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 688 718 777 1.7 2.2 2.6
WESTMERE 99 Yrs FROM 1996 Feb 1999 775 840 866 2.0 2.5 2.9
CHESTERVALE 99 Yrs FROM 1997 Mar 1999 679 694 703 1.5 1.8 2.1
SIMEI GREEN CONDOMINIUM 99 Yrs FROM 1996 Apr 1999 702 771 844 1.6 2.3 2.9
PINEVALE 99 Yrs FROM 1997 Jul 1999 677 725 751 1.8 2.1 2.7
WINDERMERE 99 Yrs FROM 1997 Sep 1999 602 632 674 1.6 1.9 2.4
THE FLORIDA 99 Yrs FROM 1997 Feb 2000 670 715 742 1.7 1.9 2.3
THE RIVERVALE 99 Yrs FROM 1997 Jun 2000 644 717 769 1.4 1.9 2.2
WOODSVALE 99 Yrs FROM 1997 Aug 2000 557 611 680 1.5 2.0 3.2
YEW MEI GREEN 99 Yrs FROM 1997 Sep 2000 639 692 753 1.6 2.0 2.3
SUMMERDALE 99 Yrs FROM 1997 Sep 2000 647 684 716 1.3 2.2 2.8
NORTHOAKS 99 Yrs FROM 1997 Oct 2000 528 610 658 1.6 2.0 2.4
THE FLORAVALE 99 Yrs FROM 1997 Oct 2000 615 662 697 1.3 2.0 2.6
LILYDALE 99 Yrs FROM 2000 Mar 2003 643 671 702 1.3 2.0 2.4
THE EDEN AT TAMPINES 99 Yrs FROM 2000 Apr 2003 661 778 848 1.7 2.2 2.8
THE DEW 99 Yrs FROM 2000 Jul 2003 715 827 900 1.5 2.0 2.5
BISHAN LOFT 99 Yrs FROM 2000 Sep 2003 1,161 1,193 1,215 2.5 2.9 3.5
NUOVO 99 Yrs FROM 2001 Aug 2004 792 899 983 1.9 2.3 3.2
PARK GREEN 99 Yrs FROM 2001 Sep 2004 717 767 860 1.5 1.9 2.1
WHITEWATER 99 Yrs FROM 2002 Jan 2005 675 717 750 1.8 2.1 2.5
THE ESPARIS 99 Yrs FROM 2002 Jun 2005 759 785 820 1.9 2.2 2.8
THE QUINTET 99 Yrs FROM 2003 Oct 2006 553 710 758 1.7 2.0 2.4
LA CASA 99 Yrs FROM 2004 Feb 2008 688 740 824 2.0 2.2 2.5
PRIVE 99 Yrs FROM 2010 Jul 2013 708 962 1,068 1.0 2.7 3.2
ESPARINA RESIDENCES 99 Yrs FROM 2010 Sep 2013 923 1,138 1,201 1.4 2.7 3.1
THE CANOPY 99 Yrs FROM 2010 Jan 2014 682 822 883 2.1 2.4 2.8
AUSTVILLE RESIDENCES 99 Yrs FROM 2010 Apr 2014 785 902 993 1.9 2.5 2.9
BELYSA 99 Yrs FROM 2011 May 2014 664 855 981 1.9 2.6 3.3
RIVERPARC RESIDENCE 99 Yrs FROM 2010 Jun 2014 589 875 977 1.4 2.6 3.7
ARC AT TAMPINES 99 Yrs FROM 2011 Aug 2014 747 903 992 1.2 2.5 3.9
BLOSSOM RESIDENCES 99 Yrs FROM 2011 Sep 2014 754 878 982 1.9 2.3 2.8
WATERCOLOURS 99 Yrs FROM 2012 Dec 2014 701 847 929 2.1 2.5 2.9
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 Feb 2015 871 1,045 1,152 2.2 2.9 3.5
THE RAINFOREST 99 Yrs FROM 2011 Mar 2015 832 975 1,062 1.4 2.3 2.9
TWIN WATERFALLS 99 Yrs FROM 2011 Jun 2015 718 971 1,091 1.7 2.4 3.0
