Your search results

Executive Condos in Singapore: Have They Outgrown the “Sandwich Class” Label?

Posted by Jayson Ang on July 1, 2025

| 0

TLDR

The Executive Condominium (EC) scheme, once intended as affordable “sandwich class” housing, is now acting more like a lottery ticket due to rising prices and shrinking price gaps with private condos. Projects like Hundred Palms have shown huge resale gains, making ECs attractive for profit rather than genuine long-term living. Affordability is a growing concern, as even buyers at the income ceiling struggle with down payments and loan limits. Enhanced quality in new ECs has further blurred lines with private condos, raising doubts about their continued role in bridging public and private housing. The current EC model may need review to ensure it still serves middle-income families. For those considering buying or selling an EC, personal financial goals and market timing are key—there’s no one-size-fits-all answer.

The Executive Condominium (EC) scheme, conceived in 1995 as a bridge between public housing and private condos, is facing a critical question: Does it still serve its original purpose? The resounding success of projects like Hundred Palms EC, coupled with the rising cost and enhanced quality of new ECs, suggests that a reassessment may be warranted.

EC as a Lottery Ticket?

It’s becoming increasingly evident that ECs, much like Central Area BTO flats before the introduction of Plus and Prime models, have become more of a coveted lottery prize than genuine affordable housing for the “sandwich class.”

Many buyers view ECs as a guaranteed windfall, anticipating significant price appreciation within a mere five years. The performance of Hundred Palms exemplifies this trend, and numerous other ECs have delivered impressive gains. This expectation of guaranteed profits contradicts the original intent of providing affordable housing for middle-income families.

Affordability Concerns: A Growing Discrepancy

The affordability of ECs is also under scrutiny. Buyers earning at or below the $16,000 monthly income ceiling may struggle to afford the required down payment. The Mortgage Servicing Ratio (MSR) limits monthly loan repayments to 30% of income, capping the loan amount for those at the income ceiling.

With three-bedroom units at projects like Aurelle priced around $1.689 million, buyers need to borrow substantial sums to cover the minimum 25% down payment. While raising the income ceiling could alleviate this issue, it would further indicate that EC prices are becoming increasingly unaffordable. Maintaining affordability is crucial to ensure that ECs remain a viable housing option for the intended target group.

The Shrinking Price Gap with Private Condos

The price difference between resale ECs and private condos has narrowed in recent years, particularly with the emergence of higher-end ECs. As more expensive new ECs enter the market and resale gains climb, the price gap may continue to shrink, potentially blurring the lines between the two segments. Transactions like Hundred Palms’ $3 million+ sale exemplify this trend.

This convergence raises questions about the continued relevance of ECs as “sandwich housing.”

Enhanced Quality: A Double-Edged Sword

The higher prices of new ECs reflect a significant improvement in quality, which sets them apart from earlier EC projects.

ECs launched since around 2017 boast layouts, facilities, and finishing comparable to fully private condos. Identifying the differences between ECs and private condos based solely on project details has become increasingly challenging.

This enhanced quality contributes to the narrowing price gap. In Punggol, for instance, the average price per square foot (psf) of Prive, an EC, is comparable to or even higher than that of nearby private condos like River Isles and Flo Residence.

These examples suggest that the price gap between ECs and condos is closing, potentially impacting other neighborhoods over time.

The Future of “Sandwich Housing”

While the need for a “sandwich housing” scheme remains, the nature of that scheme may need to evolve. The current EC model, with its rising prices and enhanced quality, is increasingly blurring the lines with private condos. It may be time to explore alternative approaches to providing affordable housing options for middle-income families in Singapore.

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.

You May Also Like …

Mandarin Top 5

5 Dangerous Ideas Singapore Property Investors Have

Jayson Ang – September 2, 2024 –

Singapore's property market has always been a hot topic among investors, both local and international. With its strong economy, stable...

Mandarin Top 5

Top 5 Trends And Developments That Will Shape Singapore’s Property Market In The Next 5 Years

Jayson Ang – April 24, 2025 –

Singapore's property market has always been a dynamic and evolving landscape, attracting both local and international investors. As we look...

All Opinion

Singapore’s Housing Phenomenon: A Success Tale Calling for Tweaks – Insights from the Experts

Jayson Ang – February 17, 2024 –

TLDR Singapore's housing system has been praised for its effectiveness in meeting citizens' homeownership desires. The public housing program by...

