{"id":84153,"date":"2025-03-29T13:26:03","date_gmt":"2025-03-29T05:26:03","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=84153"},"modified":"2025-05-05T10:31:43","modified_gmt":"2025-05-05T02:31:43","slug":"triple-record-breaking-s3-06m-ec","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/triple-record-breaking-s3-06m-ec\/","title":{"rendered":"Triple record-breaking S$3.06M EC &#8211; How did they manage it?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\r\n<p><span style=\"font-weight: 400;\">When you think of<\/span> <a href=\"https:\/\/www.99.co\/singapore\/insider\/tag\/ath\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">all-time high (ATH)<\/span><\/a><span style=\"font-weight: 400;\"> property sales in Singapore, the usual suspects are <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/hdb\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">HDB resale flats<\/span><\/a><span style=\"font-weight: 400;\">. However, this time, the spotlight is on an<\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/property-jargon-of-the-day-executive-condominium-ec\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\"> Executive Condominium (EC)<\/span><\/a><span style=\"font-weight: 400;\">. This sale is particularly noteworthy because it hasn\u2019t just set one record \u2013 it has shattered three national records at once. Although the transaction is still pending completion, the <\/span><a href=\"https:\/\/www.99.co\/singapore\/glossary\/option-to-purchase-otp\/#:~:text=An%20Option%20to%20Purchase%20(OTP)%20is%20a%20contractual%20arrangement%20in,upon%20signing%20the%20OTP%20agreement.\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Option to Purchase (OTP)<\/span><\/a><span style=\"font-weight: 400;\"> has already been granted, making it a done deal in the eyes of the market.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\">\r\n<h3>Table of contents<\/h3>\r\n<ul>\r\n<li><a href=\"#h-this-triple-record-breaking-sale-is-from-hundred-palms-residences\" data-level=\"2\">This triple record-breaking sale is from Hundred Palms Residences<\/a><\/li>\r\n<li><a href=\"#h-a-closer-look-at-hundred-palms-residences-location\" data-level=\"2\">A closer look at Hundred Palms Residences\u2019 location<\/a><\/li>\r\n<li><a href=\"#h-first-record-the-first-regular-ec-unit-to-cross-s-3-million\" data-level=\"2\">First record: The first regular EC unit to cross S$3 Million<\/a><\/li>\r\n<li><a href=\"#h-second-record-the-first-ec-to-cross-the-s-2-000-psf-benchmark\" data-level=\"2\">Second record: The first EC to cross the S$2,000 psf benchmark<\/a>\r\n<ul>\r\n<li><a href=\"#h-competing-with-private-condos\" data-level=\"3\">Competing with private condos<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><a href=\"#h-third-record-the-highest-capital-gain-for-an-ec\" data-level=\"2\">Third record: The highest capital gain for an EC<\/a>\r\n<ul>\r\n<li><a href=\"#h-consistent-price-appreciation-at-hundred-palms-residences\" data-level=\"3\">Consistent price appreciation at Hundred Palms Residences<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><a href=\"#h-why-did-the-buyers-choose-an-ec-over-a-private-condo\" data-level=\"2\">Why did the buyers choose an EC over a private condo?<\/a>\r\n<ul>\r\n<li><a href=\"#h-a-word-from-the-record-breaking-agents\" data-level=\"3\">A word from the record-breaking agents<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<\/div>\r\n\r\n\r\n\r\n<h2 id=\"h-this-triple-record-breaking-sale-is-from-hundred-palms-residences\" class=\"wp-block-heading\"><b>This triple record-breaking sale is from Hundred Palms Residences<\/b><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">This sale was transacted by PropNex agents <\/span><a href=\"https:\/\/www.99.co\/singapore\/agents\/R067383C-bryan\"><span style=\"font-weight: 400;\">Bryan Chua<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.99.co\/singapore\/agents\/R066638Z-edmund-chua\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Edmund Chua<\/span><\/a><span style=\"font-weight: 400;\">, and<\/span><a href=\"https:\/\/www.99.co\/singapore\/agents\/R070787F\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\"> Ng Yong Lin<\/span><\/a><span style=\"font-weight: 400;\">. Located at Hundred Palms Residences on Yio Chu Kang Road, the unit sits on the 13th floor of Block 266. While the development isn\u2019t a high-rise, with only 15 floors in total, this unit is positioned on the higher end.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The 1,528 sqft unit changed hands for S$3,058,888, equalling to S$2,001 per square foot (psf).\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Hundred Palms Residences obtained its <\/span><a href=\"https:\/\/www.99.co\/singapore\/glossary\/temporary-occupation-permit-top\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Temporary Occupation Permit (TOP)<\/span><\/a><span style=\"font-weight: 400;\"> in 2019 and recently met its<\/span><a href=\"https:\/\/www.99.co\/singapore\/glossary\/mop-in-hdb\/#:~:text=The%20Minimum%20Occupation%20Period%20(MOP,for%20at%20least%20five%20years.\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\"> Minimum Occupation Period (MOP)<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\r\n<p><img decoding=\"async\" width=\"1200\" height=\"900\" class=\"wp-image-84155\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2025\/03\/triple-record-breaking-s3-06m-ec-agents.jpg\" alt=\"triple record breaking S$3.06M executive condo agents\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2025\/03\/triple-record-breaking-s3-06m-ec-agents.jpg 1200w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2025\/03\/triple-record-breaking-s3-06m-ec-agents-150x113.jpg 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\r\n<figure class=\"wp-block-image alignnone size-full wp-image-84155\">\r\n<figcaption class=\"wp-element-caption\">Image credit: Bryan Chua.