New EC Launch
** FIRST TIME BUYERS: If you are planning to buy your very first property and do not know whether to buy a Resale HDB, BTO or a new launch EC, let us discuss your best possible option.
** EXISTING HDB OWNERS: If you are planning to change to another property, and would like to know whether to buy a EC or private condominiums, let us help you to assess your best possible options to get better returns on your dollars. We do not want to under-leverage on ourselves.
New and Upcoming EC in Sumang Walk Punggol
New and Upcoming EC in Canberra Link Sembawang
New and Upcoming EC in Anchorvale Crescent Sengkang
New and Upcoming EC in Tampines Avenue 10
Whether you are purchasing your first home or upgrading your current one, here’s why you might want to pick an executive condominium.
The popular EC, or executive condominium, is a distinctive type of housing in Singapore.
While there is usually a clear divide between public and private housing in Singapore, ECs straddle the two categories. They are allotted and regulated by the government, but built by private developers, so their design and facilities are comparable to that of private condominiums.
Similar to buying HDB flats, eligible Singapore citizens can enjoy subsidies and grants, but only under certain circumstances. HDB has a useful guide to frequently asked questions about ECs and eligibility.
Like with new HDB flats, a Minimum Occupation Period of five years applies before one can sell the unit to another Singapore citizen or PR. However, after ten years, the restrictions governing public housing no longer apply, so one can sell it to anybody, often at a decent profit.
So, why is this hybrid housing type so popular? Potential capital appreciation aside, here are some compelling reasons for both young couples and growing families to make the move.
Young couples: The EC as your first home
Newlyweds looking for their first home often go for the ubiquitous BTO, but, if your budget allows it, an EC is worth considering as well.
Unlike a private condominium, which might be too expensive for a young couple, an EC is a feasible entry-level home thanks to CPF grants for first-time housing applicants. Lower-income households are eligible for larger grants. For example, the maximum grant of $30,000 is offered to those with a household income of $10,000 or below.
With such grants on top of the more affordable unit price, ECs can be said to offer a condominium lifestyle at a subsidized price.
You can enjoy the perks of living in a condominium, such as exclusive facilities and beautifully landscaped grounds. There are 4 plots of land allocated to be developed into ECs.
For busy young couples, convenience might just be the ultimate luxury. Just picture being able to work out, play your favourite sports, unwind with yoga and gather with friends or family, all without having to leave the home.
Many new ECs come outfitted with smart home capabilities, so that household chores can be done almost at the touch of a button (or even remotely!). You can also enjoy instant access to a range of service providers from caterers to plumbers to tennis coaches.
When the time comes to consider starting a family, an EC home offers a safe and conducive environment for children to grow up in. Its gated grounds and security system provide exclusivity and protection, with patrolling guards casting a watchful eye on children as they play freely in the compound.
Since residents with children frequent the dedicated kids’ play zones, chances are, you and your kids can become part of a tight-knit community.
Growing families: The EC as an upgrade from HDB
The EC is exceptionally popular among HDB upgraders, typically growing and/or multi-generational families. In fact, many developers build ECs with such families in mind.
As children get older, the confines of a HDB flat may become apparent. ECs are cleverly designed to maximise usable space, with generously sized rooms.
It is not just nuclear families who benefit. Those with multi-generation families will also appreciate the added space, privacy and flexibility of EC living.
An added bonus of upgrading is the proximity of good schools, particularly during pivotal points in your child’s education such as the move to primary or secondary school.
With so many benefits to enjoy, it makes perfect sense to upgrade from a HDB flat to an EC unit.
The new EC launch market has cooled down after a series of cooling measures were implemented in 2013. These include 30% Mortgage Service Ratio (MSR) and a resale levy for 2nd time buyers. Hence some potential buyers couldn’t get sufficient loan amount and/or couldn’t afford the amount of cash required to book an EC. As a result, the demand in EC has dampened.
Fortunately, there was a lifeline happen in August 2015 when PM Lee announced to increase the income ceiling for EC buyers. However, the new EC launch market still not improves significantly since then.
EC market got off to a good start in 2016 with Wandervale EC with more than 50% take-up rate on the first day of launch.
Followed by Visionaire and Parc Life in the second quarter of 2016.
Despite Frasers Centrepoint’s great proven track record, they didn’t show any slight edge over competing projects in Sembawang. Qingjian’s Visionaire shows higher take-up rate than Parc Life according to caveat lodged as on 1 Feb 2017. The key reason is the shorter distance to the MRT station.
