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 809 809 809 1.7 2.1 2.6
WESTMERE 99 Yrs FROM 1996 Feb 1999 902 902 902 2.1 2.4 2.9
CHESTERVALE 99 Yrs FROM 1997 Mar 1999 638 668 704 1.4 1.6 1.9
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 Apr 1999 759 759 759 1.6 2.3 2.7
PINEVALE 99 Yrs FROM 1997 Jul 1999 691 728 757 1.5 2.0 2.2
WINDERMERE 99 Yrs FROM 1997 Sep 1999 616 660 701 1.5 1.8 2.1
THE FLORIDA 99 Yrs FROM 1997 Feb 2000 683 710 734 1.6 1.9 2.2
THE RIVERVALE 99 Yrs FROM 1997 Jun 2000 520 674 729 1.4 1.9 2.1
WOODSVALE 99 Yrs FROM 1997 Aug 2000 615 653 679 1.1 1.8 2.1
YEW MEI GREEN 99 Yrs FROM 1997 Sep 2000 682 702 717 1.3 1.9 2.1
SUMMERDALE 99 Yrs FROM 1997 Sep 2000 666 705 760 1.6 2.1 2.6
NORTHOAKS 99 Yrs FROM 1997 Oct 2000 442 599 675 1.5 1.9 2.5
THE FLORAVALE 99 Yrs FROM 1997 Oct 2000 642 652 661 1.2 1.9 2.2
LILYDALE 99 Yrs FROM 2000 Mar 2003 628 656 680 1.7 2.0 2.2
THE EDEN AT TAMPINES 99 Yrs FROM 2000 Apr 2003 734 812 917 1.5 2.2 2.9
THE DEW 99 Yrs FROM 2000 Jul 2003 846 846 846 1.5 1.9 2.2
BISHAN LOFT 99 Yrs FROM 2000 Sep 2003 1,072 1,111 1,161 2.4 2.8 3.3
NUOVO 99 Yrs FROM 2001 Aug 2004 753 835 928 1.9 2.1 2.3
PARK GREEN 99 Yrs FROM 2001 Sep 2004 774 774 774 1.5 1.9 2.1
WHITEWATER 99 Yrs FROM 2002 Jan 2005 670 715 761 1.8 2.0 2.3
THE ESPARIS 99 Yrs FROM 2002 Jun 2005 767 767 767 1.6 2.0 2.3
THE QUINTET 99 Yrs FROM 2003 Oct 2006 726 733 738 1.7 1.9 2.0
LA CASA 99 Yrs FROM 2004 Feb 2008 709 725 737 1.8 2.0 2.3
PRIVE 99 Yrs FROM 2010 Jul 2013 749 976 1,064 1.8 2.5 2.9
ESPARINA RESIDENCES 99 Yrs FROM 2010 Sep 2013 869 1,078 1,179 1.7 2.7 3.1
THE CANOPY 99 Yrs FROM 2010 Jan 2014 737 830 889 1.5 2.0 2.4
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 Apr 2014 923 923 923 - - -
BELYSA 99 Yrs FROM 2011 May 2014 844 844 844 2.5 2.5 2.5
RIVERPARC RESIDENCE 99 Yrs FROM 2010 Jun 2014 856 856 856 1.1 1.4 1.8
ARC AT TAMPINES 99 Yrs FROM 2011 Aug 2014 902 923 954 2.7 2.7 2.7
BLOSSOM RESIDENCES 99 Yrs FROM 2011 Sep 2014 815 830 844 - - -
WATERCOLOURS 99 Yrs FROM 2012 Dec 2014 834 834 834 - - -
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 Feb 2015 891 891 891 1.7 2.4 3.1
THE RAINFOREST 99 Yrs FROM 2011 Mar 2015 851 851 851 1.5 1.5 1.5
TWIN WATERFALLS 99 Yrs FROM 2011 Jun 2015 - - - 1.3 1.8 2.2
1 CANBERRA 99 Yrs FROM 2012 Sep 2015 860 860 860 1.7 1.9 2.3
HERON BAY 99 Yrs FROM 2012 Oct 2015 900 900 900 1.1 1.2 1.2
WATERWOODS 99 Yrs FROM 2013 Dec 2015 - - - - - -
WATERBAY 99 Yrs FROM 2012 Jan 2016 851 851 851 2.7 2.7 2.7
[email protected] 99 Yrs FROM 2012 Feb 2016 - - - 1.1 1.7 2.4
TWIN FOUNTAINS 99 Yrs FROM 2012 Mar 2016 - - - 1.0 1.3 1.5
THE TOPIARY 99 Yrs FROM 2012 Mar 2016 1,022 1,022 1,022 1.0 1.6 2.8
FORESTVILLE 99 Yrs FROM 2012 Apr 2016 705 705 705 1.0 1.3 2.0
LUSH ACRES 99 Yrs FROM 2013 Uncompleted - - - - - -
ECOPOLITAN 99 Yrs FROM 2012 Uncompleted - - - - - -
SEA HORIZON 99 Yrs FROM 2013 Uncompleted - - - 2.2 2.2 2.2
SKYPARK RESIDENCES 99 Yrs FROM 2013 Uncompleted - - - - - -
LAKE LIFE 99 Yrs FROM 2013 Uncompleted - - - - - -
BELLEWOODS 99 Yrs FROM 2013 Uncompleted - - - 2.3 2.3 2.3
BELLEWATERS 99 Yrs FROM 2013 Uncompleted 945 945 945 - - -
THE TERRACE 99 Yrs FROM 2013 Uncompleted - - - 2.3 2.3 2.3
THE AMORE 99 Yrs FROM 2013 Uncompleted - - - - - -
WESTWOOD RESIDENCES 99 Years Leasehold Uncompleted 901 901 901 - - -
THE VALES 99 Years Leasehold Uncompleted 836 888 939 2.4 2.4 2.4
THE BROWNSTONE 99 Years Leasehold Uncompleted - - - 2.2 2.4 2.6
SOL ACRES 99 Years Leasehold Uncompleted - - - 0.9 0.9 0.9
SIGNATURE AT YISHUN 99 Years Leasehold Uncompleted - - - - - -
THE CRITERION 99 Years Leasehold Uncompleted - - - 2.1 2.6 3.0
WANDERVALE 99 Years Leasehold Uncompleted 992 992 992 2.2 2.2 2.2
THE VISIONAIRE 99 Years Leasehold Uncompleted - - - 2.6 2.8 2.9
PARC LIFE 99 Years Leasehold Uncompleted - - - 2.5 2.5 2.5
NORTHWAVE 99 Years Leasehold Uncompleted 864 900 982 - - -
TREASURE CREST 99 Years Leasehold Uncompleted 995 1,046 1,100 2.3 2.3 2.4
INZ RESIDENCE 99 Years Leasehold Uncompleted - - - - - -
HUNDRED PALMS RESIDENCES 99 Years Leasehold Uncompleted - - - - - -
RIVERCOVE RESIDENCES 99 Years Leasehold Uncompleted 945 1,001 1,052 - - -

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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