Is An Executive Condo in Singapore Still Worth It in 2025? An Analysis of ECs in Singapore

What is an Executive Condominium (EC)?

Executive Condominiums (ECs) are a unique breed in Singapore’s property landscape. They’re built by private developers but subsidized by the government. Think of them as the "bridge" between HDB flats and private condominiums.

ECs vs. Private Condominiums

• Price: ECs are about 20-30% cheaper at launch.

• Eligibility: ECs come with restrictions – you must be a citizen, meet income ceilings, and qualify under a family nucleus.

• Facilities: Same full-suite condo perks—gym, pool, security—but at subsidized prices.

ECs vs. HDB Flats

While HDBs are purely public housing, ECs start as semi-public for 10 years and then convert to fully private. They offer better capital appreciation, lifestyle amenities, and lower density living.

The Evolution of ECs in Singapore

Government’s Intent Behind ECs

ECs were introduced in 1996 to help the "sandwiched" class—those who earned too much for a BTO but too little for a private condo.

Key Policy Shifts Over Time

• 2000s: More ECs in OCR regions (e.g., Sengkang, Punggol)

• 2010s: Enhanced CPF Housing Grant introduced

• 2020s: Growing land prices push EC prices closer to private condos

Price Trends of Executive Condos Over the Years

Launch Prices of 53 EC Projects (2010–2025)

• Average EC launch price in 2010: $750 PSF

• Average EC launch price in 2024: $1,400 PSF

• Some ECs (e.g., Piermont Grand) even exceeded $1,200 PSF at launch and hit $1,600+ PSF after MOP.

Resale Performance After 5 and 10 Years

• The Quintet (launched at ~$500 PSF in 2006) now transacts at ~$1,200 PSF

• Waterbay EC: Launched ~$750 PSF in 2013, now around $1,250–$1,350 PSF

• Most ECs see a 30–60% price increase post-MOP

Pros of Buying an EC Today

Lower Entry Price Compared to Private Condos

You get more space and full facilities at 20–30% less than private new launches in similar districts.

Appreciation Potential After MOP

Once the EC hits the 5-year Minimum Occupation Period (MOP), it enters the resale market—demand surges and prices usually follow.

Access to Condo-Like Facilities

You’re essentially getting a condo lifestyle at a subsidized rate.

Cons and Challenges of EC Ownership

Eligibility Restrictions

• Income ceiling: $16,000/month (combined)

• Must form a family nucleus

• Only citizens and PRs can apply

5-Year MOP & 10-Year Privatization Rule

You must live in your EC for 5 years before selling. Full privatization only happens after 10 years.

Limited Locations

Most ECs are built in OCR towns like Punggol, Sembawang, or Tampines. If you want city-fringe living, your options are very limited.

Case Studies: 5 EC Projects That Outperformed Expectations

The Tampines Trilliant

• Launch: ~$720 PSF

• Current: ~$1,450 PSF

• ROI: ~100% in 10 years

Piermont Grand (Punggol)

• Launch: ~$1,080 PSF (2019)

• Current resale (2024): ~$1,600 PSF

• Strong appreciation due to MRT proximity

The Rainforest (Choa Chu Kang)

• Launch: ~$730 PSF (2011)

• Current resale: ~$1,300+ PSF

These projects highlight how ECs can outperform even some private condos in terms of percentage gains.

Are ECs Still Undervalued in 2025?

Comparison with RCR & OCR Private Condos

• OCR New Launch Private Condos: $1,800–2,000 PSF

• ECs in the same area: $1,300–1,500 PSF

• That’s a 20–25% savings—undeniably attractive.

ECs as “Value Buys” for Upgraders

For HDB upgraders, ECs provide the best mix of affordability, growth, and facilities.

Who Should Consider Buying an EC?

Young Couples & First-Time Buyers

If you’re eligible and want long-term value, ECs are one of the best stepping stones.

HDB Upgraders

Many HDB owners cash out their flat and use the proceeds to enter an EC. Lower monthly payments, better lifestyle, higher future value.

Long-Term Investors

Buy, live 5 years, wait 5 more—then cash out or rent out at private market rates.

Pitfalls to Avoid When Buying an EC

Overlooking Future Supply in the Area

Too many upcoming projects nearby can cap future price appreciation.

Financing Constraints & Loan Limits

• Max LTV is 75%, but MSR (30%) applies.

• EC buyers are subject to tighter financing rules compared to private condos.

Alternatives to Executive Condos

Resale Condos

Instant ownership, wider choice of location—but higher upfront cost and less upside.

New Launch Private Condos

More premium, better locations—but require more cash and CPF.

BTO Flats (Plus/Prime Model)

Still the most affordable—if you can wait.

What Do the Numbers Say? Analysis of 53 ECs

Launch to Resale Price Gains

Across 53 ECs studied, average resale gain after MOP: ~45%

Median PSF Then and Now

• Launch Median PSF: $850

• Resale Median PSF: $1,300+

• Top performers exceeded $1,500 PSF resale

Rental Yield & ROI

• Average rental yield post-privatization: ~3.5%–4.2%

• Excellent ROI especially for early buyers

Is There Still Upside in Future ECs?

Upcoming Plots in Tengah, Tampines, Sengkang

These areas are poised for transformation—good infrastructure, schools, and MRTs. Expect launch prices of $1,400–$1,600 PSF in the near term.

Policy Risks to Watch

Any changes in loan rules, ABSD, or income ceilings could affect EC demand and affordability.

Expert Opinions: What Agents, Analysts & Buyers Say

• “Still one of the best entry points into private housing.” – PropNex

• “If you’re eligible, why wouldn’t you consider it?” – ERA Top Producer

• “I made $300k in 7 years. I’d do it again.” – EC Owner, Punggol

Final Verdict: Are ECs Still Worth It in 2025?

Yes—if you’re eligible, ECs offer a solid, value-for-money option in a high-priced market. With strong capital gains, great facilities, and limited supply, ECs continue to serve as a sweet spot between affordability and aspiration.

Conclusion

If you're sitting on the fence about buying an EC in Singapore, here's the bottom line: ECs still offer one of the best risk-reward ratios in the property game. You need to act fast though—prices are creeping up, and land supply is limited. Don’t miss the train. If you qualify, an EC might just be the smartest move you make this decade.

FAQs

1. Can foreigners buy an Executive Condo in Singapore?
No. Only Singapore citizens can buy a new EC, and PRs can buy only after it becomes fully privatized (after 10 years).

2. How long must I live in my EC before selling it?
You must occupy it for at least 5 years under the MOP rule.

3. Is it possible to rent out an EC before 5 years?
No. ECs under MOP cannot be rented out entirely. Only individual rooms may be rented with permission.

4. Will EC prices go up even more in the future?
Likely yes—land costs and construction costs are rising. Plus, demand is strong while supply is controlled.

5. Should I buy an EC or a private condo?
If you’re eligible for an EC and looking for long-term gains with lower initial costs, EC is the smarter play.