Are Executive Condominiums (ECs) still an affordable option for home buyers today? They may not be since as explained in our last EC article , buyers are constraint by the amount of loan which they can take up for their EC purchase. This is largely due to the income cap, stringent Mortgage Servicing Ratio (MSR) and Total Debt Servicing Ratio. Even with a monthly income of $16,000, buyers may qualify for a loan of up to $1 million, requiring them to cover the excess EC cost with cash and/or CPF. Amid rising EC prices, and a cap in loan quantum, EC buyers will now have to shell out a larger their cash outlay.
Despite so, many Singaporeans continue to gravitate towards ECs as they are perceived to be more value-for-money compared to private condos. In 2024, the median transaction price of a new Outside Central Region (OCR) condominium unit (900 – 1,000 sqft) was 42% higher than that of a similar executive condominium (EC) unit. Even at the lower price point, residents can enjoy similar lifestyle with security and full-fledged facilities such as swimming pools, gyms and function rooms.
Table 1: Price comparison between a new EC and OCR condo (900 – 1,000sqft) in 2024
Source: URA as of 22 Feb 2025, ERA Research and Market Intelligence
Moreover, the lower purchase price will also translate to a smaller loan quantum, which in turn reduces interest costs. Eligible First-timer buyers may also receive up to $30,000 in grants to offset their down payment.
Impressive Sales Performances In Recent EC Launches
Lumina Grand, sold 53% of its units at an average price of $1,464 psf during its launch weekend. Similarly, Novo Place sold 57% of its 504 units at an average price of $1,654 psf at its launch in Nov-2024. When it opened for the second round of balloting for second timer buyers, Novo Place moved another 137 units, bringing it total sale to 88%.
Based on URA caveats, there were a total of 1,185 new EC transactions in 2024. With a limited number of EC launches each year, buyers turn to remaining EC supply. As of end-Jan 2025, the market saw the balance EC supply fall to merely 138 units.
What makes ECs so Attractive?
Despite the higher upfront costs, buyers are not deterred mainly for two reasons. The lower price aside, EC buyers do not need to dispose their existing home before their EC purchase. HDB upgraders do not incur the Additional Buyers’ Stamp Duty (ABSD) when buying a new EC.
Moreover, EC buyers may opt for the Deferred Payment Scheme (DPS) at a cost, where they only need to pay a deposit and deferred their loan till after the EC has been completed. In this way, the buyers will not need to service two mortgages while waiting for the new home.
With no ABSD payable and the availability of the DPS, HDB owners find it easier to upgrade to new ECs.
Why are ECs Becoming Increasingly Expensive?
Firstly, like other property developments, construction and labour costs have been rising. This problem was exacerbated by the Covid-19 pandemic, with tighter supply for goods worldwide. Higher inflation rate has added to developers’ cost. Construction firms also have to compete for a tighter pool of workers with more public (such as the Cross-Island Line and HDB Build-to-Order flats) and private sector construction projects.
Secondly, land costs have also risen, with the continued strong demand for new ECs.
with the continued strong demand for new ECs, Developers were seen bidding more aggressively for EC sites. Between 2015 and 2024, the average EC land costs have risen 164%, from $287 psf ppr to $733 psf ppr. To illustrate a more recent example, the Tengah Garden Walk EC site, subsequently launched as Copen Grand, was awarded to a joint venture between City Development Group and MCL Land, at $603 per square foot per plot ratio (psr ppr) in 2021.
In Feb-2024, another EC site at Plantation Close was awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd. for $701 psf ppr, which works out to 16% higher than the Copen Grand site.
Chart 1: Land cost of ECs since 2015
Source: URA, HDB, ERA Research and Market Intelligence
Thirdly, the harmonisation rule which took effect from 1 June 2023 means, developers are no longer allowed to sell non strata areas (e.g. void spaces and air-con ledges). As a result, developers have adjusted their selling price to account for the reduced sellable area, consequentially lead to a higher psf pricing.
