Triple record-breaking S$3.06M EC – How did they manage it?

When you think of all-time high (ATH) property sales in Singapore, the usual suspects are HDB resale flats. However, this time, the spotlight is on an Executive Condominium (EC). This sale is particularly noteworthy because it hasn’t just set one record – it has shattered three national records at once. Although the transaction is still pending completion, the Option to Purchase (OTP) has already been granted, making it a done deal in the eyes of the market.

This triple record-breaking sale is from Hundred Palms Residences

This sale was transacted by PropNex agents Bryan Chua, Edmund Chua, and Ng Yong Lin. Located at Hundred Palms Residences on Yio Chu Kang Road, the unit sits on the 13th floor of Block 266. While the development isn’t a high-rise, with only 15 floors in total, this unit is positioned on the higher end.

The 1,528 sqft unit changed hands for S$3,058,888, equalling to S$2,001 per square foot (psf). 

Hundred Palms Residences obtained its Temporary Occupation Permit (TOP) in 2019 and recently met its Minimum Occupation Period (MOP) on December 18, 2024. This means it still has a healthy lease balance of about 93 years, making it an attractive option for buyers looking for long-term value.

According to Bryan, one of the three agents who managed the transaction, the unit was on the market for about three months before it was sold.

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A closer look at Hundred Palms Residences’ location

Situated in a well-established suburban estate in northeastern Singapore, Hundred Palms Residences enjoys proximity to key districts such as  Serangoon, Seletar, and Ang Mo Kio. While the development is not within walking distance of an MRT station, it is a 6- to 7-minute drive to three options – Hougang, Buangkok, and Kovan MRT stations – ensuring connectivity to the rest of the island.

For shopping and daily conveniences, residents have access to Hougang Green Shopping Mall, Heartland Mall in Kovan, and NEX, a major retail hub in Serangoon. When it comes to recreational activities, the area is home to Yio Chu Kang Stadium, Hougang Stadium, and Kovan Sports Centre, offering various sports facilities and activities for all ages.

Education is another strong point for the location. Several primary schools, including Rosyth Primary, Hougang Primary, and Xinmin Primary, are within close reach, making it an attractive option for families. Secondary education options include Bowen Secondary School, while Serangoon Junior College and Nanyang Junior College provide strong pre-university programmes. Those looking at tertiary education will also find Nanyang Polytechnic nearby. Additionally, international schools such as Lycée Français de Singapour, Hillside World Academy, and DPS International School are within the vicinity.

Hundred Palms Residences also benefits from its proximity to the Seletar Regional Centre, one of Singapore’s four major regional hubs. This area is home to key business clusters, including Seletar Aerospace Park and the upcoming Punggol Digital District, positioning it well for future growth and employment opportunities.

First record: The first regular EC unit to cross S$3 Million

Until now, only penthouse ECs had surpassed the S$3 million mark. However, this S$3.059M transaction makes Hundred Palms Residences the first regular EC to reach and exceed this benchmark.

Top 5 most expensive EC transactions

Date	Address	Block	Size (sqft)	Price	Price (psf)	Beds	TOP
21/10/2021	Citylife @ Tampines	67	3,864	S$3.288M	S$850.93	5	2016
22/11/2024	Heron Bay	53	2,843	S$3.15M	S$1,107.98	5	2015
OTP granted	Hundred Palms Residences	266	1,528	S$3.059M	S$2,001	5	2019
31/01/2025	Citylife @ Tampines	67	2,379	S$3.05M	S$1,282.05	4	2016
25/02/2025	Hundred Palms Residences	266	1,528	S$2.718M	S$1,777.63	5	2019

With this sale, Hundred Palms Residences now holds the top two highest non-penthouse EC transactions in Singapore, surpassing even one of the penthouses at Citylife @ Tampines.

The unit initially saw 8 offers, starting from S$2.4 million and gradually increasing to S$2.7 million, where it remained stagnant for some time – likely due to the previous record price at the project being S$2.718 million. According to Bryan, “The seller’s initial asking price was S$2.88 million, which we set for negotiation. But after analysing recent transactions in the area and the project, we felt there was potential to push for a higher price.”

Eventually, the final sale price of S$3,058,888 was reached, which is 12.54% higher than the previous record of S$2.718M.

Second record: The first EC to cross the S$2,000 psf benchmark

This sale didn’t just break price records – it also set a new high for the highest psf price ever achieved by an EC resale unit in Singapore.

Top 5 EC sales by psf

Date	Address	Block	Size (sqft)	Price	Price (psf)	Beds	TOP	Sale Type
OTP granted	Hundred Palms Residences	266	1,528	S$3.059M	S$2,001	5	2019	Resale
30/12/2024	Hundred Palms Residences	276	958	S$1.82M	S$1,899.79	3	2019	Resale
08/03/2025	Aurelle @ Tampines	61	840	S$1.572M	S$1,871.43	3	2027	New Sale
27/12/2024	Hundred Palms Residences	268	883	S$1.65M	S$1,868.63	3	2019	Resale
05/03/2025	Hundred Palms Residences	260	1,324	S$2.451M	S$1,851.21	4	2019	Resale

Notably, the second-highest psf sale also comes from the same project. However, that unit was a much smaller 3-bedroom apartment, which naturally results in a higher psf. The trend continues for the other units on the list – with most being under 1,000 sqft, and the largest unit at 1,324 sqft. 

Competing with private condos

This record-breaking EC sale isn’t just notable within the resale EC market – it’s even outpacing private condos. 

