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Discover Affordable Executive Condos in 2024 Starting at $560,000

Posted by Jayson Ang on October 23, 2024

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TLDR

The Executive Condos (ECs) offer affordable options compared to private properties in Singapore. Despite price variations, most ECs remain under $1.3 million and $1,300 per square foot. Notable affordable ECs close to or having reached the Minimum Occupancy Period include The Criterion, Parc Life, Northwave, The Visionaire, and Wandervale. These properties have unique features and competitive pricing, making them attractive investments. The market dynamics, location advantages, and potential for resale value growth make these ECs appealing choices for homebuyers seeking value for money and comfortable living spaces.

Despite some signs of stability in private home prices, the real estate market is still reeling from its peak, making the prospect of purchasing a new launch or resale condo quite daunting. For those seeking a more affordable option, Executive Condos are an attractive alternative. These hidden gems offer a lower price point compared to private properties, and as time passes, they inch closer to full privatisation (if they haven’t reached it already), making them a savvy investment for homebuyers.

Most affordable to most expensive ECs in 2024

It should be noted that the purchase of an EC includes a five-year Minimum Occupancy Period (MOP) specifically for the initial group of buyers. Any recorded transactions of an EC being sold during its MOP should be attributed to the sellers being granted exceptional permission to sell earlier, such as in the event of a divorce. These premature transactions may not reflect the true market value of the property in the future.

