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 676 705 747 1.4 2.1 3.0
WESTMERE 99 Yrs FROM 1996 Feb 1999 - - - 2.0 2.5 2.9
CHESTERVALE 99 Yrs FROM 1997 Mar 1999 594 635 659 1.6 1.7 1.9
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 Apr 1999 689 776 865 1.0 2.3 3.1
PINEVALE 99 Yrs FROM 1997 Jul 1999 568 647 751 1.9 2.1 2.7
WINDERMERE 99 Yrs FROM 1997 Sep 1999 544 608 656 1.7 1.9 2.4
THE FLORIDA 99 Yrs FROM 1997 Feb 2000 599 652 703 1.7 2.0 2.3
THE RIVERVALE 99 Yrs FROM 1997 Jun 2000 660 671 689 0.9 1.9 2.3
WOODSVALE 99 Yrs FROM 1997 Aug 2000 537 611 652 1.2 1.9 2.1
YEW MEI GREEN 99 Yrs FROM 1997 Sep 2000 652 687 734 1.5 2.0 2.2
SUMMERDALE 99 Yrs FROM 1997 Sep 2000 668 687 695 1.6 2.2 2.8
NORTHOAKS 99 Yrs FROM 1997 Oct 2000 458 574 633 0.7 1.9 2.3
THE FLORAVALE 99 Yrs FROM 1997 Oct 2000 562 632 661 1.5 2.1 2.5
LILYDALE 99 Yrs FROM 2000 Mar 2003 652 664 670 1.5 2.0 2.4
THE EDEN AT TAMPINES 99 Yrs FROM 2000 Apr 2003 616 616 616 1.3 2.1 2.7
THE DEW 99 Yrs FROM 2000 Jul 2003 800 800 800 1.6 2.1 2.7
BISHAN LOFT 99 Yrs FROM 2000 Sep 2003 1,008 1,084 1,153 2.1 2.7 3.1
NUOVO 99 Yrs FROM 2001 Aug 2004 785 836 886 1.9 2.2 2.5
PARK GREEN 99 Yrs FROM 2001 Sep 2004 634 687 728 1.3 2.0 2.3
WHITEWATER 99 Yrs FROM 2002 Jan 2005 687 704 723 1.8 2.0 2.3
THE ESPARIS 99 Yrs FROM 2002 Jun 2005 687 687 687 1.9 2.2 2.4
THE QUINTET 99 Yrs FROM 2003 Oct 2006 687 743 852 1.6 2.0 2.2
LA CASA 99 Yrs FROM 2004 Feb 2008 701 712 727 1.7 2.1 2.6
PRIVE 99 Yrs FROM 2010 Jul 2013 - - - 1.0 1.8 2.7
ESPARINA RESIDENCES 99 Yrs FROM 2010 Sep 2013 937 937 937 2.8 2.8 2.8
THE CANOPY 99 Yrs FROM 2010 Jan 2014 - - - 1.9 2.1 2.3
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 Apr 2014 790 790 790 - - -
BELYSA 99 Yrs FROM 2011 May 2014 - - - 2.4 2.4 2.4
RIVERPARC RESIDENCE 99 Yrs FROM 2010 Jun 2014 776 776 776 2.8 2.8 2.8
ARC AT TAMPINES 99 Yrs FROM 2011 Aug 2014 - - - - - -
BLOSSOM RESIDENCES 99 Yrs FROM 2011 Sep 2014 715 715 715 - - -
WATERCOLOURS 99 Yrs FROM 2012 Dec 2014 - - - 0.8 1.3 2.0
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 Feb 2015 821 821 821 2.3 2.7 3.2
THE RAINFOREST 99 Yrs FROM 2011 Mar 2015 - - - 1.4 1.5 1.5
TWIN WATERFALLS 99 Yrs FROM 2011 Jun 2015 - - - 1.2 1.8 2.1
1 CANBERRA 99 Yrs FROM 2012 Sep 2015 - - - 0.9 1.2 2.0
HERON BAY 99 Yrs FROM 2012 Oct 2015 - - - 1.1 1.3 1.4
WATERWOODS 99 Yrs FROM 2013 Dec 2015 776 782 787 - - -
WATERBAY 99 Yrs FROM 2012 Jan 2016 - - - 0.9 0.9 0.9
CITYLIFE@TAMPINES 99 Yrs FROM 2012 Feb 2016 - - - 1.1 1.6 2.3
TWIN FOUNTAINS 99 Yrs FROM 2012 Mar 2016 - - - 1.0 1.5 2.4
THE TOPIARY 99 Yrs FROM 2012 Mar 2016 863 875 887 1.8 2.2 2.7
FORESTVILLE 99 Yrs FROM 2012 Apr 2016 707 758 795 1.0 1.0 1.0
LUSH ACRES 99 Yrs FROM 2013 Uncompleted - - - 2.0 2.1 2.2
ECOPOLITAN 99 Yrs FROM 2012 Uncompleted 771 771 771 - - -
SEA HORIZON 99 Yrs FROM 2013 Uncompleted - - - 2.2 2.2 2.2
SKYPARK RESIDENCES 99 Yrs FROM 2013 Uncompleted 706 767 803 2.2 2.2 2.2
LAKE LIFE 99 Yrs FROM 2013 Uncompleted 827 827 827 - - -
BELLEWOODS 99 Yrs FROM 2013 Uncompleted 675 765 840 - - -
BELLEWATERS 99 Yrs FROM 2013 Uncompleted 699 746 829 - - -
THE TERRACE 99 Yrs FROM 2013 Uncompleted 725 787 904 - - -
THE AMORE 99 Yrs FROM 2013 Uncompleted 770 799 816 - - -
WESTWOOD RESIDENCES 99 Years Leasehold Uncompleted 726 789 861 - - -
THE VALES 99 Years Leasehold Uncompleted 741 821 909 - - -
THE BROWNSTONE 99 Years Leasehold Uncompleted 687 827 917 - - -
SOL ACRES 99 Years Leasehold Uncompleted 719 790 877 - - -
SIGNATURE AT YISHUN 99 Years Leasehold Uncompleted 707 759 842 - - -
THE CRITERION 99 Years Leasehold Uncompleted 705 780 870 - - -
WANDERVALE 99 Years Leasehold Uncompleted 678 752 825 - - -
THE VISIONAIRE 99 Years Leasehold Uncompleted 715 803 873 - - -
PARC LIFE 99 Years Leasehold Uncompleted 711 774 869 - - -
NORTHWAVE 99 Years Leasehold Uncompleted 695 756 808 - - -
TREASURE CREST 99 Years Leasehold Uncompleted 679 726 779 - - -
INZ RESIDENCE 99 Years Leasehold Uncompleted 689 772 841 - - -

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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