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 Uncompleted 811 843 865 1.7 2.6 3.0
YEW MEI GREEN 99 Yrs FROM 1997 Uncompleted 794 860 901 1.8 2.6 3.7
THE FLORIDA 99 Yrs FROM 1997 Uncompleted 831 866 945 1.8 2.6 3.5
NORTHOAKS 99 yrs FROM 1997 Uncompleted 693 770 813 2.1 2.8 4.0
WESTMERE 99 Yrs FROM 1996 1999 864 924 979 2.2 2.8 3.6
SIMEI GREEN CONDOMINIUM 99 yrs FROM 1996 1999 746 896 1,085 2.1 2.9 3.9
WINDERMERE 99 yrs FROM 1997 1999 769 804 870 1.7 2.3 2.7
PINEVALE 99 yrs FROM 1997 1999 782 876 937 1.9 2.6 3.9
CHESTERVALE 99 yrs FROM 1997 1999 780 837 897 1.8 2.3 2.6
THE RIVERVALE 99 yrs FROM 1997 2000 813 928 968 1.4 2.5 3.5
SUMMERDALE 99 Yrs FROM 1997 2000 772 821 850 2.0 2.8 3.7
WOODSVALE 99 yrs FROM 1997 2000 701 752 815 1.0 2.7 3.4
THE FLORAVALE 99 yrs FROM 1997 2000 695 796 906 1.1 2.9 4.3
THE EDEN AT TAMPINES 99 yrs FROM 2000 2003 985 1,032 1,119 1.9 2.8 3.6
THE DEW 99 yrs FROM 2000 2003 990 1,027 1,080 2.4 2.9 3.1
BISHAN LOFT 99 Yrs FROM 2000 2003 1,289 1,289 1,289 2.7 3.4 4.0
LILYDALE 99 yrs FROM 2000 2003 730 791 887 1.8 2.7 3.5
NUOVO 99 yrs FROM 2001 2004 871 1,054 1,195 1.9 2.8 3.4
PARK GREEN 99 yrs FROM 2001 2004 804 956 1,016 2.3 2.6 3.1
THE ESPARIS 99 yrs FROM 2002 2005 785 815 845 2.2 2.8 3.7
WHITEWATER 99 yrs FROM 2002 2005 837 886 995 2.2 2.8 3.7
THE QUINTET 99 Yrs FROM 2003 2006 888 921 961 2.2 2.6 3.2
LA CASA 99 yrs FROM 2004 2008 833 893 1,009 2.2 2.9 3.9
ESPARINA RESIDENCES 99 Yrs FROM 2010 2013 1,013 1,320 1,409 3.2 3.6 4.1
PRIVE 99 Yrs FROM 2010 2013 1,116 1,195 1,268 2.2 3.5 4.4
THE CANOPY 99 yrs FROM 2010 2014 851 935 1,009 2.7 3.5 4.3
AUSTVILLE RESIDENCES 99 yrs FROM 2010 2014 113 1,034 1,239 2.4 3.4 4.1
BELYSA 99 yrs FROM 2011 2014 1,045 1,086 1,123 2.2 3.2 3.9
RIVERPARC RESIDENCE 99 yrs FROM 2010 2014 1,003 1,124 1,208 1.6 3.0 4.0
BLOSSOM RESIDENCES 99 yrs FROM 2011 2014 947 1,101 1,201 3.4 3.5 3.6
ARC AT TAMPINES 99 Yrs FROM 2011 2014 1,014 1,088 1,163 2.1 3.5 4.7
WATERCOLOURS 99 yrs FROM 2012 2014 744 974 1,110 1.8 3.5 4.3
THE TAMPINES TRILLIANT 99 Yrs FROM 2011 2015 1,003 1,272 1,438 3.0 4.1 4.9
THE RAINFOREST 99 yrs FROM 2011 2015 1,045 1,242 1,336 1.3 2.6 3.9
TWIN WATERFALLS 99 yrs FROM 2011 2015 984 1,167 1,266 2.0 3.1 4.2
1 CANBERRA 99 yrs FROM 2012 2015 938 1,089 1,151 1.9 3.2 4.3
HERON BAY 99 yrs FROM 2012 2015 1,019 1,099 1,171 2.6 3.6 4.9
