RESALE executive condominiums (ECs) have been growing in popularity for their affordability. Many buyers have become more price sensitive amid interest rate hikes and rising macroeconomic uncertainties.
Resale ECs were cast into the spotlight as buyers priced out of the new sale market searched for cheaper alternatives. A post-pandemic surge in demand and scarcity of new home launches created an unprecedented price escalation. New condo prices, including those in the suburbs, spiked to record-setting levels last year.
ECs are usually priced lower than private condos due to the generous subsidies given by the government. ECs are a hybrid of public and private housing sold at lower prices than private condos, despite being built by private developers. An EC project is privatised 10 years after completion; thereafter, units can be sold to foreigners.