1 CANBERRA 99 Yrs FROM 2012 Sep 2015 664 880 971 2.1 2.8 3.2
HERON BAY 99 Yrs FROM 2012 Oct 2015 749 942 1,019 2.0 2.4 2.7
WATERWOODS 99 Yrs FROM 2013 Dec 2015 820 938 1,006 2.4 2.4 2.4
WATERBAY 99 Yrs FROM 2012 Jan 2016 902 977 1,052 1.2 1.8 2.8
[email protected] 99 Yrs FROM 2012 Feb 2016 1,005 1,058 1,170 2.0 2.4 2.6
TWIN FOUNTAINS 99 Yrs FROM 2012 Mar 2016 842 896 950 1.2 1.2 1.2
THE TOPIARY 99 Yrs FROM 2012 Mar 2016 927 993 1,075 1.1 1.5 1.8
FORESTVILLE 99 Yrs FROM 2012 Apr 2016 881 881 881 1.2 2.0 2.7
LUSH ACRES 99 Yrs FROM 2013 Uncompleted 902 929 956 2.2 2.2 2.2
ECOPOLITAN 99 Yrs FROM 2012 Uncompleted 948 1,006 1,096 1.9 1.9 2.0
SEA HORIZON 99 Yrs FROM 2013 Uncompleted 894 894 894 1.2 2.3 2.9
SKYPARK RESIDENCES 99 Yrs FROM 2013 Uncompleted 914 928 942 2.1 2.3 2.5
LAKE LIFE 99 Yrs FROM 2013 Uncompleted 1,015 1,091 1,155 2.9 2.9 2.9
BELLEWOODS 99 Yrs FROM 2013 Uncompleted 834 879 912 2.3 2.3 2.3
BELLEWATERS 99 Yrs FROM 2013 Uncompleted 1,033 1,033 1,033 - - -
THE TERRACE 99 Yrs FROM 2013 Uncompleted 884 884 884 2.3 2.5 2.8
THE AMORE 99 Yrs FROM 2013 Uncompleted 895 895 895 2.4 2.4 2.4
WESTWOOD RESIDENCES 99 Years Leasehold Uncompleted 897 919 958 2.9 3.2 3.4
THE VALES 99 Years Leasehold Uncompleted 977 977 977 2.4 2.5 2.7
THE BROWNSTONE 99 Years Leasehold Uncompleted 1,089 1,089 1,089 2.7 2.7 2.7
SOL ACRES 99 Years Leasehold Uncompleted 956 1,040 1,159 2.7 2.8 3.0
SIGNATURE AT YISHUN 99 Years Leasehold Uncompleted 835 865 894 2.5 2.6 2.7
THE CRITERION 99 Years Leasehold Uncompleted 869 869 869 2.5 3.0 3.5
WANDERVALE 99 Years Leasehold Uncompleted 1,074 1,074 1,074 1.7 2.1 2.4
THE VISIONAIRE 99 Years Leasehold Uncompleted 1,000 1,003 1,005 2.6 2.6 2.6
PARC LIFE 99 Years Leasehold Uncompleted - - - 2.5 2.5 2.5
NORTHWAVE 99 Years Leasehold Uncompleted 973 973 973 2.1 2.2 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 1,124 1,124 1,124 - - -
PIERMONT GRAND 99 Years Leasehold Uncompleted 982 1,128 1,233 - - -
PARC CANBERRA 99 Years Leasehold Uncompleted 992 1,103 1,165 - - -
OLA 99 Years Leasehold Uncompleted 1,032 1,155 1,303 - - -
PARC CENTRAL RESIDENCES 99 years leasehold Uncompleted 1,021 1,177 1,286 - - -

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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