Executive Condominium

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)
	WESTMERE	99 Yrs FROM 1996	1999	1,002	1,020	1,037	2.7	3.5	4.6
	EASTVALE	99 yrs FROM 1996	1999	991	994	997	2.4	3.3	4.5
	SIMEI GREEN CONDOMINIUM	99 yrs FROM 1996	1999	843	948	1,013	1.3	3.9	8.7
	WINDERMERE	99 yrs FROM 1997	1999	754	831	908	2.7	3.0	3.6
	PINEVALE	99 yrs FROM 1997	1999	875	929	994	2.7	3.1	3.6
	CHESTERVALE	99 yrs FROM 1997	1999	840	891	1,032	2.4	2.9	3.7
	YEW MEI GREEN	99 Yrs FROM 1997	2000	788	906	1,061	1.8	3.1	3.7
	THE RIVERVALE	99 yrs FROM 1997	2000	957	1,005	1,066	2.7	3.1	3.6
	SUMMERDALE	99 Yrs FROM 1997	2000	863	904	946	2.6	3.5	5.2
	THE FLORIDA	99 Yrs FROM 1997	2000	937	1,010	1,045	2.0	2.9	3.4
	NORTHOAKS	99 yrs FROM 1997	2000	693	789	878	2.2	3.2	3.9
	WOODSVALE	99 yrs FROM 1997	2000	765	836	876	2.2	3.2	4.0
	THE FLORAVALE	99 yrs FROM 1997	2000	838	891	929	2.2	3.3	4.4
	THE EDEN AT TAMPINES	99 yrs FROM 2000	2003	986	1,042	1,068	2.4	3.5	4.5
	THE DEW	99 yrs FROM 2000	2003	911	911	911	2.8	3.0	3.3
	BISHAN LOFT	99 Yrs FROM 2000	2003	1,379	1,481	1,536	3.3	4.1	4.7
	LILYDALE	99 yrs FROM 2000	2003	797	853	896	2.2	3.1	3.7
	NUOVO	99 yrs FROM 2001	2004	1,100	1,126	1,152	2.4	3.5	4.1
	PARK GREEN	99 yrs FROM 2001	2004	929	986	1,043	2.7	3.4	4.3
	THE ESPARIS	99 yrs FROM 2002	2005	929	982	1,014	3.0	3.4	3.8
	WHITEWATER	99 yrs FROM 2002	2005	896	946	995	2.3	3.3	4.3
	THE QUINTET	99 Yrs FROM 2003	2006	878	951	1,022	2.3	3.1	4.1
	LA CASA	99 yrs FROM 2004	2008	913	954	1,004	2.4	3.6	4.1
	ESPARINA RESIDENCES	99 Yrs FROM 2010	2013	1,200	1,389	1,548	2.1	4.2	5.0
	PRIVE	99 Yrs FROM 2010	2013	1,075	1,249	1,318	3.3	4.2	4.9
	THE CANOPY	99 yrs FROM 2010	2014	933	982	1,067	3.2	3.7	4.1
	AUSTVILLE RESIDENCES	99 yrs FROM 2010	2014	1,053	1,154	1,241	3.6	4.3	5.1
	BELYSA	99 yrs FROM 2011	2014	1,017	1,113	1,204	2.9	4.0	5.1
	RIVERPARC RESIDENCE	99 yrs FROM 2010	2014	871	1,198	1,291	4.5	4.5	4.6
	BLOSSOM RESIDENCES	99 yrs FROM 2011	2014	1,094	1,176	1,290	3.5	3.9	4.2
	ARC AT TAMPINES	99 Yrs FROM 2011	2014	1,081	1,192	1,420	1.8	4.3	6.7
	WATERCOLOURS	99 yrs FROM 2012	2014	1,010	1,107	1,191	2.7	4.1	4.8
	THE TAMPINES TRILLIANT	99 Yrs FROM 2011	2015	1,221	1,381	1,475	3.1	4.8	6.6
	THE RAINFOREST	99 yrs FROM 2011	2015	1,231	1,251	1,280	3.4	4.0	4.5
	TWIN WATERFALLS	99 yrs FROM 2011	2015	904	1,229	1,290	3.3	4.2	5.2
	1 CANBERRA	99 yrs FROM 2012	2015	1,014	1,135	1,232	1.6	3.4	4.5
	HERON BAY	99 yrs FROM 2012	2015	1,125	1,215	1,277	1.8	3.3	4.8
	WATERWOODS	99 yrs FROM 2013	2015	1,080	1,214	1,331	4.4	4.6	5.0