Table 2: Existing launched ECs in the market
Source: ERApro as of 4 Feb 2025
However, do not fret over the few remaining stock in the market, or the lack of new EC launches in the East. In 2025, there are three EC slated for launch with two in the East and one in the West.
Here are the EC Launches in 2025
Aurelle of Tampines
Estimated launch: Preview in Feb 2025
Planning Region/Area: East/Tampines
Distance to Nearest MRT Station: 5-min walk to the upcoming Tampines North MRT Station
Number of Units: 760
Developer: Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd
The first EC launch of 2025, Aurelle of Tampines will be highly anticipated. This is the first EC launch in Tampines since Tenet. Neighbouring Aurelle of Tampines, Tenet sold 72% of its 618 units at its launch in December 2022.
People living in the east will be drawn to Aurelle of Tampines, notwithstanding that Tampines is a well-established town with amenities. By the time buyers can collect their keys, there will be four shopping malls and two community hubs in Tampines. The transport infrastructure is also comprehensive. Internally, it is served by various feeder bus services and will have four MRT stations.
Tampines is also a regional centre and has two industrial estates within, while being near to other commercial nodes nearby at Changi Business Park, Changi Aviation Park and Changi Airport.
Located in the core of Tampines North, a new estate within Tampines, Aurelle of Tampines will be within a 5-minute walk from the upcoming Tampines North Integrated Transport Hub. There will be seamless connection between the MRT station, the air-conditioned bus interchange, a community club, a hawker centre, and a new mall (Parktown Tampines).
Tampines North MRT Station, on the upcoming Cross-Island Line, is one, three and six stops from Pasir Ris, Hougang and Ang Mo Kio Interchange respectively. This gives owners easy access to other parts of Singapore.
Plantation Close GLS
Estimated launch: 2Q 2025
Planning Region/Area : West/Tengah
Distance to Nearest MRT Station: 7-min walk to upcoming Tengah Park MRT Station
Number of Units: est. 560
Developer: Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd
Located in Tengah, an up-and-coming estate designed for smart, sustainable living, Plantation Close EC residents will enjoy ample recreational and green spaces in their neighbourhood.
The upcoming EC site sits beside Novo Place EC, a short walk from the future Tengah Park MRT. Residents will have easy access to Jurong Lake Gardens, the Innovation District, and Nanyang Technological University via the Jurong Regional Line. Drivers benefit from direct access to the Pan-Island Expressway.
For amenities, residents can visit Plantation Plaza, a one-stop hub with a supermarket, food court, F&B outlets, enrichment centres, and service shops for residents’ everyday needs.
Given these advantages, it’s no surprise Novo Place has sold 90.9% of its units within three months of its launch. Those who missed out on their desired unit can consider this new EC, which shares the same developer.
However, while offering similar features, this EC is slightly farther from Tengah Park MRT and sits next to the PIE.
Jalan Loyang Besar GLS
Estimated launch: 4Q 2025
Planning Region/Area: East/Pasir Ris
Distance to Nearest MRT Station: 3 bus stops to Pasir Ris MRT Station
Number of Units: est 710
Developer: CNQC Realty (Progressive) Pte. Ltd., Forsea Residence Pte. Ltd. and ZACD Laserblue Pte. Ltd.
Jalan Loyang Besar EC, located in Pasir Ris, offers unmatched convenience just opposite Downtown East, Pasir Ris Park, the beach, and several schools.With E!Hub @ Downtown East across the road, families have easy access to enrichment centres, play areas, preschools, and childcare services. The mall also features two supermarkets, eateries, and a cinema. Pasir Ris Sports Centre and Hawker Centre are just 700m away.
For connectivity, the EC is two bus stops or a 1km walk to Pasir Ris MRT interchange, linking the East-West and upcoming Cross-Island Lines.
Families with school-going children benefit from two primary schools within 1km—Casuarina and Pasir Ris Primary—plus four secondary schools, a junior college, and an international school nearby.
With no EC launches in Pasir Ris since 2013, pent-up demand from east-side residents is likely.
