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 604 705 774 1.8 2.1 2.6
WESTMERE 99 Yrs FROM 1996 Feb 1999 825 878 911 1.9 2.4 2.9
CHESTERVALE 99 Yrs FROM 1997 Mar 1999 572 622 651 1.4 1.6 1.7
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 Apr 1999 636 765 908 1.5 2.3 2.7
PINEVALE 99 Yrs FROM 1997 Jul 1999 623 678 726 1.5 2.0 2.2
WINDERMERE 99 Yrs FROM 1997 Sep 1999 664 677 687 1.6 1.8 2.4
THE FLORIDA 99 Yrs FROM 1997 Feb 2000 630 689 727 1.7 1.9 2.2
THE RIVERVALE 99 Yrs FROM 1997 Jun 2000 628 702 805 1.5 1.8 2.2
WOODSVALE 99 Yrs FROM 1997 Aug 2000 571 622 675 1.6 1.9 2.2
YEW MEI GREEN 99 Yrs FROM 1997 Sep 2000 570 667 708 1.7 1.9 2.4
SUMMERDALE 99 Yrs FROM 1997 Sep 2000 618 678 722 1.8 2.2 2.6
NORTHOAKS 99 Yrs FROM 1997 Oct 2000 503 612 657 1.5 1.9 2.1
THE FLORAVALE 99 Yrs FROM 1997 Oct 2000 532 640 677 1.3 1.9 2.3
LILYDALE 99 Yrs FROM 2000 Mar 2003 629 652 690 1.8 2.0 2.4
THE EDEN AT TAMPINES 99 Yrs FROM 2000 Apr 2003 751 790 840 1.6 2.2 2.9
THE DEW 99 Yrs FROM 2000 Jul 2003 790 821 860 1.5 2.0 2.2
BISHAN LOFT 99 Yrs FROM 2000 Sep 2003 998 1,085 1,183 1.5 2.7 3.3
NUOVO 99 Yrs FROM 2001 Aug 2004 741 851 913 1.9 2.2 3.2
PARK GREEN 99 Yrs FROM 2001 Sep 2004 657 693 748 1.6 2.0 2.4
WHITEWATER 99 Yrs FROM 2002 Jan 2005 659 689 710 1.7 2.1 2.4
THE ESPARIS 99 Yrs FROM 2002 Jun 2005 619 707 745 1.6 2.0 2.3
THE QUINTET 99 Yrs FROM 2003 Oct 2006 529 722 753 1.3 1.9 2.1
LA CASA 99 Yrs FROM 2004 Feb 2008 703 736 830 1.6 2.1 4.6
PRIVE 99 Yrs FROM 2010 Jul 2013 711 810 870 1.9 2.3 2.7
ESPARINA RESIDENCES 99 Yrs FROM 2010 Sep 2013 879 945 985 2.3 2.5 2.6
THE CANOPY 99 Yrs FROM 2010 Jan 2014 - - - 2.0 2.1 2.4
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 Apr 2014 773 791 808 2.0 2.0 2.0
BELYSA 99 Yrs FROM 2011 May 2014 815 826 836 - - -
RIVERPARC RESIDENCE 99 Yrs FROM 2010 Jun 2014 789 789 789 0.9 0.9 0.9
ARC AT TAMPINES 99 Yrs FROM 2011 Aug 2014 942 942 942 1.9 2.1 2.2
BLOSSOM RESIDENCES 99 Yrs FROM 2011 Sep 2014 - - - - - -
WATERCOLOURS 99 Yrs FROM 2012 Dec 2014 767 767 767 1.3 1.3 1.3
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 Feb 2015 - - - 1.7 2.5 3.1
THE RAINFOREST 99 Yrs FROM 2011 Mar 2015 - - - 1.3 1.3 1.3
TWIN WATERFALLS 99 Yrs FROM 2011 Jun 2015 808 808 808 0.8 1.5 2.1
1 CANBERRA 99 Yrs FROM 2012 Sep 2015 - - - 0.8 1.7 2.5
HERON BAY 99 Yrs FROM 2012 Oct 2015 - - - 1.1 1.1 1.2
WATERWOODS 99 Yrs FROM 2013 Dec 2015 - - - - - -
WATERBAY 99 Yrs FROM 2012 Jan 2016 811 831 862 0.6 1.5 2.4
CITYLIFE@TAMPINES 99 Yrs FROM 2012 Feb 2016 - - - 1.2 1.9 2.5
TWIN FOUNTAINS 99 Yrs FROM 2012 Mar 2016 - - - 1.0 1.2 1.3
THE TOPIARY 99 Yrs FROM 2012 Mar 2016 888 888 888 1.0 1.5 2.4
FORESTVILLE 99 Yrs FROM 2012 Apr 2016 724 771 817 1.0 1.2 1.5
LUSH ACRES 99 Yrs FROM 2013 Uncompleted - - - 1.9 1.9 2.0
ECOPOLITAN 99 Yrs FROM 2012 Uncompleted - - - - - -
SEA HORIZON 99 Yrs FROM 2013 Uncompleted - - - - - -
SKYPARK RESIDENCES 99 Yrs FROM 2013 Uncompleted - - - - - -
LAKE LIFE 99 Yrs FROM 2013 Uncompleted - - - 2.3 2.3 2.3
BELLEWOODS 99 Yrs FROM 2013 Uncompleted 748 772 800 2.2 2.2 2.2
BELLEWATERS 99 Yrs FROM 2013 Uncompleted 701 802 864 - - -
THE TERRACE 99 Yrs FROM 2013 Uncompleted 887 900 912 2.3 2.3 2.3
THE AMORE 99 Yrs FROM 2013 Uncompleted 833 833 833 - - -
WESTWOOD RESIDENCES 99 Years Leasehold Uncompleted 744 786 847 - - -
THE VALES 99 Years Leasehold Uncompleted 811 847 888 1.9 2.2 2.4
THE BROWNSTONE 99 Years Leasehold Uncompleted 793 842 962 - - -
SOL ACRES 99 Years Leasehold Uncompleted 759 805 860 - - -
SIGNATURE AT YISHUN 99 Years Leasehold Uncompleted 722 789 910 2.0 2.3 2.5
THE CRITERION 99 Years Leasehold Uncompleted 747 794 957 - - -
WANDERVALE 99 Years Leasehold Uncompleted - - - - - -
THE VISIONAIRE 99 Years Leasehold Uncompleted 781 826 861 - - -
PARC LIFE 99 Years Leasehold Uncompleted 743 828 903 - - -
NORTHWAVE 99 Years Leasehold Uncompleted 705 796 900 - - -
TREASURE CREST 99 Years Leasehold Uncompleted - - - - - -
INZ RESIDENCE 99 Years Leasehold Uncompleted 752 815 890 - - -
HUNDRED PALMS RESIDENCES 99 Years Leasehold Uncompleted - - - - - -
RIVERCOVE RESIDENCES 99 Years Leasehold Uncompleted 900 972 1,086 - - -

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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