 2.3
THE ESPARIS 99 Yrs FROM 2002 Jun 2005 790 790 790 1.9 2.1 2.7
THE QUINTET 99 Yrs FROM 2003 Oct 2006 674 733 784 1.8 1.9 2.2
LA CASA 99 Yrs FROM 2004 Feb 2008 653 712 803 1.6 2.1 2.5
PRIVE 99 Yrs FROM 2010 Jul 2013 849 995 1,053 2.1 2.6 3.1
ESPARINA RESIDENCES 99 Yrs FROM 2010 Sep 2013 920 1,123 1,249 1.1 2.5 3.0
THE CANOPY 99 Yrs FROM 2010 Jan 2014 726 827 910 1.5 2.1 2.6
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 Apr 2014 748 882 970 2.0 2.4 2.8
BELYSA 99 Yrs FROM 2011 May 2014 645 852 937 1.7 2.5 2.7
RIVERPARC RESIDENCE 99 Yrs FROM 2010 Jun 2014 646 880 929 1.0 1.9 3.3
ARC AT TAMPINES 99 Yrs FROM 2011 Aug 2014 845 938 1,011 1.2 2.3 3.0
BLOSSOM RESIDENCES 99 Yrs FROM 2011 Sep 2014 782 881 995 1.7 2.3 2.7
WATERCOLOURS 99 Yrs FROM 2012 Dec 2014 - - - 0.7 1.5 2.6
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 Feb 2015 986 986 986 2.4 2.4 2.4
THE RAINFOREST 99 Yrs FROM 2011 Mar 2015 - - - - - -
TWIN WATERFALLS 99 Yrs FROM 2011 Jun 2015 - - - 1.3 2.0 2.6
1 CANBERRA 99 Yrs FROM 2012 Sep 2015 882 911 939 1.0 1.1 1.8
HERON BAY 99 Yrs FROM 2012 Oct 2015 929 929 929 0.6 0.9 1.1
WATERWOODS 99 Yrs FROM 2013 Dec 2015 857 857 857 - - -
WATERBAY 99 Yrs FROM 2012 Jan 2016 - - - 2.4 2.4 2.4
CITYLIFE@TAMPINES 99 Yrs FROM 2012 Feb 2016 - - - 1.2 1.9 2.6
TWIN FOUNTAINS 99 Yrs FROM 2012 Mar 2016 - - - 1.6 1.8 2.1
THE TOPIARY 99 Yrs FROM 2012 Mar 2016 776 814 852 1.0 1.2 1.5
FORESTVILLE 99 Yrs FROM 2012 Apr 2016 - - - 0.7 1.1 1.7
LUSH ACRES 99 Yrs FROM 2013 Uncompleted 938 938 938 - - -
ECOPOLITAN 99 Yrs FROM 2012 Uncompleted - - - 0.9 1.7 2.5
SEA HORIZON 99 Yrs FROM 2013 Uncompleted - - - 0.7 1.8 2.5
SKYPARK RESIDENCES 99 Yrs FROM 2013 Uncompleted - - - 2.1 2.3 2.5
LAKE LIFE 99 Yrs FROM 2013 Uncompleted - - - 2.4 2.5 2.6
BELLEWOODS 99 Yrs FROM 2013 Uncompleted 897 900 903 - - -
BELLEWATERS 99 Yrs FROM 2013 Uncompleted - - - - - -
THE TERRACE 99 Yrs FROM 2013 Uncompleted - - - - - -
THE AMORE 99 Yrs FROM 2013 Uncompleted 927 927 927 2.4 2.4 2.4
WESTWOOD RESIDENCES 99 Years Leasehold Uncompleted 908 908 908 2.4 2.6 2.8
THE VALES 99 Years Leasehold Uncompleted - - - 2.7 2.7 2.7
THE BROWNSTONE 99 Years Leasehold Uncompleted - - - 0.8 2.1 2.7
SOL ACRES 99 Years Leasehold Uncompleted - - - - - -
SIGNATURE AT YISHUN 99 Years Leasehold Uncompleted - - - 2.2 2.4 2.6
THE CRITERION 99 Years Leasehold Uncompleted - - - 2.1 2.1 2.2
WANDERVALE 99 Years Leasehold Uncompleted 1,047 1,088 1,125 0.9 0.9 0.9
THE VISIONAIRE 99 Years Leasehold Uncompleted - - - 2.4 2.4 2.4
PARC LIFE 99 Years Leasehold Uncompleted - - - 2.2 2.2 2.2
NORTHWAVE 99 Years Leasehold Uncompleted 916 922 928 2.8 2.8 2.8
TREASURE CREST 99 Years Leasehold Uncompleted 1,097 1,097 1,097 - - -
INZ RESIDENCE 99 Years Leasehold Uncompleted - - - - - -
HUNDRED PALMS RESIDENCES 99 Years Leasehold Uncompleted - - - - - -
RIVERCOVE RESIDENCES 99 Years Leasehold Uncompleted - - - - - -
PIERMONT GRAND 99 Years Leasehold Uncompleted 916 1,098 1,210 - - -

Narrowing price gap between an Executive Condominium and a nearby private property

BISHAN LOFT (EC 99-YR, TOP 2003) VS. RAFFLESIA (99-YR, TOP 2003)

Source: URA, http://www.squarefoot.com.sg

SIMEI GREEN (EC 99-YR, TOP 1999) VS. EASTPOINT GREEN (99-YR, TOP 1999)

Source: URA, http://www.squarefoot.com.sg

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