2020 was a defining year for everyone. The pandemic plunged the economy into a decade low, unemployment rates went up and many of us were facing uncertainty. Despite that, the property market managed to maintain momentum. In fact, private residential home prices rose 2.2% in 2020, prompting the government to issue a cautionary message against making purchases without considering the long-term commitment. They also reminded developers and investors alike that they would be keeping a close eye on the property market and would adjust policies if necessary to ensure the market keeps in line with economic fundamentals (potential cooling measures which we mentioned in a previous article here). In 2021, we expect a consistent climb in property prices and low mortgage loan interest rates but if you assess that you’re willing and able to purchase a property, you should consider executive condominiums (ECs). For this article, we’ll start with a brief introduction to ECs, highlight recently launched ECs that are selling fast and round off with ECs that we’re anticipating will launch this year. All set? Let’s go.

What are ECs?

Executive Condominiums (ECs), are essentially subsidised private condominiums. They cater to the sandwiched class in Singapore who have too high an income to purchase public housing but not high enough for private condominiums. There are stringent qualifying requirements to ensure that only the sandwiched class are able to afford ECs. You must either be a Singaporean Citizen or PR, meet the HDB eligibility scheme and your total household income must not exceed $16,000. You also must not be owning any other property overseas or locally. Moreover, because ECs are intended for home-ownership and not as an investment device, there is still the Minimum Occupation Period (MOP) requirement of five years.

Notwithstanding their intended purpose, ECs still make viable investment options. Based on data from SquareFoot, we can see how there’s a general increase in EC resales and an upward trend in terms of the average price for ECs. This suggests that there is both a rise in demand for ECs and greater potential for capital appreciation. After the MOP, you could rent out your EC to earn some rental income and in 10 years, when it becomes private property, you could put it up for sale even to foreign investors.

Moreover, they are affordable because the state subsidises the purchase through grants such as the CPF family grant of up to $30,000 for first timers. They also come with a full range of facilities that you would find in a private condominium from swimming pools to tennis courts. Now that we’re more familiar with ECs, let’s have a look at ECs that have launched recently.

2020 Launches

The three ECs highlighted in this section were launched within the last year and still have available units.

Parc Central

+ Competitive prices compared to surrounding properties

+ Family-centric unit mix

– Long walk to Tampines MRT station

Helmed by Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd, Parc Central has a tenure of 99 years and is expected to TOP in 2023. During the first day of their launch in 2021, they managed to sell 59% of total units which suggests it’s a pretty competitive project. It currently has approximately 280 units left.

The eleven 16-storeys blocks lie in a 268,430 sq ft plot in District 18, Tampines. They’ve got a family-centric unit mix of 3- to 5-bedders ranging from 872 sq ft to 1,701 sq ft, with prices ranging from $0.95x mil to $1.90x mil. They also have a good variety of facilities to keep you entertained including a clubhouse with a library and media room. This is especially convenient in COVID times.

Tampines MRT station is about a 20-minute walk or 10-minute bus ride away and connects to both the East West and Downtown Lines to make town more accessible. Right next to the MRT station, we have Tampines Mall for your shopping needs or if you need to run errands. If you enjoy water sports or would like to go for a scenic jog, Sengkang Riverside Park is a 15-minute walk away. There are also several schools nearby like Poi Ching Primary, about 600m away. This makes the project a practical option for families with young children. In addition, they also have international schools like United World College in close proximity, making it possibly easier to sell to international buyers in the future. For a detailed analysis including a comparative analysis and exit strategy, check out our review here.

Parc Canberra

+ Wide unit mix

+ Proximity to Canberra MRT station

– No special facilities

Parc Canberra, also developed by Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd, has a 99-years tenure from 2018 and is expected to TOP in 2023. It launched in February 2020 and sold 64% of the units over the launch weekend but still has approximately 30 units left.

Parc Canberra consists six 11-storey blocks and four 13-storey blocks that sit on a 194,187 sq ft plot at Canberra Link, District 27. The 496 units are made up of sizeable 2- to 5-bedders from 829 sq ft to 1453 sq ft and their quantum prices range from $0.89x mil to $1.56x mil. They’ve also got a wide range of facilities from swimming pools to a kid’s clubhouse.

