Are Ecs Still Good Buy

for sale for $450 milAs Mr Chong retired, he supported his three sons when they were setting up their own homes. His eldest son bought a private condo while his younger sons bought executive condos (ECs). According to Mr Chong, buying an EC during its launch is a great decision. It has a great entry price and even when bought shortly after the five-year MOP (minimum occupation period), it is still a good deal.

Mr Chong has experienced both scenarios when his second son bought a three-bedroom unit at the Hundred Palms Residences, a 531-unit condo launched in July 2017. His son wanted a four-bedroom unit but it was sold out quickly. The project, located on Yio Chu Kang Road, was finished in 2019. Records show that in January and February 2025, the average price of units being sold was $1,769 per square foot (psf), which represents a gain of 110% in eight years.

When his youngest son decided to move out, Mr Chong sold his 1,260 sq ft, three-bedroom unit at The Interlace, where they had lived for a decade. In 2021, the family purchased a resale dual-key unit at Twin Fountains, a 418-unit EC in Woodlands which was launched in 2013 and completed in 2016. This joint venture between Frasers Property and Lum Chang, is open to buyers who are Singapore citizens or permanent residents (PRs) at launch and after the five-year MOP. Foreigners can only purchase ECs in the resale market after the 10th year of obtaining Temporary Occupation Permit (TOP). The unit consists of two apartments – the main apartment and a smaller one-bedroom studio with a separate entrance.

The Chongs bought the unit in 2021 for $1,000 psf. However, recent resale prices are higher, so Chong reckons that prices have gone up by 30% since they purchased the unit.

In October, City Developments launched the 348-unit private condo Norwood Grand at Champions Way in Woodlands, where 84% of the units were sold in its launch weekend at an average price of $2,067 psf, setting a new benchmark for Woodlands.

Lim added that due to the rising EC prices and caps on loan quantum, buyers need to pay a larger cash outlay. The monthly household income ceiling for ECs is $16,000 and buyers need to meet the Mortgage Servicing Ratio (30% cap) and Total Debt Servicing Ratio (55% cap) requirements to take a loan. Ismail Gafoor believes that the median price for new condos in 2025 will go over $2,200 psf.

Sun says that the median price gap between new ECs and private condos in the OCR has been narrowing in recent years. From 49.4% in 2023 to 44.2% in 2024 and 43.6% in January 2025.

Since buying an EC is still affordable and its still lower than what 99-year leasehold private condos in the same area cost, demand is sustainable. Eugene Lim also says that EC buyers do not need to sell their existing home before buying and they do not need to pay the ABSD. Moreover, they can opt for Deferred Payment Scheme (DSP) which allows them to pay the deposit and then pay for the loan after the completion of the EC. He is expecting three new EC launches this year at different locations.