Earlier in 2016, we have seen five different executive condominium (EC) projects open to market with over a total number of 2,600 residential apartments being offered. The headliner projects, both Wandervale and Treasure Crest, were the gem of the local property and construction hotshot, Sim Lian group. They were the master behind these 2 projects with 534 and 504 residential respectively.
Opened for sale in July 2016, Treasure Crest is now fully sold, earning it the accolade – the top selling executive condominium in 2016. As matter of fact, more than 70 percent of the residential units in Treasure Crest was sold on its first week of sales around the average price of $710 per square foot. These respectable sales figures were attained against the lackluster sales of the property market and especially the executive condominium (EC) segment of the market.
As we moved on to the year 2017, the other major property company MCL Land, sold more than 70 units in December with its maiden executive condominium project, Sol Acres, at Choa Chu Kang. This project comprises over 1327 residential units and it is the largest executive condominium till date.
So what’s special about buying executive condominium?
If you not familiar with the property market in Singapore, Executive Condominiums (ECs) are a form of hybrid public housing with the HDB rules regulations in place for the initial purchasers and that these HDB restrictions will be completely lifted 10 years after an EC project has been completed.
Unlike its private residential condominiums, the supply of ECs is very limited, and the only source of new EC sites is from the Government under their Government Land Sales Programme (GLS). There has been no new parcels that are released for Executive Condominiums (even on the confirmed list in the past two GLS exercises). Bearing in mind the 15-month waiting period from acquiring the site and market launch of the project that developers have to adhere to, ECs will be in short supply in 2017 and 2018. Only three new EC projects are expected to be launched this year, compared to five last year.