Project	District	Planning Area	Completed Year	Average of Unit Price ($ PSF)	Average of Transacted Price ($)
WOODSVALE	25	Woodlands	2000	$834	$1,157,093
NORTHOAKS	25	Woodlands	2000	$855	$1,116,776
LILYDALE	27	Yishun	2003	$881	$1,174,643
WINDERMERE	23	Choa Chu Kang	1999	$912	$1,279,727
CHESTERVALE	23	Bukit Panjang	1999	$913	$1,295,633
THE FLORAVALE	22	Jurong West	2000	$932	$1,275,423
PINEVALE	18	Tampines	1999	$948	$1,355,455
YEW MEI GREEN	23	Choa Chu Kang	2000	$949	$1,219,741
SUMMERDALE	22	Jurong West	2000	$957	$1,268,500
THE DEW	23	Bukit Batok	2003	$978	$1,468,250
LA CASA	25	Woodlands	2008	$980	$1,134,165
PARK GREEN	19	Sengkang	2004	$981	$1,373,675
THE QUINTET	23	Choa Chu Kang	2006	$991	$1,368,931
THE FLORIDA	19	Hougang	2000	$1,000	$1,343,313
EASTVALE	18	Pasir Ris	1999	$1,012	$1,204,960
SIMEI GREEN CONDOMINIUM	18	Tampines	1999	$1,012	$1,260,667
WHITEWATER	18	Pasir Ris	2005	$1,017	$1,204,295
THE ESPARIS	18	Pasir Ris	2005	$1,019	$1,430,714
THE RIVERVALE	19	Sengkang	2000	$1,027	$1,341,737
WESTMERE	22	Jurong East	1999	$1,041	$1,300,000
THE CANOPY	27	Yishun	2014	$1,063	$1,103,714
THE EDEN AT TAMPINES	18	Tampines	2003	$1,094	$1,436,913
FORESTVILLE	25	Woodlands	2016	$1,109	$1,362,875
NUOVO	20	Ang Mo Kio	2004	$1,124	$1,843,500
WATERCOLOURS	18	Pasir Ris	2014	$1,156	$1,304,074
INZ RESIDENCE	23	Choa Chu Kang	2019	$1,173	$1,250,000
TWIN FOUNTAINS	25	Woodlands	2016	$1,179	$1,348,459
BELLEWOODS	25	Woodlands	2017	$1,180	$1,397,671
1 CANBERRA	27	Yishun	2015	$1,193	$1,316,250
BLOSSOM RESIDENCES	23	Bukit Panjang	2014	$1,211	$1,309,526
BELYSA	18	Pasir Ris	2014	$1,217	$1,385,462
SEA HORIZON	18	Pasir Ris	2016	$1,220	$1,577,846
RIVERCOVE RESIDENCES	19	Sengkang	2020	$1,226	$1,570,000
AUSTVILLE RESIDENCES	19	Sengkang	2014	$1,231	$1,356,618
SIGNATURE AT YISHUN	27	Yishun	2017	$1,236	$1,278,904
WESTWOOD RESIDENCES	22	Jurong West	2017	$1,236	$1,302,313
ECOPOLITAN	19	Punggol	2016	$1,247	$1,445,141
THE CRITERION	27	Yishun	2018	$1,253	$1,233,287
WATERWOODS	19	Punggol	2015	$1,256	$1,539,935
SKYPARK RESIDENCES	27	Sembawang	2016	$1,257	$1,625,702
HERON BAY	19	Hougang	2015	$1,258	$1,528,963
THE AMORE	19	Punggol	2016	$1,258	$1,467,523
ARC AT TAMPINES	18	Tampines	2014	$1,273	$1,396,311
PARC LIFE	27	Sembawang	2018	$1,277	$1,300,066
NORTHWAVE	25	Woodlands	2019	$1,278	$1,084,178
LUSH ACRES	28	Sengkang	2016	$1,288	$1,559,176
THE TOPIARY	28	Sengkang	2016	$1,288	$1,502,602
RIVERPARC RESIDENCE	19	Punggol	2014	$1,289	$1,529,892
WATERBAY	19	Punggol	2016	$1,294	$1,557,205
THE TERRACE	19	Punggol	2017	$1,299	$1,441,554
THE RAINFOREST	23	Choa Chu Kang	2015	$1,302	$1,496,521
PRIVE	19	Punggol	2013	$1,305	$1,369,172
BELLEWATERS	19	Sengkang	2017	$1,313	$1,553,335
TWIN WATERFALLS	19	Punggol	2015	$1,314	$1,401,458
CITYLIFE@TAMPINES	18	Tampines	2016	$1,320	$1,762,187
THE VISIONAIRE	27	Sembawang	2018	$1,325	$1,348,988
PARC CANBERRA	27	Sembawang	2023	$1,332	$1,232,667
WANDERVALE	23	Choa Chu Kang	2018	$1,343	$1,444,072
THE BROWNSTONE	27	Sembawang	2017	$1,346	$1,318,073
LAKE LIFE	22	Jurong West	2016	$1,350	$1,587,609
PIERMONT GRAND	19	Punggol	2023	$1,351	$1,803,000
SOL ACRES	23	Choa Chu Kang	2018	$1,373	$1,146,589
THE VALES	19	Sengkang	2017	$1,390	$1,306,042
TREASURE CREST	19	Sengkang	2018	$1,398	$1,519,401
THE TAMPINES TRILLIANT	18	Tampines	2015	$1,423	$1,585,461
BISHAN LOFT	20	Bishan	2003	$1,471	$2,019,815
ESPARINA RESIDENCES	19	Sengkang	2013	$1,544	$1,574,949
HUNDRED PALMS RESIDENCES	19	Hougang	2019	$1,631	$1,439,000

Some observations about EC prices

It’s no surprise that the eldest ECs boast the most affordable prices. This can be attributed in part to their 99-year leasehold status, with the oldest properties suffering from the most significant lease decay.

Interestingly, even in 2024, the majority of ECs, regardless of age or location, remain below $1,300 per square foot and have managed to keep their quantum under $1.5 million. In comparison, the average price of a fully private resale condo during this time was a staggering $1,700 per square foot, while new launch condos were reaching an average of $2,275 per square foot. It’s no wonder that resale ECs, especially those in close proximity to other highly sought-after condos, are becoming a more attractive option.