“We managed to sell it at a higher price than Affinity at Serangoon, a new private condominium with larger landscaped grounds,” Edmund noted. A 1,712 sqft, 4-bedroom unit there recently sold for S$2.9 million, equating to S$1,694 psf. While this was the highest-priced unit in the development, it still fell short of the S$3.059M sale at Hundred Palms Residences, which also achieved a significantly higher psf.

Top 3 highest psf sales at Affinity at Serangoon

Date	Project	Block	Size (sqft)	Price	Price (psf)	Beds	Sale Type
02/10/2021	Affinity At Serangoon	28	484	S$1.341M	S$2,771.41	1 Bedroom	New Sale
30/09/2021	Affinity At Serangoon	28	538	S$1.463M	S$2,719.33	1 Bedroom	New Sale
27/11/2023	Affinity At Serangoon	28	904	S$1.8M	S$1,991.15	3 Bedrooms	Sub Sale

That said, it’s important to note that when comparing the highest psf sales within Affinity at Serangoon, smaller units, specifically 1-bedroom units, had significantly higher psf values, reaching up to S$2,771.41. 

Third record: The highest capital gain for an EC

According to Bryan, this unit, originally purchased for S$1,321,000, was resold for S$3,058,888 after reaching its MOP – resulting in a profit of S$1,737,888. That’s an astounding 131.55% return, setting a new record for the highest capital gain ever seen in the EC market.

Of course, this figure doesn’t factor in selling-related costs such as agent commissions and administrative fees, which would slightly lower the final amount the seller took home. Even so, this remains the most substantial capital gain an EC has ever seen.

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Top 5 highest EC capital gains to date

Project name	Capital gain	Holding period (Years)
Hundred Palms Residences	S$1,737,888	6
Bishan Loft	S$859,000	11
Bishan Loft	S$833,112	5
Heron Bay	S$792,000	3
Esparina Residences	S$788,000	3
Skypark Residences	S$780,000	3

“Before this sale, Bishan Loft held the record for the highest EC capital gain at S$859,000, achieved over 11 years”, said Bryan. The latest sale at Hundred Palms Residences not only doubled that amount but did so in just 6 years. In fact, it generated S$878,888 more profit – which is a 102.31% increase over the previous record.

Consistent price appreciation at Hundred Palms Residences

Hundred Palms Residences has seen steady price growth over the years, demonstrating strong demand. 

From 2021 to 2022, the average price increased by 3.82%, followed by a 5.81% rise from 2022 to 2023. The most significant jump came between 2023 and 2024, with prices surging 20.57% – a spike that coincided with the project reaching its MOP in December. So far, from 2024 to 2025, prices have continued to climb, recording a 4.96% increase.

As of 2025, according to 99.co’s Researcher, the average price for a unit at Hundred Palms Residences stands at S$1,821,076. However, current listings show 3-bedroom units available for S$1.58M.

Why did the buyers choose an EC over a private condo?

At this price point, the buyer could have opted for a private resale condo or even a new launch unit. So why did they choose this EC instead? According to agents, several factors played a role in the decision.

One key reason is the lack of larger units in the area. Bryan pointed out, “The closest alternative, Affinity at Serangoon, only offers 4-bedders, and anything bigger would be cluster houses”. With limited options for spacious homes, buyers may have been drawn to this EC as one of the few available choices.

Price was another consideration. New launch 5-bedroom units in the area come at a significantly higher price point, ranging between S$3.5M and S$4M. In contrast, purchasing an EC resale unit offered a more affordable alternative while still providing ample living space. Edmund further highlighted how new launches come with a waiting period of 3 to 4 years before buyers can move in. He noted, “Some buyers either can’t afford to wait or simply prefer to avoid the delay, making an EC resale unit a more immediate and practical choice”.

According to Edmund, many multi-generational families seek 5-bedroom units but are unwilling to wait several years for a new launch. If they were to buy a new private unit before selling their current home, they would be liable for Additional Buyer’s Stamp Duty (ABSD). “To avoid this, they choose to sell their existing property first and upgrade to a resale unit, allowing them to move in quickly and sidestep rental costs”, he said.

The buyer’s family profile may have also influenced the decision. Edmund added that being close to top primary schools, such as Rosyth Primary School, was likely a major priority for them.

Another selling point of this unit was its location. While not near MRT stations, Hundred Palms Residences is centrally positioned for car travel, making commuting more convenient for those who drive.

Lastly, the unit’s condition played a significant role. Many EC units show signs of wear and tear after 5 to 6 years, but this one was well-maintained. Agent Yong Lin pointed out, “the unit looked almost the same as when it was first purchased from the developer.” While the owners hadn’t made major renovations, they had taken great care of the interiors, ensuring the space remained in excellent shape. This move-in-ready condition made it an even more attractive option for buyers looking for a hassle-free transition. 

A word from the record-breaking agents

“Many agents focus solely on closing deals quickly, but we aim to go above and beyond for our clients. We want to showcase the best in every property and set new benchmarks – just like we did with this sale,” they shared.

Their services go beyond pre-sales assistance. They also offer post-sale guidance to ensure sellers can safeguard their capital and continue on their property investment journey. By prioritising both short-term gains and long-term wealth-building strategies, the agents provide a comprehensive service that stands out in the industry.

For those interested in reaching out, Bryan Chua (R067383C) can be contacted at 8840 6160 or via email at bryanjosephhhc@gmail.com. Edmund Chua (R066638Z) is available at 8684 5438 or edmundchua.propnex@gmail.com. Yong Lin (R0707087F) can be reached at 8181 1239 or yonglin1208@gmail.com.