<\/figcaption>\r\n<\/figure>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"border: 2px solid black; padding: 10px;\"><em><strong>Check your affordability with <a href=\"https:\/\/www.99.co\/singapore\/tools\/affordability-calculator\" target=\"_blank\" rel=\"noopener\">99.co&#8217;s affordability calculator<\/a>!<\/strong><\/em><\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-a-closer-look-at-hundred-palms-residences-location\" class=\"wp-block-heading\"><b>A closer look at Hundred Palms Residences\u2019 location<\/b><\/h2>\r\n\r\n\r\n\r\n<p><iframe loading=\"lazy\" style=\"border: 0;\" src=\"https:\/\/www.google.com\/maps\/embed?pb=!1m18!1m12!1m3!1d3988.6726585995593!2d103.8774437!3d1.3730921!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x31da16500538705d%3A0x9dcf816d52d7904e!2sHundred%20Palms%20Residences!5e0!3m2!1sen!2smy!4v1743223498243!5m2!1sen!2smy\" width=\"600\" height=\"450\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Situated in a well-established suburban estate in northeastern Singapore, Hundred Palms Residences enjoys proximity to key districts such as\u00a0 <\/span><a href=\"https:\/\/www.99.co\/singapore\/neighbourhoods\/serangoon\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Serangoon<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.99.co\/singapore\/neighbourhoods\/seletar\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Seletar<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/www.99.co\/singapore\/neighbourhoods\/ang-mo-kio\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Ang Mo Kio<\/span><\/a><span style=\"font-weight: 400;\">. While the development is not <\/span><a href=\"https:\/\/www.99.co\/singapore\/glossary\/mrt-map-sg\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">within walking distance of an MRT station<\/span><\/a><span style=\"font-weight: 400;\">, it is a 6- to 7-minute drive to three options \u2013 <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/mrts\/hougang\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Hougang<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/mrts\/buangkok\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Buangkok<\/span><\/a><span style=\"font-weight: 400;\">, and<\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/mrts\/kovan\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\"> Kovan MRT stations<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 ensuring connectivity to the rest of the island.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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 Lyc\u00e9e Fran\u00e7ais de Singapour, Hillside World Academy, and DPS International School are within the vicinity.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Hundred Palms Residences also benefits from its proximity to the Seletar Regional Centre, one of Singapore\u2019s four major regional hubs. This area is home to key business clusters, including Seletar Aerospace Park and the upcoming <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/punggol-digital-district-hdb\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Punggol Digital District<\/span><\/a><span style=\"font-weight: 400;\">, positioning it well for future growth and employment opportunities.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-first-record-the-first-regular-ec-unit-to-cross-s-3-million\" class=\"wp-block-heading\"><b>First record: The first regular EC unit to cross S$3 Million<\/b><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\r\n\r\n\r\n\r\n<p><b>Top 5 most expensive EC transactions<\/b><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table\">\r\n<table class=\"has-fixed-layout\">\r\n<tbody>\r\n<tr>\r\n<td><b>Date<\/b><\/td>\r\n<td><b>Address<\/b><\/td>\r\n<td><b>Block<\/b><\/td>\r\n<td><b>Size (sqft)<\/b><\/td>\r\n<td><b>Price<\/b><\/td>\r\n<td><b>Price (psf)<\/b><\/td>\r\n<td><b>Beds<\/b><\/td>\r\n<td><b>TOP<\/b><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">21\/10\/2021<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Citylife @ Tampines<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">67<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">3,864<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$3.288M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$850.93<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">5<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2016<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">22\/11\/2024<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Heron Bay<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">53<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2,843<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$3.15M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1,107.98<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">5<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2015<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">OTP granted<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Hundred Palms Residences<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">266<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">1,528<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$3.059M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$2,001<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">5<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2019<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">31\/01\/2025<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Citylife @ Tampines<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">67<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2,379<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$3.05M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1,282.05<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">4<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2016<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">25\/02\/2025<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Hundred Palms Residences<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">266<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">1,528<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$2.718M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1,777.63<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">5<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2019<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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 <\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/citylife-tampines\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Citylife @ Tampines.<\/span><\/a><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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 \u2013 likely due to the previous record price at the project being S$2.718 million.<\/span><span style=\"font-weight: 400;\"> According to Bryan, \u201cThe seller\u2019s 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.\u201d<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-second-record-the-first-ec-to-cross-the-s-2-000-psf-benchmark\" class=\"wp-block-heading\"><b>Second record: The first EC to cross the S$2,000 psf benchmark<\/b><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">This sale didn\u2019t just break price records \u2013 it also set a new high for the highest psf price ever achieved by an EC resale unit in Singapore.<\/span><\/p>\r\n\r\n\r\n\r\n<p><b>Top 5 EC sales by psf<\/b><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table\">\r\n<table class=\"has-fixed-layout\">\r\n<tbody>\r\n<tr>\r\n<td><b>Date<\/b><\/td>\r\n<td><b>Address<\/b><\/td>\r\n<td><b>Block<\/b><\/td>\r\n<td><b>Size (sqft)<\/b><\/td>\r\n<td><b>Price<\/b><\/td>\r\n<td><b>Price (psf)<\/b><\/td>\r\n<td><b>Beds<\/b><\/td>\r\n<td><b>TOP<\/b><\/td>\r\n<td><b>Sale Type<\/b><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">OTP granted<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Hundred Palms Residences<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">266<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">1,528<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$3.059M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$2,001<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">5<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2019<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Resale<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">30\/12\/2024<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Hundred Palms Residences<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">276<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">958<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1.82M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1,899.79<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2019<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Resale<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">08\/03\/2025<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Aurelle @ Tampines<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">61<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">840<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1.572M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1,871.43<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2027<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">New Sale<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">27\/12\/2024<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Hundred Palms Residences<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">268<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">883<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1.65M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1,868.63<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2019<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Resale<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">05\/03\/2025<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Hundred Palms Residences<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">260<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">1,324<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$2.451M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1,851.21<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">4<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">2019<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Resale<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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 \u2013 with most being under 1,000 sqft, and the largest unit at 1,324 sqft.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-competing-with-private-condos\" class=\"wp-block-heading\"><b>Competing with private condos<\/b><\/h3>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image alignnone size-full wp-image-84157\"><img decoding=\"async\" width=\"1200\" height=\"900\" class=\"wp-image-84157\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2025\/03\/triple-record-breaking-s3-06m-ec-affinity-at-serangoon.jpg\" alt=\"artist impression of affinity at serangoon - triple record breaking S$3.06M executive condo\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2025\/03\/triple-record-breaking-s3-06m-ec-affinity-at-serangoon.jpg 1200w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2025\/03\/triple-record-breaking-s3-06m-ec-affinity-at-serangoon-150x113.jpg 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\r\n<figcaption class=\"wp-element-caption\">Affinity at Serangoon, a private condo with lush grounds, saw its highest-priced unit at S$2.9M.