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 689 722 815 1.7 2.3 2.7
WESTMERE 99 Yrs FROM 1996 Feb 1999 855 870 887 1.3 2.5 3.0
CHESTERVALE 99 Yrs FROM 1997 Mar 1999 656 692 715 1.5 1.9 2.3
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 Apr 1999 713 780 844 1.6 2.4 3.3
PINEVALE 99 Yrs FROM 1997 Jul 1999 695 730 767 1.6 2.1 2.6
WINDERMERE 99 Yrs FROM 1997 Sep 1999 632 663 687 1.6 2.0 2.4
THE FLORIDA 99 Yrs FROM 1997 Feb 2000 637 735 800 1.5 1.9 2.3
THE RIVERVALE 99 Yrs FROM 1997 Jun 2000 643 715 765 1.4 2.0 2.3
WOODSVALE 99 Yrs FROM 1997 Aug 2000 552 645 707 1.2 2.2 8.0
YEW MEI GREEN 99 Yrs FROM 1997 Sep 2000 644 712 829 1.3 2.1 3.2
SUMMERDALE 99 Yrs FROM 1997 Sep 2000 599 690 740 1.6 2.3 2.9
NORTHOAKS 99 Yrs FROM 1997 Oct 2000 581 647 705 1.6 2.2 3.2
THE FLORAVALE 99 Yrs FROM 1997 Oct 2000 544 685 758 1.6 2.2 3.0
LILYDALE 99 Yrs FROM 2000 Mar 2003 650 688 712 1.7 2.1 2.4
THE EDEN AT TAMPINES 99 Yrs FROM 2000 Apr 2003 661 791 929 1.9 2.3 3.0
THE DEW 99 Yrs FROM 2000 Jul 2003 871 895 922 1.5 2.0 2.4
BISHAN LOFT 99 Yrs FROM 2000 Sep 2003 1,159 1,229 1,277 1.3 2.9 3.7
NUOVO 99 Yrs FROM 2001 Aug 2004 756 913 979 1.9 2.1 2.5
PARK GREEN 99 Yrs FROM 2001 Sep 2004 755 795 864 1.8 2.0 2.4
WHITEWATER 99 Yrs FROM 2002 Jan 2005 675 736 783 1.8 2.1 2.3
THE ESPARIS 99 Yrs FROM 2002 Jun 2005 715 763 796 1.8 2.2 2.9
THE QUINTET 99 Yrs FROM 2003 Oct 2006 738 771 807 1.7 2.0 2.2
LA CASA 99 Yrs FROM 2004 Feb 2008 676 751 810 2.0 2.3 3.3
PRIVE 99 Yrs FROM 2010 Jul 2013 863 1,002 1,113 1.0 2.8 3.4
ESPARINA RESIDENCES 99 Yrs FROM 2010 Sep 2013 983 1,158 1,219 1.6 2.7 3.2
THE CANOPY 99 Yrs FROM 2010 Jan 2014 750 835 950 2.0 2.4 2.9
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 Apr 2014 851 933 999 2.3 2.8 3.1
BELYSA 99 Yrs FROM 2011 May 2014 917 954 1,014 2.6 2.9 3.4
RIVERPARC RESIDENCE 99 Yrs FROM 2010 Jun 2014 663 893 988 1.4 2.2 3.1
ARC AT TAMPINES 99 Yrs FROM 2011 Aug 2014 806 941 1,061 1.4 2.8 3.9
BLOSSOM RESIDENCES 99 Yrs FROM 2011 Sep 2014 770 907 1,046 1.4 2.3 3.1
WATERCOLOURS 99 Yrs FROM 2012 Dec 2014 728 881 956 1.2 2.4 2.9
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 Feb 2015 885 1,091 1,237 2.1 3.0 3.5
THE RAINFOREST 99 Yrs FROM 2011 Mar 2015 901 1,017 1,117 2.3 2.5 2.9
TWIN WATERFALLS 99 Yrs FROM 2011 Jun 2015 718 976 1,099 2.1 2.7 3.4
1 CANBERRA 99 Yrs FROM 2012 Sep 2015 711 911 1,003 1.6 2.6 3.2
HERON BAY 99 Yrs FROM 2012 Oct 2015 880 951 1,048 2.3 2.8 3.0
