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 1999 751 781 830 2.0 2.4 3.2
WESTMERE 99 Yrs FROM 1996 1999 911 911 911 2.0 2.6 3.2
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 1999 730 827 893 2.1 2.5 3.0
WINDERMERE 99 Yrs FROM 1997 1999 666 737 851 1.5 2.1 2.6
PINEVALE 99 Yrs FROM 1997 1999 710 761 859 1.8 2.1 2.7
CHESTERVALE 99 Yrs FROM 1997 1999 690 744 816 1.0 1.9 2.6
YEW MEI GREEN 99 Yrs FROM 1997 2000 676 769 852 1.7 2.1 2.6
THE RIVERVALE 99 Yrs FROM 1997 2000 720 779 857 1.4 2.0 2.6
SUMMERDALE 99 Yrs FROM 1997 2000 623 709 739 1.3 2.3 3.2
THE FLORIDA 99 Yrs FROM 1997 2000 693 791 916 1.8 2.1 2.5
NORTHOAKS 99 Yrs FROM 1997 2000 646 695 753 1.6 2.3 3.4
WOODSVALE 99 Yrs FROM 1997 2000 665 711 749 1.7 2.3 3.2
THE FLORAVALE 99 Yrs FROM 1997 2000 644 737 808 1.1 2.3 3.0
THE EDEN AT TAMPINES 99 Yrs FROM 2000 2003 704 814 855 2.0 2.4 3.1
THE DEW 99 Yrs FROM 2000 2003 864 873 887 2.0 2.3 2.7
BISHAN LOFT 99 Yrs FROM 2000 2003 1,182 1,245 1,308 2.6 3.0 3.3
LILYDALE 99 Yrs FROM 2000 2003 705 733 759 1.4 2.2 2.8
NUOVO 99 Yrs FROM 2001 2004 938 1,021 1,129 1.5 2.3 3.2
PARK GREEN 99 Yrs FROM 2001 2004 795 874 913 1.7 2.2 3.0
THE ESPARIS 99 Yrs FROM 2002 2005 733 765 806 2.0 2.5 3.0
WHITEWATER 99 Yrs FROM 2002 2005 755 835 920 2.0 2.3 2.9
THE QUINTET 99 Yrs FROM 2003 2006 845 847 848 1.9 2.3 3.2
LA CASA 99 Yrs FROM 2004 2008 749 797 906 1.2 2.3 3.3
ESPARINA RESIDENCES 99 Yrs FROM 2010 2013 901 1,169 1,279 1.4 3.0 3.5
PRIVE 99 Yrs FROM 2010 2013 832 1,079 1,261 1.2 3.0 3.6
THE CANOPY 99 Yrs FROM 2010 2014 729 845 914 2.4 2.7 3.1
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 2014 838 985 1,084 2.3 2.7 3.2
BELYSA 99 Yrs FROM 2011 2014 874 955 1,001 1.7 2.9 3.6
RIVERPARC RESIDENCE 99 Yrs FROM 2010 2014 732 947 1,066 2.1 2.5 3.0
BLOSSOM RESIDENCES 99 Yrs FROM 2011 2014 879 965 1,032 1.9 2.6 2.9
ARC AT TAMPINES 99 Yrs FROM 2011 2014 794 962 1,062 1.3 3.1 3.9
WATERCOLOURS 99 Yrs FROM 2012 2014 749 879 939 2.3 3.0 3.7
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 2015 964 1,146 1,289 1.9 3.1 3.9
THE RAINFOREST 99 Yrs FROM 2011 2015 948 1,114 1,247 2.6 2.8 2.9
TWIN WATERFALLS 99 Yrs FROM 2011 2015 823 1,043 1,155 1.5 2.9 3.3
1 CANBERRA 99 Yrs FROM 2012 2015 813 975 1,111 1.0 2.3 3.4
HERON BAY 99 Yrs FROM 2012 2015 825 959 1,065 1.3 2.6 3.6
WATERWOODS 99 Yrs FROM 2013 2015 937 1,037 1,130 2.8 2.8 2.8
