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, https://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: https://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 753 784 815 1.7 2.1 2.5
WESTMERE 99 Yrs FROM 1996 Feb 1999 765 852 902 2.1 2.4 2.8
CHESTERVALE 99 Yrs FROM 1997 Mar 1999 644 663 690 1.6 1.6 1.7
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 Apr 1999 844 844 844 1.7 2.2 2.8
PINEVALE 99 Yrs FROM 1997 Jul 1999 689 707 717 1.8 2.0 2.2
WINDERMERE 99 Yrs FROM 1997 Sep 1999 640 673 703 1.6 1.8 2.2
THE FLORIDA 99 Yrs FROM 1997 Feb 2000 714 721 733 1.6 1.9 2.2
THE RIVERVALE 99 Yrs FROM 1997 Jun 2000 729 749 786 1.4 1.9 2.1
WOODSVALE 99 Yrs FROM 1997 Aug 2000 550 638 691 1.4 1.9 2.4
YEW MEI GREEN 99 Yrs FROM 1997 Sep 2000 666 692 712 1.3 1.9 2.2
SUMMERDALE 99 Yrs FROM 1997 Sep 2000 661 715 768 1.3 2.1 2.6
NORTHOAKS 99 Yrs FROM 1997 Oct 2000 580 635 675 0.6 1.9 2.2
THE FLORAVALE 99 Yrs FROM 1997 Oct 2000 615 664 706 1.4 1.9 2.3
LILYDALE 99 Yrs FROM 2000 Mar 2003 632 652 671 1.4 1.9 2.2
THE EDEN AT TAMPINES 99 Yrs FROM 2000 Apr 2003 712 815 917 1.5 2.1 2.8
THE DEW 99 Yrs FROM 2000 Jul 2003 777 849 904 1.9 2.0 2.2
BISHAN LOFT 99 Yrs FROM 2000 Sep 2003 1,044 1,135 1,192 2.4 2.8 3.3
NUOVO 99 Yrs FROM 2001 Aug 2004 936 956 976 1.7 2.0 2.3
PARK GREEN 99 Yrs FROM 2001 Sep 2004 708 771 835 1.5 1.9 2.2
WHITEWATER 99 Yrs FROM 2002 Jan 2005 665 713 741 1.8 2.0 2.2
THE ESPARIS 99 Yrs FROM 2002 Jun 2005 716 745 778 1.9 2.2 2.6
THE QUINTET 99 Yrs FROM 2003 Oct 2006 615 723 769 1.1 1.8 2.1
LA CASA 99 Yrs FROM 2004 Feb 2008 697 751 840 1.9 2.2 4.6
PRIVE 99 Yrs FROM 2010 Jul 2013 676 960 1,064 1.9 2.5 2.9
ESPARINA RESIDENCES 99 Yrs FROM 2010 Sep 2013 836 1,068 1,179 2.7 2.8 2.9
THE CANOPY 99 Yrs FROM 2010 Jan 2014 - - - 2.0 2.1 2.3
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 Apr 2014 797 797 797 2.1 2.1 2.1
BELYSA 99 Yrs FROM 2011 May 2014 832 832 832 2.2 2.2 2.2
RIVERPARC RESIDENCE 99 Yrs FROM 2010 Jun 2014 - - - - - -
ARC AT TAMPINES 99 Yrs FROM 2011 Aug 2014 909 911 913 2.2 2.4 2.5
BLOSSOM RESIDENCES 99 Yrs FROM 2011 Sep 2014 790 830 869 - - -
WATERCOLOURS 99 Yrs FROM 2012 Dec 2014 834 834 834 1.2 1.2 1.2
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 Feb 2015 1,150 1,150 1,150 2.4 2.6 2.7
THE RAINFOREST 99 Yrs FROM 2011 Mar 2015 - - - 1.8 2.0 2.1
TWIN WATERFALLS 99 Yrs FROM 2011 Jun 2015 - - - 1.4 1.9 2.6
1 CANBERRA 99 Yrs FROM 2012 Sep 2015 811 811 811 1.1 1.7 2.3
HERON BAY 99 Yrs FROM 2012 Oct 2015 843 886 929 1.0 1.3 1.6
WATERWOODS 99 Yrs FROM 2013 Dec 2015 - - - - - -
WATERBAY 99 Yrs FROM 2012 Jan 2016 - - - 1.3 2.0 2.7
[email protected] 99 Yrs FROM 2012 Feb 2016 - - - 1.2 1.6 2.3
TWIN FOUNTAINS 99 Yrs FROM 2012 Mar 2016 820 820 820 1.2 1.4 1.7