WATERWOODS 99 Yrs FROM 2013 Dec 2015 875 989 1,047 2.6 3.0 3.5
WATERBAY 99 Yrs FROM 2012 Jan 2016 755 980 1,145 1.2 2.2 2.8
[email protected] 99 Yrs FROM 2012 Feb 2016 1,000 1,087 1,186 2.3 2.8 3.9
TWIN FOUNTAINS 99 Yrs FROM 2012 Mar 2016 849 917 986 1.3 2.2 2.8
THE TOPIARY 99 Yrs FROM 2012 Mar 2016 865 1,020 1,161 1.2 2.1 3.1
FORESTVILLE 99 Yrs FROM 2012 Apr 2016 703 868 937 1.3 2.5 3.1
LUSH ACRES 99 Yrs FROM 2013 Uncompleted 902 984 1,058 2.2 2.2 2.2
ECOPOLITAN 99 Yrs FROM 2012 Uncompleted 948 948 948 1.9 2.4 2.9
SEA HORIZON 99 Yrs FROM 2013 Uncompleted 894 940 973 2.2 2.5 2.8
SKYPARK RESIDENCES 99 Yrs FROM 2013 Uncompleted 989 989 989 2.5 2.5 2.5
LAKE LIFE 99 Yrs FROM 2013 Uncompleted 1,015 1,015 1,015 2.4 2.6 2.9
BELLEWOODS 99 Yrs FROM 2013 Uncompleted 873 910 961 3.4 3.4 3.4
BELLEWATERS 99 Yrs FROM 2013 Uncompleted 966 995 1,050 - - -
THE TERRACE 99 Yrs FROM 2013 Uncompleted 1,017 1,017 1,017 2.8 2.8 2.8
THE AMORE 99 Yrs FROM 2013 Uncompleted 904 962 1,008 2.4 2.4 2.4
WESTWOOD RESIDENCES 99 Years Leasehold Uncompleted 948 948 948 2.9 3.2 3.4
THE VALES 99 Years Leasehold Uncompleted 977 977 977 2.4 2.4 2.4
THE BROWNSTONE 99 Years Leasehold Uncompleted 921 992 1,069 2.6 2.6 2.6
SOL ACRES 99 Years Leasehold Uncompleted 901 1,035 1,159 2.7 3.2 4.0
SIGNATURE AT YISHUN 99 Years Leasehold Uncompleted 962 962 962 2.5 2.6 2.6
THE CRITERION 99 Years Leasehold Uncompleted 864 944 997 3.5 3.5 3.5
WANDERVALE 99 Years Leasehold Uncompleted 1,025 1,025 1,025 2.2 2.2 2.2
THE VISIONAIRE 99 Years Leasehold Uncompleted 962 998 1,047 3.2 3.2 3.2
PARC LIFE 99 Years Leasehold Uncompleted 934 980 1,035 2.3 2.6 3.0
NORTHWAVE 99 Years Leasehold Uncompleted 973 973 973 2.4 2.4 2.4
TREASURE CREST 99 Years Leasehold Uncompleted - - - 2.4 2.4 2.4
INZ RESIDENCE 99 Years Leasehold Uncompleted 969 969 969 2.6 2.6 2.6
HUNDRED PALMS RESIDENCES 99 Years Leasehold Uncompleted 810 810 810 3.0 3.0 3.0
RIVERCOVE RESIDENCES 99 Years Leasehold Uncompleted 1,087 1,144 1,193 3.5 3.5 3.5
PIERMONT GRAND 99 Years Leasehold Uncompleted 1,008 1,149 1,288 - - -
PARC CANBERRA 99 Years Leasehold Uncompleted 1,059 1,096 1,143 - - -
OLA 99 Years Leasehold Uncompleted 1,013 1,154 1,338 - - -
PARC CENTRAL RESIDENCES 99 years leasehold Uncompleted 1,002 1,162 1,285 - - -
PROVENCE RESIDENCE 99 years leasehold Uncompleted 1,004 1,152 1,273 - - -

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

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