As for the exception of Bishan Loft, its above-average price can be attributed to its prime location within walking distance of Bishan MRT station. Considering that resale flats in this area can easily surpass $1 million, Bishan Loft’s price is actually quite reasonable.

However, the advantages of full privatisation, which occurs after the 10th year, are not as significant as they once were. Foreign buyers, who were once a major market for ECs, are now few and far between. With recent ABSD measures imposing a hefty 60% tax on foreign buyers, their interest in ECs is likely to diminish even further.

Affordable ECs that are close to (or have just reached) their MOP:

1. The Criterion (2018)
2. Parc Life (2018)
3. Northwave (2019)
4. The Visionaire (2018)
5. Wandervale (2018)

A note on Criterion, Parc Life, and Northwave

During a time of declining property values in 2016, all three of these luxurious condominiums made their debut, which could possibly explain their competitive price range. The market had been oversaturated with unsold properties, leading some real estate agents to point fingers at the Housing and Development Board (HDB) for luring potential buyers away with their Build-to-Order (BTO) flats.

It was during this period that HDB had raised the income ceiling to $12,000 for BTO flats, sparking speculations of a shift in the EC market. In fact, there were even murmurs of re-evaluating the necessity of an EC scheme.

Despite being launched at a seemingly affordable $7-800 per square foot (psf), these three opulent residences recorded disappointingly low sales figures: a mere eight per cent for Criterion and Parc Life, and a modest 5.5 per cent for Northwave.

However, as fate would have it, with their five-year Minimum Occupation Period (MOP) approaching and the property market making a turnaround, these condos may just experience a resurgence in demand, especially with the allure of grander living spaces at more appealing prices.

1. The Criterion

Despite its initial struggles due to assumptions about poor accessibility, The Criterion has proven to be a hidden gem. With the benefit of hindsight, it is clear that the development is not as undesirable as many buyers had assumed. While it may not have the luxury of being within walking distance to an MRT station, the convenience of nearby bus services like 805 which connects to Yishun MRT (NSL) cannot be overlooked. Additionally, Northpoint City, Yishun’s prime heartland mall, is conveniently situated right next to the train station.

What’s more, The Criterion boasts a plethora of decent amenities in its surrounding HDB enclave. Residents have access to a Sheng Siong supermarket, as well as the usual array of charming coffee shops, minimarts, and other heartland facilities. For those who enjoy a leisurely stroll, Wisteria Mall is just a short walk away. Though limited in retail options, this mall offers a bustling food court and an NTUC FairPrice for all daily necessities.

While some may still frown upon its slightly removed location from the CBD, the abundant surrounding amenities help alleviate any concerns. And with its lower price point, it’s no wonder that larger families, seeking spacious living, are drawn to The Criterion’s generous unit types, particularly the expansive five-bedders (measuring over 1,400 sq. ft.). However, competition may arise once North Gaia EC hits the resale market in 2027. But until then, The Criterion remains a top contender for those seeking affordable and comfortable living.

2. Parc Life

Rumors have been swirling around Parc Life and its surprisingly low prices. While we have heard whispers about the intense competition with The Visionaire, we cannot confirm if it is true. Some say that in an effort to entice Visionaire buyers, Parc Life’s developers slashed their prices just before the balloting day. The result? An opportunity for buyers to ditch their initial plans and snatch up a unit in Parc Life instead.

Regardless of the reasons behind it, the main selling point of Parc Life remains unchanged – value for your money. A spacious three-bedroom unit (measuring 1,109 sq. ft.) can be yours for $1.48 million or less, while the smaller units (980 sq. ft.) are going for $1.25 million or below.

And let’s not forget about the location. The Canberra area has undergone a transformation with the introduction of Bukit Canberra, a vibrant community hub that was only a proposal back in 2018. And right across from Sembawang Park lies a charming HDB enclave that offers a plethora of heartland amenities, including a Prime supermarket. So not only do you get a great deal on your dream home, but you also get to enjoy a convenient and well-connected neighborhood. Talk about the best of both worlds!