One highlight about Parc Canberra is just how accessible it is. The closest MRT station would be Canberra station (and Canberra Plaza) which is a 4-minute walk away and there are also primary schools within 1km, namely, Wellington Primary School and Sembawang Primary school. The project is also close to Sembawang Shopping Centre for your convenience. Parc Canberra would be best suited for investors and residents who frequently commute via public transport.

OLA

+ Premium schools nearby

+ Convenient due to proximity to Cheng Lim MRT station

– Distant from town

OLA is a 99-year EC developed by Evia and Gamuda Land with a TOP in 2023. It launched in February 2020, and has approximately 320 units out of 548 units left. The 548 units are distributed across nine 16-Storey blocks situated on a 184,465 sq ft site. They have a good variety of units from 2- to 5-bedders and prices range from $0.80x mil to $2.00x mil. Facilities include the usual swimming pool and gyms but a highlight would be the rooftop bar where you can unwind with scenic views.

OLA is located in District 19, Sengkang. Sengkang MRT station is a 13-minute walk away but on super hot days, you could consider taking the LRT from Cheng Lim station that’s only a 5-minute walk away. Right above Sengkang MRT station you have Compass One with a variety of shops to conveniently run errands. If you can’t find what you’re looking for at Compass One, you can head down to Rivervale Mall, which is a 20-minute walk away.

There are also notable schools near the project such as Nan Chiau Primary School which is about 700m away. Nan Chiau High School is also a 20-minute walk away making it highly convenient for families with younger children looking for renown schools.

Keen on checking out what’s still available in the market? Contact PropertyLimBrothers here for a more guided approach.

2021 Launches

Now that we know more about ECs that have already launched, let’s look at upcoming launches for those of you who are not in a hurry to make a purchase.

Parc Greenwich

Parc Greenwich is a 99-years leasehold project helmed by Fernvale Lane Pte Ltd, a subsidiary of Frasers Property Limited. It’s estimated to launch in mid-2021 and expected to TOP in 2023. The developers managed to secure the 184,386 sq ft site for $286.5 mil. With an estimated total cost of $490.2 mil, the breakeven price for Parc Greenwich works out to be $950 PSF PPR.

The project is located at Fernvale Lane, District 28, comprising 496 units with a good variety of units ranging 2- to 5-bedders with prices expected to start from $1,177 PSF. The units are spread across nine 14-storey blocks that have unblocked views due to the low surrounding buildings except in the East where there are some high rises. Right across the project you have Greenwich V with boutiques, eateries and a Cold Storage and Seletar Mall with a Shaw Theatre outlet, Unity Pharmacy and many food options is only a 6-minute walk away. The closest schools are Sengkang Green Primary School, Fernvale Primary School, Pei Hwa Secondary School and Nan Chiau High School.

Although there is little information on the project currently, because Frasers Property has a very strong portfolio with projects like Parc Life EC, Martin Place Residences and Riviere under their belt, we look forward to what they’ll do with Parc Greenwich. We will also keep you posted through our blog when more details become available. In the meantime, you can check out our review of Riviere here.

Expected Preview Launch: Q2 2021

Provence Residence

Helmed by MCC Land (Canberra) Pte Ltd, Provence Residence is another EC we look forward to. The Alps Residences and The Santorini are some of their successful projects and they’re currently working on Queen’s Park in Queenstown. Those of you who were unsuccessful with Parc Canberra, could consider Provence Residence since it is a 99-year leasehold project right next to Parc Canberra in District 27. It’s expected to launch this year and does not have an estimated TOP yet. Convenience-wise, it’s similar to Parc Canberra as mentioned above but slightly further from the MRT station a 7-minute walk instead of 4.

MCC Land beat out seven others to win the 179,649 sq ft plot for $233.9 mil. With their total estimated costs coming up to $398.1 mil, their breakeven works out to be $963 PSF PPR. Their 413 residential units consist 3- and 4-bedders spread across five 13-storey blocks and four 11-storey blocks. Although they have a smaller variety of unit mixes, they offer a wide variety of configurations. There are 7 sub-types for the 3-bedders ranging from 883 sq ft to 1206 sq ft and 2 sub-types for the 4-bedders at 1399 sq ft, ensuring you still have options. They also have full facilities including a half-basketball court. The project’s unit types and proximity to primary schools make it attractive to younger families.