WATERWOODS 99 yrs FROM 2013 2015 111 1,042 1,226 - - -
WATERBAY 99 yrs FROM 2012 2016 1,064 1,167 1,239 2.5 3.5 5.3
THE TOPIARY 99 yrs FROM 2012 2016 1,034 1,163 1,382 1.2 3.2 4.3
[email protected] 99 yrs FROM 2012 2016 1,054 1,211 1,293 1.2 3.5 4.7
TWIN FOUNTAINS 99 yrs FROM 2012 2016 1,037 1,091 1,156 1.4 2.6 3.8
FORESTVILLE 99 Yrs FROM 2012 2016 952 1,045 1,113 1.2 3.1 3.8
EASTWAVE @ CANBERRA Uncompleted - - - - - -
LUSH ACRES 99 yrs FROM 2013 2016 1,084 1,205 1,278 3.0 3.7 4.0
ECOPOLITAN 99 Yrs FROM 2012 2016 1,016 1,153 1,233 2.2 3.5 4.2
SEA HORIZON 99 Yrs FROM 2013 2016 1,026 1,112 1,239 2.7 3.6 4.1
SKYPARK RESIDENCES 99 Yrs FROM 2013 2016 1,073 1,174 1,297 2.4 3.2 3.7
LAKE LIFE 99 Yrs FROM 2013 2016 1,072 1,177 1,351 2.7 3.9 4.8
THE AMORE 99 yrs FROM 2013 2016 1,030 1,169 1,298 3.6 3.6 3.6
BELLEWOODS 2017 916 1,105 1,228 3.2 3.9 4.6
BELLEWATERS 99 yrs FROM 2013 2017 943 1,176 1,355 4.1 4.1 4.2
THE TERRACE 99 Yrs FROM 2013 2017 1,079 1,201 1,489 3.0 3.4 3.6
WESTWOOD RESIDENCES 99 Years Leasehold 2017 1,005 1,025 1,045 3.5 3.9 4.3
THE VALES 99 yrs FROM 2014 2017 1,052 1,214 1,379 2.7 3.4 4.0
THE BROWNSTONE 99 Years Leasehold 2017 1,073 1,073 1,073 3.9 4.1 4.2
SIGNATURE AT YISHUN 99 yrs FROM 2014 2017 911 1,100 1,268 2.9 3.3 4.2
SOL ACRES 99 yrs FROM 2014 2018 1,070 1,143 1,222 2.8 4.0 5.6
THE CRITERION 99 yrs FROM 2014 2018 1,076 1,115 1,153 3.5 3.5 3.5
WANDERVALE 99 Years Leasehold 2018 - - - - - -
THE VISIONAIRE 99 yrs FROM 2015 2018 1,023 1,089 1,139 3.6 3.6 3.6
PARC LIFE 99 Years Leasehold 2018 1,107 1,123 1,139 - - -
TREASURE CREST 99 Years Leasehold 2018 1,060 1,108 1,155 3.3 3.3 3.3
NORTHWAVE 99 Years Leasehold 2019 1,037 1,081 1,124 2.5 3.2 4.2
INZ RESIDENCE 99 yrs FROM 2015 2019 - - - 2.9 3.1 3.2
HUNDRED PALMS RESIDENCES 99 Years Leasehold 2019 - - - 4.2 4.2 4.2
RIVERCOVE RESIDENCES 99 Years Leasehold 2020 1,189 1,189 1,189 3.7 3.8 4.0
PIERMONT GRAND 99 yrs FROM 2018 Uncompleted 1,298 1,319 1,344 - - -
PARC CANBERRA 99 Uncompleted - - - - - -
OLA 99 yrs FROM 2018 Uncompleted - - - - - -
PARC CENTRAL RESIDENCES 99 yrs FROM 2019 Uncompleted 1,165 1,184 1,216 - - -
PROVENCE RESIDENCE 99 yrs FROM 2020 Uncompleted 1,184 1,259 1,303 - - -
PARC GREENWICH 99 yrs FROM 2020 Uncompleted 1,178 1,265 1,368 - - -

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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