Both Northwave and Treasure Crest were launched in third quarter of 2016. Being one of the most affordable EC in Singapore, Northwave is located
Treasure Crest is the star performer of New EC launch in 2016. They are the last EC to launch but the first being 100% sold out. That was considered as a tremendous achievement by Sim Lian Group.
Stepping into 2017, there would be a scarcity in new EC launch pipeline, due to the tapering of the Government Land Sale (GLS) Programme in the past 2 years. The impact of short supply in new EC was apparent, only 2 new EC launch in 2017, which includes iNz Residence at Choa Chu Kang Avenue 5 and EC at Yio Chu Kang Road, Hundred Palms Residences. And Rivercove Residences in Anchorvale Lane, Sengkang in 2018.
Last year, we have witnessed Hundred Palms Residences sets the 100% sold-out record in 7 hours. This denotes that the property market is bottoming out due to the high demand but low supply.
The key reason is most buyers are very price and product sensitive, with demand skewed towards selected projects.
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HIGHER DEMAND FOR ECs WITH ITS HIGH PROFIT MARGIN AND LOW ENTRY PRICE
Owners of Executive Condominiums (EC) stand a huge capital potential appreciation in due of the low entry price to purchase a unit compared to private condominiums.
After a period of 10 years, the EC will be privatised, changing its status to be on level to a private condominium. Foreigners will be able to purchase the unit then. Owners typically enjoy a capital gain after their EC is privatised.
The above table shows a significant increase in capital appreciation for EC owners.
Purchasing an EC is extremely promising as we may look into such capital appreciation after it becomes privatised over time.
As the entry price for an Executive Condominium (EC) is much lower than a private condominium, demand for ECs has been on the rise. New EC units are generally 15-30% cheaper than private condominiums. In addition, first timer are entitled to receive a CPF Housing Grant of up to S$30,000. These make EC an extreme worthwhile asset to purchase.
Physical features are similar when comparing between a new executive condominium with a private condominium. This include facilities such as gym, clubhouse, security guard, tennis court, swimming pool and many more.
With further developments in , residents of New EC will look into a long term investment with high profit margin.
When doing a comparison between an executive condominium and private condominium, we know that both EC and private condominiums offer the same features such as swimming pool, gym, tennis court and many more,
As resale executive condominiums are typically larger in space comparing to its counterpart and with a lower entry price, demand has increased for the resale ECs. This has led to a narrowing of price gap.
Owners of resale ECs have profited greatly in the market with their low entry price and they had enjoyed the bigger space and same facilities.
New EC in Sumang Walk Punggol- Government Land Sales (GLS)
This plot of land was sold to CDL Development, for $509.37 million, as collective sale fever grows even hotter. The sale price of $509.37 million works out to a land cost of about $583 psf per plot ratio on the potential gross floor area.
For More information on New EC in Sumang Walk Punngol, launching in 2019,
Please Read HERE
Developers are in the business of building houses for people, they want to make a good product that is of value to the consumers, and they need to generate healthy profits levels for their shareholders. If we look at a property parts the most expensive component will be the land, followed by the construction costs. This is similar to Cost of Goods Sold (COGS) in accounting terms. Add on the administrative, sales and marketing expense, finance cost, profit margin we will arrive at the selling price.
Marketing expense for the project is around $200 psf. Construction costs including architecture design, is about $350 psf for a mass market condominum.
- Administrative expenses: Staff costs, office rents etc..
- Sales and marketing expenses: Showflat building costs, commission for real estate agencies, advertising for the development, lawyer fees for conveyancing etc..
- Finance costs: interest expense paid to the finance institutions for financing the development.
30% of the base cost that cover the construction and other expences will be the profits. Add them all up and you will get the estimate launch price.
Land Cost: $583 psf ppf
Construction Cost: $350 psf
Marketing expense: S$200 psf
Profit margin: 20%
Estimated launch price: $1359 psf
2 New ECs in Canberra Sembawang- Government Land Sales (GLS)
There will be 2 plots of land designated to be developed into ECs, namely in Canberra Link.
