{"id":67245,"date":"2023-07-20T10:24:12","date_gmt":"2023-07-20T02:24:12","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=67245"},"modified":"2023-07-28T17:10:32","modified_gmt":"2023-07-28T09:10:32","slug":"ec-below-1-million-2023","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/ec-below-1-million-2023\/","title":{"rendered":"Which ECs have transacted for less than S$1 million in 2023 so far?"},"content":{"rendered":"
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Executive condominiums<\/span><\/a> (ECs) are a popular housing choice because of their affordability compared to private condos. After all, they were introduced to cater to the \u201csandwich class\u201d \u2013 households that exceed the HDB income ceiling but cannot afford a private condo comfortably.\u00a0<\/span><\/p>\n

ECs<\/a> are similar to private condos<\/a> for the most part; they enjoy the usual facilities such as pools, gyms, clubhouses, and more. However, they\u2019re more affordable because of the government subsidies provided at launch. They\u2019re also usually found in the <\/span>OCR<\/span><\/a>.\u00a0<\/span><\/p>\n

Last month, we talked about the <\/span>types of condos which were bought for less than $1 million since the start of 2023<\/span><\/a> (TLDR; there weren\u2019t many). Thus, we thought it would be interesting to find out how <\/span>resale ECs<\/span><\/a> are faring this year and if they really are a more affordable option for HDB upgraders<\/a>.<\/span><\/p>\n

We\u2019ve used 99.co\u2019s Researcher data<\/span> to find out which ECs have transacted for less than $1 million since the start of the year.<\/span><\/p>\n

Resale ECs below S$1 million<\/strong><\/h2>\n

There are only 102 EC transactions which are less than S$1 million so far in 2023. Similar to <\/span>resale condos<\/span><\/a>, a majority of the transactions (95 out of 102) were 1- and 2-bedroom units, which comes as no surprise since their smaller floor area constitutes a lower quantum price.<\/span><\/p>\n

What\u2019s interesting is that the number of transactions was significantly lower than that of <\/span>resale condos<\/span><\/a>, which recorded 1,052 transactions this year. This is likely due to the fact that the pool of <\/span>resale condos<\/span><\/a> is much larger than <\/span>resale ECs<\/span><\/a>. Thus, the quantity transacted is proportional to the total quantity in the market.<\/span><\/p>\n

Here\u2019s a breakdown of the unit types, locations, tenure and sizes of EC units transacted below S$1 million since the start of 2023.\u00a0<\/span><\/p>\n

4-bedroom<\/strong><\/h2>\n

There were no 4-bedroom ECs for less than S$1 million.<\/b><\/p>\n

However, there were four transactions when the price increased to slightly above S$1.2 million. <\/span>All of the ECs below are fully privatised (they\u2019ve crossed the 10-year mark), with <\/span>Yew Mei Green<\/span><\/a> and <\/span>Northoaks<\/span><\/a> being over 20 years old.<\/span><\/p>\n\n\n\n\n\n\n
Project<\/b><\/td>\nLocation<\/b><\/td>\nSize (sqft)<\/b><\/td>\nPrice (S$)<\/b><\/td>\nPrice (S$) (psf)\u00a0<\/b><\/td>\nTenure<\/b><\/td>\nTOP<\/b><\/td>\n<\/tr>\n
Yew Mei Green\u00a0<\/span><\/a><\/td>\nChoa Chu Kang<\/span><\/td>\n1,291<\/span><\/td>\n1,180,000<\/span><\/td>\n914.02<\/span><\/td>\n99-year<\/span><\/td>\n2000<\/span><\/td>\n<\/tr>\n
Northoaks<\/span><\/a>\u00a0\u00a0<\/span><\/td>\nWoodlands<\/span><\/td>\n1,485<\/span><\/td>\n1,200,000<\/span><\/td>\n808.08<\/span><\/td>\n99-year<\/span><\/td>\n2001<\/span><\/td>\n<\/tr>\n
La Casa<\/span><\/a> (2 transactions)<\/span><\/td>\nWoodlands<\/span><\/td>\n1,260<\/span><\/td>\n1,150,000 – 1,155,00<\/span><\/td>\n912.70- 916.67<\/span><\/td>\n99-year<\/span><\/td>\n2008<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Data source: URA, Realis, 99.co<\/span><\/em><\/p>\n

\"Entrance<\/a>
Yew Mei Green’s entrance<\/figcaption><\/figure>\n