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 639 708 751 1.7 2.1 2.8
WESTMERE 99 Yrs FROM 1996 Feb 1999 854 856 857 1.8 2.4 3.0
CHESTERVALE 99 Yrs FROM 1997 Mar 1999 555 597 647 1.4 1.6 1.9
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 Apr 1999 638 699 725 0.6 2.2 2.8
PINEVALE 99 Yrs FROM 1997 Jul 1999 648 670 688 1.8 2.0 2.3
WINDERMERE 99 Yrs FROM 1997 Sep 1999 563 634 671 1.3 1.8 2.4
THE FLORIDA 99 Yrs FROM 1997 Feb 2000 643 677 708 1.6 1.9 2.2
THE RIVERVALE 99 Yrs FROM 1997 Jun 2000 656 677 709 1.4 1.8 2.1
WOODSVALE 99 Yrs FROM 1997 Aug 2000 571 616 660 1.6 1.9 2.1
YEW MEI GREEN 99 Yrs FROM 1997 Sep 2000 631 670 697 1.3 1.9 2.4
SUMMERDALE 99 Yrs FROM 1997 Sep 2000 658 681 723 1.3 2.1 2.8
NORTHOAKS 99 Yrs FROM 1997 Oct 2000 490 594 665 1.5 1.9 2.2
THE FLORAVALE 99 Yrs FROM 1997 Oct 2000 497 614 672 1.2 2.0 2.4
LILYDALE 99 Yrs FROM 2000 Mar 2003 453 625 682 1.7 1.9 2.3
THE EDEN AT TAMPINES 99 Yrs FROM 2000 Apr 2003 630 754 830 1.9 2.2 2.7
THE DEW 99 Yrs FROM 2000 Jul 2003 769 809 871 1.7 2.1 2.2
BISHAN LOFT 99 Yrs FROM 2000 Sep 2003 842 1,038 1,108 2.4 2.7 3.3
NUOVO 99 Yrs FROM 2001 Aug 2004 704 845 900 1.9 2.2 2.8
PARK GREEN 99 Yrs FROM 2001 Sep 2004 627 680 758 1.4 1.9 2.2
WHITEWATER 99 Yrs FROM 2002 Jan 2005 640 683 719 1.8 2.0 2.2
THE ESPARIS 99 Yrs FROM 2002 Jun 2005 657 685 718 1.8 2.1 2.4
THE QUINTET 99 Yrs FROM 2003 Oct 2006 709 736 759 1.7 2.0 2.2
LA CASA 99 Yrs FROM 2004 Feb 2008 696 742 809 1.9 2.1 2.3
PRIVE 99 Yrs FROM 2010 Jul 2013 822 860 880 2.2 2.6 2.9
ESPARINA RESIDENCES 99 Yrs FROM 2010 Sep 2013 830 830 830 1.4 2.2 2.9
THE CANOPY 99 Yrs FROM 2010 Jan 2014 - - - 1.4 1.7 2.2
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 Apr 2014 782 782 782 2.4 2.4 2.4
BELYSA 99 Yrs FROM 2011 May 2014 - - - 2.4 2.4 2.4
RIVERPARC RESIDENCE 99 Yrs FROM 2010 Jun 2014 - - - 1.8 2.1 2.3
ARC AT TAMPINES 99 Yrs FROM 2011 Aug 2014 - - - 1.2 1.9 2.3
BLOSSOM RESIDENCES 99 Yrs FROM 2011 Sep 2014 850 850 850 2.2 2.2 2.2
WATERCOLOURS 99 Yrs FROM 2012 Dec 2014 - - - 1.7 1.7 1.7
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 Feb 2015 866 866 866 2.5 2.7 3.0
THE RAINFOREST 99 Yrs FROM 2011 Mar 2015 - - - 0.8 1.8 2.7
TWIN WATERFALLS 99 Yrs FROM 2011 Jun 2015 - - - 2.1 2.1 2.1
1 CANBERRA 99 Yrs FROM 2012 Sep 2015 - - - 1.0 1.0 1.0
HERON BAY 99 Yrs FROM 2012 Oct 2015 - - - 1.0 1.4 2.3
WATERWOODS 99 Yrs FROM 2013 Dec 2015 732 797 861 - - -
WATERBAY 99 Yrs FROM 2012 Jan 2016 - - - - - -
CITYLIFE@TAMPINES 99 Yrs FROM 2012 Feb 2016 - - - 1.3 1.8 2.3
TWIN FOUNTAINS 99 Yrs FROM 2012 Mar 2016 - - - 1.0 2.0 2.8
THE TOPIARY 99 Yrs FROM 2012 Mar 2016 700 780 860 1.0 1.8 2.3
FORESTVILLE 99 Yrs FROM 2012 Apr 2016 722 722 722 1.2 1.3 1.5
LUSH ACRES 99 Yrs FROM 2013 Uncompleted - - - - - -
ECOPOLITAN 99 Yrs FROM 2012 Uncompleted - - - 2.4 2.4 2.4
SEA HORIZON 99 Yrs FROM 2013 Uncompleted - - - 2.0 2.2 2.4
SKYPARK RESIDENCES 99 Yrs FROM 2013 Uncompleted - - - - - -
LAKE LIFE 99 Yrs FROM 2013 Uncompleted 814 819 823 2.6 2.6 2.6
BELLEWOODS 99 Yrs FROM 2013 Uncompleted 673 731 823 - - -
BELLEWATERS 99 Yrs FROM 2013 Uncompleted - - - - - -
THE TERRACE 99 Yrs FROM 2013 Uncompleted 798 824 848 - - -
THE AMORE 99 Yrs FROM 2013 Uncompleted - - - - - -
WESTWOOD RESIDENCES 99 Years Leasehold Uncompleted 742 796 860 - - -
THE VALES 99 Years Leasehold Uncompleted 754 850 883 - - -
THE BROWNSTONE 99 Years Leasehold Uncompleted 759 822 907 - - -
SOL ACRES 99 Years Leasehold Uncompleted 723 799 887 - - -
SIGNATURE AT YISHUN 99 Years Leasehold Uncompleted 708 774 882 2.0 2.0 2.0
THE CRITERION 99 Years Leasehold Uncompleted 703 771 853 - - -
WANDERVALE 99 Years Leasehold Uncompleted 746 825 924 - - -
THE VISIONAIRE 99 Years Leasehold Uncompleted 716 820 886 - - -
PARC LIFE 99 Years Leasehold Uncompleted 709 787 887 - - -
NORTHWAVE 99 Years Leasehold Uncompleted 710 765 846 - - -
TREASURE CREST 99 Years Leasehold Uncompleted 774 838 878 - - -
INZ RESIDENCE 99 Years Leasehold Uncompleted 699 798 884 - - -
HUNDRED PALMS RESIDENCES 99 Years Leasehold Uncompleted 777 842 908 - - -

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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