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">This record-breaking EC sale isn\u2019t just notable within the resale EC market \u2013 it\u2019s even outpacing private condos.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">\u201cWe managed to sell it at a higher price than Affinity at Serangoon, a new private condominium with larger landscaped grounds,\u201d Edmund noted.<\/span><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\r\n\r\n\r\n\r\n<h4 id=\"h-top-3-highest-psf-sales-at-affinity-at-serangoon\" class=\"wp-block-heading\"><b>Top 3 highest psf sales at Affinity at Serangoon<\/b><\/h4>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table\">\r\n<table class=\"has-fixed-layout\">\r\n<tbody>\r\n<tr>\r\n<td><b>Date<\/b><\/td>\r\n<td><b>Project<\/b><\/td>\r\n<td><b>Block<\/b><\/td>\r\n<td><b>Size (sqft)<\/b><\/td>\r\n<td><b>Price<\/b><\/td>\r\n<td><b>Price (psf)<\/b><\/td>\r\n<td><b>Beds<\/b><\/td>\r\n<td><b>Sale Type<\/b><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">02\/10\/2021<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Affinity At Serangoon<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">28<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">484<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1.341M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$2,771.41<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">1 Bedroom<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">New Sale<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">30\/09\/2021<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Affinity At Serangoon<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">28<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">538<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1.463M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$2,719.33<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">1 Bedroom<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">New Sale<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">27\/11\/2023<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Affinity At Serangoon<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">28<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">904<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1.8M<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$1,991.15<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">3 Bedrooms<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">Sub Sale<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">That said, it&#8217;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.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-third-record-the-highest-capital-gain-for-an-ec\" class=\"wp-block-heading\"><b>Third record: The highest capital gain for an EC<\/b><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">According to Bryan, this unit, originally purchased for S$1,321,000, was resold for S$3,058,888 after reaching its MOP \u2013 resulting in a profit of S$1,737,888. <\/span><span style=\"font-weight: 400;\">That\u2019s an astounding 131.55% return, setting a new record for the highest capital gain ever seen in the EC market.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Of course, this figure doesn\u2019t 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.<\/span><\/p>\r\n<p style=\"border: 2px solid black; padding: 10px;\"><b><i>Curious if your home could be a million-dollar resale? Check its value in under a<\/i><\/b><strong><i> minute with <\/i><a href=\"https:\/\/www.99.co\/singapore\/property-value-tool\"><i>99.co\u2019s Property Value Tool.<\/i><\/a><\/strong><\/p>\r\n\r\n\r\n\r\n\r\n\r\n<h4 id=\"h-top-5-highest-ec-capital-gains-to-date\" class=\"wp-block-heading\"><b>Top 5 highest EC capital gains to date<\/b><\/h4>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table\">\r\n<table class=\"has-fixed-layout\">\r\n<tbody>\r\n<tr>\r\n<td><b>Project name<\/b><\/td>\r\n<td><b>Capital gain<\/b><\/td>\r\n<td><b>Holding period (Years)<\/b><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><b>Hundred Palms Residences<\/b><\/td>\r\n<td><b>S$1,737,888<\/b><\/td>\r\n<td><b>6<\/b><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">Bishan Loft<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$859,000<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">11<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">Bishan Loft<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$833,112<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">5<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">Heron Bay<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$792,000<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">Esparina Residences<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$788,000<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><span style=\"font-weight: 400;\">Skypark Residences<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">S$780,000<\/span><\/td>\r\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">\u201cBefore this sale,<\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/bishan-loft\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\"> Bishan Loft<\/span><\/a><span style=\"font-weight: 400;\"> held the record for the highest EC capital gain at S$859,000, achieved over 11 years\u201d, 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 \u2013 which is a 102.31% increase over the previous record.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-consistent-price-appreciation-at-hundred-palms-residences\" class=\"wp-block-heading\"><b>Consistent price appreciation at Hundred Palms Residences<\/b><\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Hundred Palms Residences has seen steady price growth over the years, demonstrating strong demand.