The Housing & Development Board (HDB), announced that it has received 9 bids for its executive condominium site (EC site) at Canberra Link. HDB being the Government’s land sales agent for the EC site, launched the land parcel at Canberra Link for tender on 28 June 2018.
| Location | Canberra Link |
| Proposed Development | Executive Condominium Housing |
| Site Area | 18,040.6 sq m |
| Maximum GFA [GPR] | 45,101.50 sq m [2.5] |
| Maximum Building Height | 45m to 50m AMSL |
| Estimated No. of Dwelling Units | 450* |
| Lease Term | 99 years |
| Project Completion Period | 60 months from date of acceptance of tender |
The tender closed at 12 noon today with 9 bids received. The details of the provisional tender results for the executive condominium site are below:
| S/N | Name of Tenderer | Tender Price ($) |
$psm/GFA ($) |
| 1 | Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd | $271,000,000 | $6,008.67 |
| 2 | Greatview Investment Pte Ltd and MCC Land (Singapore) Pte Ltd | $258,890,000 | $5,740.16 |
| 3 | CNQC Realty (Treasure) Investment Pte. Ltd. | $252,770,000 | $5,604.47 |
| 4 | Evia Real Estate (8) Pte Ltd & Gamuda (Singapore) Pte Ltd | $250,888,888 | $5,562.76 |
| 5 | CDL Constellation Pte. Ltd and TID Residential Pte. Ltd. | $245,800,000 | $5,449.93 |
| 6 | UED Residential Pte. Ltd. And TSKY (Jervois) Pte. Ltd. | $239,167,802 | $5,302.88 |
| 7 | Peak Land Pte. Ltd. | $228,300,000 | $5,061.92 |
| 8 | Sim Lian Land Pte Ltd | $205,000,000 | $4,545.30 |
| 9 | JBE Development Pte Ltd | $201,821,000 | $4,474.82 |
Price-wise, the top bid of S$ 558 psf ppr received for the Canberra Link is 4.3% lower than the SGD 583 psf ppr achieved for the Sumang Walk site in February 2018. Perhaps, developers have taken into account the additional 5% non-remittable ABSD that they have to pay for sites acquired after 5 July 2018 in their tender submission. Estimated breakeven price for the new EC at Canberra Link is estimated at between SGD 950 and SGD 1,000 psf. This could translate to higher selling prices than the last EC project launched at Rivercove Residences along Anchorvale Lane in April 2018 which were sold at an average of SGD 976 psf based on caveats lodged.
For More Information on New EC in Canberra Link Sembawang, launching in end 2019 or early 2020,
Please Read HERE
This plot of land at Canberrra Link, at sale price of $271 million works out to a land cost of about $558 psf per plot ratio on the potential gross floor area.
Developers are in the business of building houses for people, they want to make a good product that is of value to the consumers, and they need to generate healthy profits levels for their shareholders. If we look at a property parts the most expensive component will be the land, followed by the construction costs. This is similar to Cost of Goods Sold (COGS) in accounting terms. Add on the administrative, sales and marketing expense, finance cost, profit margin we will arrive at the selling price.
Marketing expense for the project is around $200 psf. Construction costs including architecture design, is about $350 psf for a mass market condominum.
- Administrative expenses: Staff costs, office rents etc..
- Sales and marketing expenses: Showflat building costs, commission for real estate agencies, advertising for the development, lawyer fees for conveyancing etc..
- Finance costs: interest expense paid to the finance institutions for financing the development.
Land Cost: $558 psf ppr
Construction Cost: $350 psf
Marketing expense: $200 psf
Profit margin: 20%
Estimated launch price: $1329 psf
New EC in Anchorvale Crescent Sengkang- Government Land Sales (GLS)
The Housing & Development Board (HDB), as the Government’s land sales agent, launched the Reserve List site at Anchorvale Crescent for tender on 10 Aug 2018.
| Location | Anchorvale Crescent |
| Proposed Development | Executive Condominium |
| Site Area | 17,137.3 sq m |
| Maximum GFA [GPR] | 51,411.90 sq m [3.0] |
| Maximum Building Height | 64m AMSL |
| Maximum No. of Dwelling Units | 550 (capped) |
| Lease Term | 99 years |
| Project Completion Period | 60 months from date of acceptance of tender |
| Minimum Price | S$255,000,000 |
The tender closed at 12 noon on 14 September with 7 bids received. The details of the provisional tender results are below:
| S/No | Name of Tenderer | Tender Price ($) |
$psm/GFA ($) |
| 1 | Evia Real Estate (8) Pte Ltd & Gamuda (Singapore) Pte Ltd | $318,888,899 | 6,202.63 |
| 2 | CNQC Realty (Treasure) Investment Pte. Ltd. | $318,888,000 | 6,202.61 |
| 3 | Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd | $307,280,000 | 5,976.83 |
| 4 | Greatview Investment Pte Ltd | $303,890,000 | 5,910.89 |
| 5 | Sing Holdings Residential Pte. Ltd. and Changi Properties Pte. Ltd. | $295,100,000 | 5,739.92 |
| 6 | Sim Lian Land Pte Ltd | $280,000,000 | 5,446.21 |
| 7 | Anchora Development Pte. Ltd. | $277,222,000 | 5,392.18 |
The top bid at $318,888,889 was only a hair breadth higher than the second highest bid at $318,888,000, reflecting the neck-to-neck tussle to secure the site. After tendering for the Sumang Walk and Canberra Link EC sites previously and failing to secure them, Evia Real Estate and Gamuda seems to have redoubled its efforts in today’s tender by bidding more robustly at $576.24 psf/pr. It is 3.2% higher than the top bid of $558.22 psf/pr for the Canberra Link EC site whose tender closed recently on 4 September.
