329 Executive Condo units were sold by developers in Feb 2017. This was indeed an improvement in Executive Condo sales compared to the month prior. Improved Executive Condo sales in Feb itself could be a result of pent-up demand after the festive period lull, as buyers await for new projects to be launched. This is especially so given the hiatus of EC projects launched since Treasure Crest and Northwave were launched in July 2016.
Executive Condo sales in February 2017 Â (top ten projects)Â
| Project Name | Street Name | Locality | Total Number of Units in Project | Cumulative Units Sold to-date | Total Number of Unsold Units | Median Price ($psf)Â |
| SOL ACRES | CHOA CHU KANG GROVE | OCR | 1327 | 863 | 464 | 782 |
| THE TERRACE | EDGEDALE PLAINS | OCR | 747 | 746 | 1 | 790 |
| THE VISIONAIRE | CANBERRA DRIVE | OCR | 632 | 349 | 283 | 814 |
| THE VALES | ANCHORVALE CRESCENT | OCR | 517 | 465 | 52 | 817 |
| PARC LIFE | SEMBAWANG CRESCENT | OCR | 628 | 191 | 437 | 783 |
| WESTWOOD RESIDENCES | WESTWOOD AVENUE | OCR | 480 | 346 | 134 | 787 |
| BELLEWOODS | WOODLANDS AVENUE 5 | OCR | 561 | 498 | 63 | 776 |
| SIGNATURE AT YISHUN | YISHUN STREET 51 | OCR | 525 | 187 | 338 | 741 |
| THE BROWNSTONE | CANBERRA DRIVE | OCR | 638 | 540 | 98 | 822 |
| WANDERVALE | CHOA CHU KANG AVENUE 3 | OCR | 534 | 513 | 21 | 756 |
Source:Â URA (monthly) private residential sales, Feb 2017
In Feb 2017 itself, there was much hype for the EC project, iNz Residence. This rekindled buyers’ interest for ECs in general (after the festive period lull). As to why excitement for the launch of iNz Residence in Feb 2017 did spill over positive buyers’ sentiments to other projects, it is because not all EC buyers will find the Choa Chu Kang location where iNz Residence is, is suitable for them. Buyers of EC projects generally like to buy an EC in the locality or region, such as northeast or north, where they are familiar with.
Total EC sales will very likely still cross 3,000 units for 2017. EC sales in 2017 is however expected to moderate marginally compared to 2016. This is because buyers now expect affordability of Executive Condos to fall within the range of $730-$780 psf, the pricing benchmark used by most developers in the market.Â
There are also concerns that the recently announced increase in the CPF Housing Grant for first-time buyers of HDB resale flats will siphon some demand away from new Executive Condo sales. However, it is unlikely there will be a drastic impact on demand for new ECs due to these new incentives, because buyers looking at HDB resale flats and ECs have generally different housing requirements. Those who are keen in new ECs generally felt they have already outgrown public housing living experience, and have higher aspiration needs, preferring to live in a condo-like environment.
ECs still have strong relevance among the sandwiched class home buyers as value for money, practical alternatives to private property. Â The government may like to think of helping the EC segment, after recently made breakthrough steps to help the public housing and private residential market (via easing of the seller stamp duty).
This article was written by Ong Kah Seng, Director of R’ST Research on behalf of 99.co.
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