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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% \u2013 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.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">As of 2025, according to <\/span><a href=\"https:\/\/www.99.co\/singapore\/property-agent-hub\/researcher\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">99.co\u2019s Researcher<\/span><\/a><span style=\"font-weight: 400;\">, the average price for a unit at Hundred Palms Residences stands at S$1,821,076. However,<\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/condos-apartments\/hundred-palms-residences?main_category=condo&amp;name=Hundred%20Palms%20Residences&amp;page_num=1&amp;page_size=36&amp;path=%2Fsingapore%2Fsale%2Fcondos-apartments%2Fhundred-palms-residences&amp;property_segments=residential&amp;query_coords=1.373043302896701%2C103.87783962507189&amp;query_ids=dewnancg5VGen9TFwpQN9YBL&amp;query_name=Hundred%20Palms%20Residences&amp;query_text=Hundred%20Palms%20Residences&amp;query_type=cluster&amp;show_cluster_preview=true&amp;show_description=true&amp;show_internal_linking=true&amp;show_meta_description=true&amp;show_nearby=true&amp;sort_field=price&amp;sort_order=asc&amp;zoom=15\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\"> current listings show 3-bedroom units available for S$1.58M.<\/span><\/a><\/p>\r\n\r\n\r\n\r\n<p><iframe loading=\"lazy\" style=\"border: none; width: 350px !important; box-shadow: 0px 2px 12px rgb(11 17 52 \/ 15%); border-radius: 16px;\" src=\"https:\/\/www.99.co\/property-value-widget?contentSource=insider-blog&amp;contentId=triple-record-breaking-s3-06m-ec\" width=\"350\" height=\"370\" scrolling=\"no\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><\/span><\/iframe><\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-why-did-the-buyers-choose-an-ec-over-a-private-condo\" class=\"wp-block-heading\"><b>Why did the buyers choose an EC over a private condo?<\/b><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">One key reason is the lack of larger units in the area<\/span><span style=\"font-weight: 400;\">. Bryan pointed out, \u201cThe closest alternative, Affinity at Serangoon, only offers 4-bedders, and anything bigger would be cluster houses\u201d. <\/span><span style=\"font-weight: 400;\">With limited options for spacious homes, buyers may have been drawn to this EC as one of the few available choices.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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. <\/span><span style=\"font-weight: 400;\">Edmund further highlighted how new launches come with a waiting period of 3 to 4 years before buyers can move in. He noted, \u201cSome buyers either can\u2019t afford to wait or simply prefer to avoid the delay, making an EC resale unit a more immediate and practical choice\u201d.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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 <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/additional-buyers-stamp-duty-absd\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\">Additional Buyer\u2019s Stamp Duty (ABSD)<\/span><\/a><span style=\"font-weight: 400;\">. \u201cTo 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\u201d, he said.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The buyer\u2019s family profile may have also influenced the decision. <\/span><span style=\"font-weight: 400;\">Edmund added that being close to top primary schools, such as Rosyth Primary School, was likely a major priority for them.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Lastly, the unit\u2019s 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. <\/span><span style=\"font-weight: 400;\">Agent Yong Lin pointed out, \u201cthe unit looked almost the same as when it was first purchased from the developer.\u201d<\/span><span style=\"font-weight: 400;\"> While the owners hadn\u2019t 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.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-a-word-from-the-record-breaking-agents\" class=\"wp-block-heading\"><b>A word from the record-breaking agents<\/b><\/h3>\r\n\r\n\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">&#8220;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 \u2013 just like we did with this sale,&#8221; they shared.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">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. <\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">For those interested in reaching out, Bryan Chua (R067383C) can be contacted at 8840 6160 or via email at <a class=\"cursor-pointer\" rel=\"noopener\" data-start=\"432\" data-end=\"456\">bryanjosephhhc@gmail.com<\/a>. Edmund Chua (R066638Z) is available at 8684 5438 or <a class=\"cursor-pointer\" rel=\"noopener\" data-start=\"510\" data-end=\"538\">edmundchua.propnex@gmail.com<\/a>. Yong Lin (R0707087F) can be reached at 8181 1239 or <a href=\"mailto:yonglin1208@gmail.com\">yonglin1208@gmail.com<\/a>.<\/span><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>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). 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Although the transaction is still&hellip;<\/p>\n","protected":false},"author":141,"featured_media":84163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53982,54162,53601,53725,53643,57131],"tags":[57396,59369,59339,53661,59368,58591],"persona":[57127,57128],"class_list":{"2":"type-post","21":"entry","22":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Triple record-breaking S$3.06M EC - How did they manage it? - 99.co<\/title>\n<meta name=\"description\" content=\"This sale is particularly noteworthy because it hasn\u2019t just set one record \u2013 it has shattered three national records at once . 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