Executive Condominiums (ECs) in Singapore offer a unique blend of private condominium facilities and public housing affordability rules, making them highly attractive for middle-income homebuyers. Despite rising prices, ECs remain more accessible than private condos, providing a strong value proposition for both lifestyle and investment.

EC Prices: High but Still Affordable

EC prices have reached all-time highs, driven by:

• Strong buyer demand

• Limited new launches

• Rising land costs

According to the Urban Redevelopment Authority (URA):

• Median price of new ECs in 2023: S$1,417 per sq ft

• Median price of new ECs in 2019: S$1,101 per sq ft

• Price growth (2019–2023): 28.9%

Price growth compared to other property types (2019–2023):

• Landed homes: +112.9%

• Non-landed private properties: +49.4%

Government support and pricing regulations help keep ECs relatively affordable despite rising trends. After 10 years, ECs are fully privatised and can be sold to foreign buyers, further increasing resale opportunities.

Policies That Help Stabilise EC Prices

EC affordability is supported by policies such as income ceilings and financing limits, ensuring buyers remain within a manageable budget.

• Mortgage Servicing Ratio (MSR): Limits monthly mortgage repayment to 30% of gross income.

• Example:

  • Couple earning S$16,000/month can borrow up to ~75% of the property price (~S$1 million).

  • For a 1,000 sq ft EC priced at S$1.4 million, upfront payment (CPF + cash) is roughly S$400,000, excluding stamp duty and legal fees.

ECs vs Private Condominiums: Price Comparison

ECs clearly offer better affordability while still providing private condo facilities.

Strong Investment Potential

ECs are not just for homeownership—they are also a profitable investment:

• Analysis of 6,341 resale EC transactions (2007–2023) shows most sellers made profits, averaging S$360,000+.

• Some exceptional cases yielded over S$1 million gains.

Example:

• CityLife@Tampines: Resale unit sold for S$3.29 million in 2021, achieving S$1.38 million profit.

Limited Supply Keeps Demand Strong

Even as prices rise, limited EC supply maintains strong buyer interest:

• 2024 had only one confirmed EC launch: 512-unit Lumina Grand at Bukit Batok Avenue 5.

• Upcoming launches:

  • Jalan Loyang Besar: ~710 units

  • 2 Reserve List plots may add ~855 units, depending on developer interest

For over a decade, demand has consistently outstripped supply, making ECs highly sought after.

Outlook for 2024 and Beyond

With high demand and carefully managed supply, ECs are expected to remain a resilient and attractive option for:

• Families upgrading from HDB to private-style living

• Investors seeking long-term capital gains

• Buyers seeking high-quality facilities at a more accessible price

ECs continue to offer a rare balance of affordability, lifestyle, and growth potential in Singapore’s competitive property market.