Mandarin Top 5

Top 5 Surprising Benefits of Investing in Singapore Real Estate for Foreigners

Jayson Ang – October 27, 2024 –

Singapore, a thriving city-state in Southeast Asia, has become an attractive destination for foreign investors looking to diversify their investment...

All Buying Tips

Simplified Guide to Buying Landed Property in Singapore

Jayson Ang – January 8, 2024 –

TLDR When considering buying a landed property in Singapore, you have options like terrace homes, semi-detached houses, and bungalows. Understanding...

All Buying Tips Opinion Selling Tips

Will Property Owners Earn More By Keeping Residential Properties For An Extended Period?

Jayson Ang – December 6, 2025 –

TLDR In Singapore, holding a residential property longer typically yields higher profits—averaging $665,000 after 20 years, versus $200,000 for 5–10...

Mandarin Top 5

Top 5 Reasons : How Can A Reputable Real Estate Agent Help You When Investing In Singapore Property

Jayson Ang – May 20, 2025 –

Investing in Singapore property can be a lucrative venture, given the country's stable economy, strategic location, and high demand for...

All Blog Posts

3 Steps to Protect Yourself from Real Estate Scams in Singapore

Jayson Ang – December 17, 2022 –

Lately, there has been an increase in scams related to real estate. Scammers are pretending to be real estate agents...

Mandarin Top 5

5 Tips : How To Spot A Good Investment Opportunity In Singapore’s Property Market

Jayson Ang – July 18, 2024 –

Singapore's property market offers a plethora of investment opportunities for both local and foreign investors. To spot a good investment...

All Buying Tips Opinion

Beyond Tenure: Why These Buyers Chose Older Leasehold Condos in Singapore

Jayson Ang – February 14, 2026 –

TLDR Older leasehold condos in Singapore may face skepticism but offer key benefits such as affordability, location, and flexibility. Three...

All Blog Posts Buying Tips

Avoid These 6 Terrible Property “Tips” in Singapore

Jayson Ang – May 1, 2023 –

TLDR When it comes to property advice, it's crucial to be cautious of common misconceptions. For instance, schemes like the...

Buying Tips Mandarin Top 5

5 Things to Know About Singapore’s Freehold & Leasehold Properties

Jayson Ang – June 10, 2023 –

5 Things to Know About Singapore's Freehold & Leasehold Properties Here are 5 things you need to know about Singapore's...

All Blog Posts Buying Tips Opinion Reports

Can You Still Make Money from Older Freehold Condos in Singapore

Jayson Ang – November 23, 2024 –

TLDR While freehold condos might seem like a solid investment, the rise of new developments and aging buildings cast doubt...

All Blog Posts Opinion

How Can Real Estate Investment Help You to Combat Inflation?

Jayson Ang – January 28, 2023 –

TLDR When it comes to real estate investments in Singapore amidst rising inflation rates, consider strategies such as capitalizing on...

All Blog Posts Opinion

Case Study : With Income Of $180K per Annum, Which Options Should I Choose?

Jayson Ang – February 28, 2023 –

TLDR When making property decisions in Singapore, it's crucial to consider various factors like affordability, loan-to-value ratios, and CPF requirements....

Mandarin Top 5

5 Reasons : The Benefits Of Investing In A Property With Good Access To Healthcare Facilities In Singapore

Jayson Ang – June 28, 2024 –

Investing in a property with good access to healthcare facilities in Singapore offers numerous benefits for both homeowners and investors....

All Opinion

URA’s Draft Master Plan 2025: A Blueprint for 80,000 New Homes Across 10+ Estates

Jayson Ang – April 23, 2026 –

TLDR The URA Draft Master Plan 2025 outlines the creation of 80,000 new homes across more than 10 estates over...

Mandarin Top 5

Singapore’s Real Estate Market: Disproving 5 Common Misconceptions

Jayson Ang – February 25, 2024 –

Singapore's real estate market is a complex and dynamic market that can be difficult to navigate for new investors. With...

All Buying Tips Opinion

The Integrated Living Experience: Benefits and Drawbacks of Condos Above an MRT

Jayson Ang – January 22, 2026 –

TLDR Integrated developments in Singapore combine residential units with commercial spaces and direct MRT access, offering convenience and car-free living....