Executive Condominiums (ECs) are always popular; how else can you can buy private properties with the help of government subsidies? For first-time homeowners above a certain income, ECs* are the logical choice. This is especially so for those who exceed the income ceiling for BTO flats ($12,000 vs $14,000 for ECs) but find the price point of non-EC condos out of their reach. On top of that, they could also have reservations about buying a resale flat. So, ECs have the spotlight all to themselves right now. Bookmark this page to stay updated on all the EC launches to look out for in 2019 and 2020 (there are no launches in 2018).
*All ECs are 99-year leasehold properties. Developers typically take 1.5 years to launch EC projects on winning the tender.
Executive Condominium #1: Sumang Walk EC
Estimated launch date: Q2 2019
Site area: 27,056.4 sq m
Maximum dwelling units: 820
Winning bid: $509.37 million by CDL Constellation Pte. Ltd. and TID Residential Pte. Ltd
Estimated launch psf price: In the $1,000 psf range
Overlooking the Punggol Waterway Park, this riverfront EC has been hotly debated because of price reasons. It attracted a record bid of $509.37 million for an EC among 17 bidders. At that price, the likely breakeven point for developers will be above $1,000 per square foot (i.e. an 3-bedroom unit will cost nearly $1 million).
Some consider that an outrageous psf price for an EC, especially for a property in Punggol. By contrast, Prive, an EC that has recently MOP-ed, is currently selling at an average psf price (past six months) of $944.
Developer confidence for the Sumang Walk EC, which largely stems from the fact that (1) this is the only EC offering in 2019, and (2) there’s potential upside from the nearby Punggol Digital District and Singapore Institute of Technology (SIT), will be sorely tested. This is because of the July 2018 cooling measures is likely to put a downward price pressure on private properties, creating intense competition among both new launch and resale condo projects that could lure buyers away.
**[Browse all resale condos and ECs in Punggol here]
Executive Condominium #2: Anchorvale Crescent EC
Estimated launch date: Q1 2020
Site area: 17,100 sq m
Maximum dwelling units: 550
Winning bid: $318.89 million by Evia Real Estate (8) and Gamuda (Singapore)
Estimated launch psf price: Likely in the $900 range
This site is located near Sengkang Town Centre and MRT Station (one LRT stop away), right across the road from the new Sengkang General Hospital and Community Hospital. Compared to the Sumang Walk site, this EC definitely has better access to amenities and daily conveniences. (The sprawling Sengkang Riverside Park and Sengkang Sports Complex is within close proximity.)
If you want even more convenience, however, you can consider a unit at Compass Heights. At 16 years of age, the leasehold condo is located right above Compass One shopping mall, Sengkang MRT/LRT station and the bus interchange and is changing hands at an average of $873 psf. Further from Sengkang Central, the town has a cluster of completed condos around the picturesque Punggol River (the actual one, not the Waterway). These include H2O Residences, Lush Acres and Rivertrees Residences.
**[Browse all resale condos and ECs in Sengkang here]
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Executive Condominium #3: Canberra Link EC
Estimated launch date: Q1 2020
Site area: 18,040.6 sq m
Maximum dwelling units: 450
Winning bid: $271 million by Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd
Estimated launch psf price: $950 to $1,000
This site is just a two-minute walk from the upcoming Canberra MRT Station, which is slated to open in 2019. There’ve been other ECs in the vicinity, namely the The Visionaire ($825 psf) and The Brownstone ($929 psf). The selling point of this EC, like the others in the area, is the potential growth story of Canberra — technically considered part of Sembawang, for now.
Executive Condominium #4: Tampines Ave 10 EC
Estimated launch date: Q3 2020
Site area: 24,900 sq m
Maximum dwelling units: 695
This EC, which the HDB will launch for tender in October 2018, adds to the already packed Tampines Ave 10 “condo belt”. This means that developers will have keen competition, and buyers may well consider alternatives such as the two completed ECs that are closer to Tampines Town Centre and MRT: The Tampines Trilliant (MOP: 2020) and Citylife @ Tampines (MOP: 2021).
Nevertheless, we expect a warm reception for this EC, given it’s right next door to an international school (United World College). To buyers, this could mean a ready pool of expat family tenants if they intend to buy a second home and use the EC as an investment property down the road.
**[Browse all resale condos and ECs in Tampines here]
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If you found this article helpful, 99.co recommends 3 executive condominium alternatives you should consider and 9 must-ask questions at a condo new launch in Singapore
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