Singapore, 16 Jan 2023 SINGAPORE – Executive condominiums (ECs) are gaining cachet with Housing Board upgraders as the gap between the median prices of new ECs and new condominiums in the suburbs has widened in recent years.
ECs are a hybrid of private and public housing built by private developers, but sold at lower prices compared with private condos. They tend to appeal to first-time Singaporean home buyers and, in recent months, to HDB upgraders facing rising interest rates and heightened macroeconomic uncertainty.
This is because ECs have become attractive assets, with a profit analysis by OrangeTee finding that more than 450 units yielded $500,000 in resale profit as at Jan 1.
More buyers are finding ECs affordable, especially after new suburban condo prices escalated to over $2,000 psf in the past year, Ms Sun said.