The EC primary market remains a bright spot in the residential sector while the rest of the private home market has been cautious after the announcement of tightened cooling measures on 5 July. Supply in the EC sales pipeline remain limited, consisting of only the Sumang Walk and Canberra Link projects while demand from new EC buyers has been strong. The 628-unit Rivercove Residences which was launched in April is practically sold out at a median price of $973 psf.
For More information on New EC in Anchorvale Crescent Sengkang, launching in 2020,
Please Read HERE
Interestingly, the top bid barely edged out the second highest bidder by just SGD899 or 0.0003%, and the tight margin of just 15% between the top and last bidder showed the consensus of pricing among developers.
Developers are in the business of building houses for people, they want to make a good product that is of value to the consumers, and they need to generate healthy profits levels for their shareholders. If we look at a property parts the most expensive component will be the land, followed by the construction costs. This is similar to Cost of Goods Sold (COGS) in accounting terms. Add on the administrative, sales and marketing expense, finance cost, profit margin we will arrive at the selling price.
Marketing expense for the project is around $200 psf. Construction costs including architecture design, is about $350 psf for a mass market condominum.
- Administrative expenses: Staff costs, office rents etc..
- Sales and marketing expenses: Showflat building costs, commission for real estate agencies, advertising for the development, lawyer fees for conveyancing etc..
- Finance costs: interest expense paid to the finance institutions for financing the development.
Land Cost: $576 psf ppr
Construction Cost: S$350 psf
Marketing expense: S$200 psf
Profit margin: 20%
Estimated launch price: S$1350 psf
New EC in Tampines Avenue 10- Government Land Sales (GLS)
This plot of land at Tampines Avenue 10 was sold to Hoi Hup, for $434.45 million, through Government Land Sales (GLS). The sale price of $434.45 million works out to a land cost of about $578 psf per plot ratio on the potential gross floor area.
For More information on New EC launch in Tampines Avenue 10,
Please Read HERE
Developers are in the business of building houses for people, they want to make a good product that is of value to the consumers, and they need to generate healthy profits levels for their shareholders. If we look at a property parts the most expensive component will be the land, followed by the construction costs. This is similar to Cost of Goods Sold (COGS) in accounting terms. Add on the administrative, sales and marketing expense, finance cost, profit margin we will arrive at the selling price.
Marketing expense for the project is around $200 psf. Construction costs including architecture design, is about $350 psf for a mass market condominum.
- Administrative expenses: Staff costs, office rents etc..
- Sales and marketing expenses: Showflat building costs, commission for real estate agencies, advertising for the development, lawyer fees for conveyancing etc..
- Finance costs: interest expense paid to the finance institutions for financing the development.
Land Cost: $578 psf ppr
Construction Cost: $350 psf
Marketing expense: $200 psf
Profit margin: 20%
Estimated launch price: $1353 psf
NEW EC IN FERNVALE LANE- GOVERNMENT LAND SALES (GLS)
This plot of land was sold to , for $ million, through Government Land Sales (GLS). The sale price of $ million works out to a land cost of about $ psf per plot ratio on the potential gross floor area.
Developers are in the business of building houses for people, they want to make a good product that is of value to the consumers, and they need to generate healthy profits levels for their shareholders. If we look at a property parts the most expensive component will be the land, followed by the construction costs. This is similar to Cost of Goods Sold (COGS) in accounting terms. Add on the administrative, sales and marketing expense, finance cost, profit margin we will arrive at the selling price.
Marketing expense for the project is around $200 psf. Construction costs including architecture design, is about $350 psf for a mass market condominum.
- Administrative expenses: Staff costs, office rents etc..
- Sales and marketing expenses: Showflat building costs, commission for real estate agencies, advertising for the development, lawyer fees for conveyancing etc..
- Finance costs: interest expense paid to the finance institutions for financing the development.
Land Cost: $ psf ppr
Construction Cost: $350 psf
Marketing expense: $200 psf
Profit margin: 20%
Estimated launch price: $ psf
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