THE TOPIARY 99 Yrs FROM 2012 Mar 2016 892 892 892 2.2 2.3 2.4
FORESTVILLE 99 Yrs FROM 2012 Apr 2016 - - - 1.0 1.0 1.0
LUSH ACRES 99 Yrs FROM 2013 Uncompleted - - - 2.2 2.2 2.2
ECOPOLITAN 99 Yrs FROM 2012 Uncompleted - - - - - -
SEA HORIZON 99 Yrs FROM 2013 Uncompleted - - - 2.1 2.2 2.3
SKYPARK RESIDENCES 99 Yrs FROM 2013 Uncompleted 816 816 816 2.5 2.5 2.5
LAKE LIFE 99 Yrs FROM 2013 Uncompleted - - - 2.6 2.6 2.6
BELLEWOODS 99 Yrs FROM 2013 Uncompleted - - - - - -
BELLEWATERS 99 Yrs FROM 2013 Uncompleted - - - - - -
THE TERRACE 99 Yrs FROM 2013 Uncompleted - - - - - -
THE AMORE 99 Yrs FROM 2013 Uncompleted - - - - - -
WESTWOOD RESIDENCES 99 Years Leasehold Uncompleted 901 901 901 - - -
THE VALES 99 Years Leasehold Uncompleted 900 916 939 2.1 2.3 2.5
THE BROWNSTONE 99 Years Leasehold Uncompleted 929 951 972 2.3 2.5 2.6
SOL ACRES 99 Years Leasehold Uncompleted 878 918 963 - - -
SIGNATURE AT YISHUN 99 Years Leasehold Uncompleted 792 847 940 - - -
THE CRITERION 99 Years Leasehold Uncompleted 905 921 936 2.1 2.1 2.1
WANDERVALE 99 Years Leasehold Uncompleted - - - 2.4 2.4 2.4
THE VISIONAIRE 99 Years Leasehold Uncompleted - - - - - -
PARC LIFE 99 Years Leasehold Uncompleted 843 888 1,080 2.3 2.3 2.3
NORTHWAVE 99 Years Leasehold Uncompleted 745 866 941 - - -
TREASURE CREST 99 Years Leasehold Uncompleted 1,100 1,100 1,100 - - -
INZ RESIDENCE 99 Years Leasehold Uncompleted - - - - - -
HUNDRED PALMS RESIDENCES 99 Years Leasehold Uncompleted - - - - - -
RIVERCOVE RESIDENCES 99 Years Leasehold Uncompleted 923 986 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, https://www.squarefoot.com.sg

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

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

Disclaimer

This report provides information as reference resource for your personal consumption only. It is not intended to be and does not constitute financial advice, investment advice or any other advice. This report has been generated without regard to the individual financial circumstances, needs or objectives of persons who view it. Users should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. By the use of our services, you agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to Square Foot Research Pte. Ltd., its related and affiliate companies and/or their employees. Square Foot Research Pte. Ltd. makes reasonable effort to use reliable and comprehensive information to generate this report, but we make no representation that it is accurate or complete.

CONTACT US

For enquiries, drop us an email at This email address is being protected from spambots. You need JavaScript enabled to view it.

For support, contact us at This email address is being protected from spambots. You need JavaScript enabled to view it.