Expected Preview Launch: Q1 2021, March-May

Yishun EC (estimated 2022 launch)

Sing Holdings developed several successful projects like Robin Residences and Waterwoods. At the end of 2020, they won the bid for the 231,574 sq ft plot at Yishun Avenue 9, also located in District 27, for $373.5 mil. They have an estimated breakeven of $976 PSF PPR because their estimated total costs come up to $632.8 mil. The plot lies at the junction of Yishun Ave 8 and 9, with unblocked views facing north- and south-east toward Simpang and Seletar Island.

The Yishun EC has a 99 years leasehold and approximately 600 units. They have a wider target audience with unit mixes ranging from 2- to 5-bedders. They also expect the condo to have full facilities including a Forest Jogging Trail and Tennis Court for your entertainment. The new EC will be approximately an 18-minute walk from Yishun MRT station and there are 4 primary schools within 1km – Chong Fu School, Xi Shan Primary School, North View Primary School and Huamin Primary School. There are also several secondary schools nearby such as Northland Secondary School and Yishun Town Secondary School. While they currently don’t have a set launch date, we know that it will be sometime next year. Those of you looking for a convenient place with good views, should stay tuned to find out more.

Expected Preview Launch: TBA

Other Widely Anticipated New Launches

Some honourable mentions: Midtown Modern and Atelier. Although these two projects aren’t ECs, they are new launches that you should still look out for.

Midtown Modern

GLL D Pte. Ltd., Intrepid Investments Pte. Ltd. and Hong Realty (Private) Limited jointly developed Midtown Modern, the residential component of Guoco Midtown II.

Guoco Midtown II is an extension of Guoco Midtown, a mixed-used development including residential units, grade A office spaces and retail pavilions to promote seamless connectivity between life, work and play within the Bugis area. Developers explained that their aim for Guoco Midtown was to “bring about a transformation of the neighbourhood into a new business and lifestyle destination in the CBD”. The residential component for Guoco Midtown is called Midtown Bay and you can check out our detailed review right here. Also, Guoco Midtown II will be linked to Guoco Midtown via an underground tunnel to ensure accessibility.

Midtown Modern is a 99-year leasehold project located in District 7, Bugis, estimated to launch in the first quarter of this year and TOP in 2025. The project is expected to have a good variety of 558 units, from 2- to 4-bedders, spread across two 30-storey towers situated on a 124,116 sq ft plot. Including a land cost of $800.2 mil, their breakeven works out to be $2,268 PSF PPR.

Midtown Modern is located in an extremely convenient location for residents who commute using public transport since Bugis MRT station is at the doorstep. Located right in the heart of Downtown Core, shopping centres like Bugis Junction and Bugis Plus are only an 8-minute walk away and the closest primary school, Stamford Primary School is a mere 600m away. Its prime location and choice of units makes it a great option not only for young families but also working couples who would like a home close to town.

Atelier

Developed by Bukit Sembawang Land Pte Ltd, Atelier is a freehold condo estimated to TOP in 2024, with a launch in March. It sits on a 41,582 sq ft plot, located in DIstrict 9, Novena that the developers purchased through an en bloc for $189.3 mil. Including their other expenses, their total estimated costs are $262.1 mil and their breakeven comes up to approximately $2,251 PSF PPR. They have 120 units ranging from 1- to 4-bedders catering to singles and families.

There are also many conveniences in close proximity to the development, such as Newton MRT station which is an 8-minute walk away and United Square Shopping mall a 10-minute walk away. There are also renowned schools nearby such as Anglo-Chinese School (Junior), St Joseph’s Institution (Junior), School of the Arts and Anglo-Chines School (Barker Road). The Atelier’s location makes it attractive for families that would like a home slightly further from the bustle of town and CBD but still close enough for convenience. It’s unit mix and proximity to premium schools also makes it ideal for families.

Conclusion

ECs are a pretty good option for those with higher income levels and these are the ECs to look out for this year. Although the ones to be launched this year don’t have a lot of details ready, we at PLB would love to be able to help you in your journey! If you’re interested in any of these launches or would just like to find out more, you can contact our dedicated team here. If you would like to read more of our reviews and educational articles, you can check out our blog here. See you in the next one!