	WATERBAY	99 yrs FROM 2012	2016	1,182	1,242	1,275	3.9	4.6	6.0
	THE TOPIARY	99 yrs FROM 2012	2016	1,077	1,241	1,347	1.4	3.9	4.7
	[email protected]	99 yrs FROM 2012	2016	1,219	1,296	1,368	3.4	4.0	5.0
	TWIN FOUNTAINS	99 yrs FROM 2012	2016	1,134	1,158	1,225	3.3	4.1	4.6
	FORESTVILLE	99 Yrs FROM 2012	2016	967	1,090	1,152	1.3	3.3	4.7
	EASTWAVE @ CANBERRA	99 Yrs FROM 2012	Uncompleted	-	-	-	-	-	-
	LUSH ACRES	99 yrs FROM 2013	2016	1,141	1,261	1,354	3.8	4.2	4.6
	ECOPOLITAN	99 Yrs FROM 2012	2016	1,119	1,219	1,270	3.2	3.9	4.4
	SEA HORIZON	99 Yrs FROM 2013	2016	1,109	1,148	1,241	3.4	3.8	4.2
	SKYPARK RESIDENCES	99 Yrs FROM 2013	2016	1,196	1,238	1,293	3.9	4.4	4.9
	LAKE LIFE	99 Yrs FROM 2013	2016	1,081	1,227	1,345	2.5	4.4	5.7
	THE AMORE	99 yrs FROM 2013	2016	1,144	1,222	1,290	3.4	3.7	4.0
	BELLEWOODS	99 Yrs FROM 2013	2017	1,005	1,173	1,303	3.8	4.3	5.1
	BELLEWATERS	99 yrs FROM 2013	2017	1,138	1,277	1,372	3.0	4.1	4.6
	THE TERRACE	99 Yrs FROM 2013	2017	1,031	1,258	1,354	3.9	4.2	4.4
	WESTWOOD RESIDENCES	99 Years Leasehold	2017	1,084	1,190	1,306	4.4	4.8	5.5
	THE VALES	99 yrs FROM 2014	2017	1,180	1,336	1,486	1.6	4.3	5.5
	THE BROWNSTONE	99 Years Leasehold	2017	1,161	1,309	1,435	4.0	4.7	5.1
	SIGNATURE AT YISHUN	99 yrs FROM 2014	2017	1,138	1,209	1,309	3.0	4.4	5.9
	SOL ACRES	99 yrs FROM 2014	2018	1,117	1,329	1,490	3.0	4.1	5.3
	THE CRITERION	99 yrs FROM 2014	2018	1,022	1,236	1,394	4.0	4.5	4.9
	WANDERVALE	99 Years Leasehold	2018	1,155	1,300	1,376	3.5	4.0	4.2
	THE VISIONAIRE	99 yrs FROM 2015	2018	1,087	1,087	1,087	-	-	-
	PARC LIFE	99 Years Leasehold	2018	995	1,234	1,348	4.3	4.8	5.5
	TREASURE CREST	99 Years Leasehold	2018	-	-	-	4.1	4.3	4.5
	NORTHWAVE	99 Years Leasehold	2019	-	-	-	-	-	-
	INZ RESIDENCE	99 yrs FROM 2015	2019	1,173	1,182	1,191	2.6	3.5	4.5
	HUNDRED PALMS RESIDENCES	99 Years Leasehold	2019	1,420	1,420	1,420	4.7	5.0	5.2
	RIVERCOVE RESIDENCES	99 Years Leasehold	2020	-	-	-	4.7	4.7	4.7
	PIERMONT GRAND	99 yrs FROM 2018	Uncompleted	1,350	1,350	1,350	-	-	-
	PARC CANBERRA	99	Uncompleted	1,243	1,243	1,243	-	-	-
	OLA	99 yrs FROM 2018	Uncompleted	1,323	1,364	1,450	-	-	-
	PARC CENTRAL RESIDENCES	99 yrs FROM 2019	Uncompleted	-	-	-	-	-	-
	PROVENCE RESIDENCE	99 yrs FROM 2020	Uncompleted	1,343	1,346	1,349	-	-	-
	PARC GREENWICH	99 yrs FROM 2020	Uncompleted	1,213	1,279	1,362	-	-	-
	COPEN GRAND	99 yrs FROM 2020	Uncompleted	1,287	1,407	1,499	-	-	-
	TENET	99 yrs FROM 2020	Uncompleted	1,185	1,379	1,496	-	-	-

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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