3. Northwave

The bold and daring move by the developer to launch an EC in Admiralty, featuring spacious five-bedders measuring 1,463 sq. ft. and a luxurious 1,722 sq. ft. penthouse, was met with skepticism during a time when demand was frigid. However, it seems that the timing of the launch, rather than the quality of the product, may have been the main culprit for the lackluster sales (only 20 out of 358 units were sold at launch).

Presently, these units would undoubtedly be met with much more enthusiasm. Despite initial criticisms for its close proximity of blocks and limited accessibility, the Northwave condo has defied all odds with strong transactional appreciation since its recent MOP in February this year. Not a single transaction has resulted in a loss, with one lucky owner even raking in a jaw-dropping profit of $543,000 for their 1,087 sq. ft. unit on 22nd March.

Nestled in a serene location far from any MRT station, Northwave relies on bus connection 969 to bring its residents to the nearest Admiralty MRT on the NSL line. Thankfully, daily needs can still be fulfilled at the HDB mall, Admiralty Place, located within the vicinity. For a wider variety of options, a quick train ride to Sembawang, just one stop away, will bring you to Sun Plaza.

For those who prefer to stretch their legs, a stroll towards Woodlands Ave 7 will bring you to the bustling HDB enclave, where quaint coffee shops and convenience stores await. With Northwave just entering the resale market and the growing demand for larger living spaces, this may prove to be a game-changer for the development’s success.

4. The Visionaire

At the top of the list of Parc Life’s formidable competitors (as mentioned above) stands Visionaire, boasting a unique advantage in terms of MRT accessibility. This exquisite EC sits within a leisurely stroll from Canberra MRT, a prime location that proves to be exceptionally advantageous with the presence of the sprawling Canberra Plaza mall right next to it.

Not to mention the added convenience of having Sembawang Shopping Centre and its Giant supermarket just a stone’s throw away, making this part of Canberra a highly coveted residential hotspot.

But that’s not all, folks. The perks of residing at Visionaire extend beyond its enviable location. With units ranging from a comfortable 721 sq. ft. to a capacious 1,582 sq. ft., there’s no compromising on space while keeping the overall price tag within a reasonable range. Take for instance, a 721 sq. ft. unit was recently snapped up for a mere $1.02 million in December 2023, an irresistible deal for young lovebirds looking to upgrade their love nest.

And for those with growing families, the 980 sq. ft. units offer ample room for all at an attractive price point of below $1.4 million, making it an ideal choice for HDB upgraders.

Without a doubt, Visionaire takes a strong stance on this list of EC options. However, we do recommend considering The Brownstone EC as well, which boasts a closer proximity to the MRT station.

5. Wandervale

While some may consider Wandervale to be located on the outskirts of town, nestled in the Choa Chu Kang neighborhood, it boasts the advantage of being within walking distance to the MRT station. You can easily saunter over to Choa Chu Kang MRT (NSL, JSL) and even pop into the neighborhood’s main shopping hub, Lot One, which sits right beside it.

This vibrant HDB enclave is brimming with a plethora of quaint shops and mouth-watering eateries, including the famous Kam Par Claypot outlet at the HDB-run Teck Whye Shopping Centre. While the distance to the bustling city may seem daunting, Wandervale’s self-contained enclave provides residents with convenient amenities.

One of the main selling points for potential buyers are the spacious four-bedroom units, boasting a generous 1,248 sq. ft., which have been known to transact for a hefty $1.7 million to $1.8 million. For those seeking a more budget-friendly option, the smaller 958 sq. ft. units have still been snatched up for under $1.4 million, making it a feasible option for HDB upgraders.

It’s worth noting that the nearby Stagmont Camp may cause some minor disruptions, but rest assured, traffic in this area remains relatively light, keeping the camp’s activities from becoming a nuisance.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

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