WATERBAY 99 Yrs FROM 2012 2016 768 1,023 1,103 1.3 2.7 3.6
THE TOPIARY 99 Yrs FROM 2012 2016 888 1,081 1,214 1.2 3.0 4.3
[email protected] 99 Yrs FROM 2012 2016 667 1,079 1,230 1.3 2.8 3.6
TWIN FOUNTAINS 99 Yrs FROM 2012 2016 791 958 1,029 1.3 2.4 3.6
FORESTVILLE 99 Yrs FROM 2012 2016 807 932 1,058 1.0 2.8 3.5
LUSH ACRES 99 Yrs FROM 2013 2016 942 1,079 1,188 2.3 2.7 3.5
ECOPOLITAN 99 Yrs FROM 2012 2016 951 1,064 1,208 2.6 2.9 3.2
SEA HORIZON 99 Yrs FROM 2013 2016 933 1,019 1,104 2.4 2.8 3.3
SKYPARK RESIDENCES 99 Yrs FROM 2013 2016 920 1,053 1,198 2.6 2.8 3.1
LAKE LIFE 99 Yrs FROM 2013 2016 1,072 1,124 1,161 2.9 2.9 2.9
THE AMORE 99 Yrs FROM 2013 2016 937 1,064 1,258 3.4 3.4 3.4
BELLEWOODS 99 Yrs FROM 2013 2017 974 979 986 3.4 3.4 3.4
BELLEWATERS 99 Yrs FROM 2013 2017 1,023 1,041 1,069 3.7 3.7 3.7
THE TERRACE 99 Yrs FROM 2013 2017 1,017 1,017 1,017 2.4 2.7 3.0
WESTWOOD RESIDENCES 99 Years Leasehold 2017 897 977 1,034 3.7 3.8 3.9
THE VALES 99 Years Leasehold 2017 1,000 1,042 1,098 2.8 2.8 2.8
THE BROWNSTONE 99 Years Leasehold 2017 1,069 1,069 1,069 2.9 2.9 2.9
SIGNATURE AT YISHUN 99 Years Leasehold 2017 913 941 966 2.7 2.8 2.9
SOL ACRES 99 Years Leasehold 2018 1,023 1,100 1,209 2.8 3.2 3.6
THE CRITERION 99 Years Leasehold 2018 972 997 1,019 3.5 3.5 3.5
WANDERVALE 99 Years Leasehold 2018 1,025 1,025 1,025 2.4 2.8 3.4
THE VISIONAIRE 99 Years Leasehold 2018 980 1,035 1,064 2.8 3.1 3.5
PARC LIFE 99 Years Leasehold 2018 1,032 1,046 1,056 3.0 3.1 3.2
TREASURE CREST 99 Years Leasehold 2018 1,076 1,076 1,076 2.4 2.4 2.4
NORTHWAVE 99 Years Leasehold 2019 857 917 976 2.4 2.4 2.4
INZ RESIDENCE 99 Years Leasehold 2019 1,060 1,060 1,060 2.6 2.6 2.6
HUNDRED PALMS RESIDENCES 99 Years Leasehold 2019 1,242 1,242 1,242 3.2 3.2 3.2
RIVERCOVE RESIDENCES 99 Years Leasehold 2020 1,195 1,195 1,195 2.4 2.6 2.8
PIERMONT GRAND 99 Years Leasehold Uncompleted 1,060 1,156 1,300 - - -
PARC CANBERRA 99 Years Leasehold Uncompleted 1,083 1,083 1,083 - - -
OLA 99 Years Leasehold Uncompleted 1,031 1,161 1,357 - - -
PARC CENTRAL RESIDENCES 99 years leasehold Uncompleted 1,064 1,196 1,282 - - -
PROVENCE RESIDENCE 99 years leasehold Uncompleted 1,039 1,188 1,318 - - -
PARC GREENWICH 99 years leasehold Uncompleted 1,029 1,227 1,379 - - -

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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