Upcoming Executive Condo (EC) Launch in 2024

Upcoming Executive Condo (EC) Launch in 2024

The Executive Condominium (EC) market in Singapore will continue to thrive in 2024 as limited supply creates an exclusivity for Singaporeans looking for condo facility living while still enjoying the benefits of public housing.

However, there are not many upcoming executive condo unsold units left in the market. In 2024, there will only be one launch EC; Lumina Grand which sold more than 53% of its units during launch weekend. For buyers looking to invest in an EC, they can still do so with the remaining supply of units available.

If you are looking for an affordable way to get your hands on the luxury living of condo facilities while still enjoying the benefits and grants for public housing, this article is for you!

Key Takeaways

  • The EC market in 2024 is marked by a series of high-profile launches including North Gaia in Yishun, Lumina Grand EC in Bukit Batok, Copen Grand EC in Tengah, and Tenet EC in Tampines.
  • ECs remain a popular choice due to their unique positioning as a hybrid between private property and HDB flats, with ownership and resale restrictions easing over time.
  • Recent land sales, such as the record EC land rate for the Tampines site acquired by Sim Lian Group, reflect the robust demand and growth potential of ECs.
  • Investment potential in ECs is underscored by analyzing factors like the TOP year, MOP status, PSF data, and proximity to amenities and MRT stations.
  • Buyers are advised to consider the unique features of each EC project, assess the TOP and MOP status, and navigate the purchase process with a clear understanding of EC ownership regulations.

Upcoming Executive Condo

Upcoming Executive Condo
Upcoming Executive Condo (EC) Launch in 2024 1

The Executive Condominium (EC) market in 2024 continues to thrive, with landlords and tenants taking advantage of higher occupancy caps, reflecting a dynamic shift in housing preferences. This trend is part of the broader 6 Key Trends Of The Singapore Property Market In 2024, indicating a robust demand for ECs among certain buyer segments.

In contrast to previous years, there is a noticeable departure from fixed-interest home loans, suggesting that buyers are seeking more flexible financing options in anticipation of market changes. This shift could have significant implications for the EC market as it may affect affordability and investment decisions.

The EC market’s resilience is further underscored by the renewed interest in ageing properties, which are being eyed for redevelopment into modern ECs. This interest is a testament to the enduring appeal of ECs as a valuable investment.

The upcoming launches, such as Lumina Grand EC in Bukit Batok, are set to invigorate the market further. These projects are not only enhancing the residential landscape but also offering new opportunities for buyers to tap into the potential of ECs.

Comparison with Private Condominiums

When comparing Executive Condominiums (ECs) to private condominiums, it’s essential to understand the unique position ECs hold in the Singapore real estate market.

ECs are a form of public-private housing unique to Singapore, offering a blend of affordability and luxury. They are designed for the ‘sandwich’ class of buyers who can afford more than an HDB flat but find private condominiums beyond their reach.

FeatureExecutive CondominiumPrivate Condominium
Lease Type99-year lease99-year, 999-year, or freehold
Ownership RestrictionsYes, for the first 10 yearsNo
Resale EligibilityAfter 5 years (MOP)Immediately
Price PointGenerally lowerHigher

ECs not only provide a stepping stone for homeownership but also represent a strategic investment for those looking to capitalize on the property’s value appreciation after the Minimum Occupation Period (MOP).

While ECs come with certain restrictions, such as the inability to sell to foreigners or form a company to purchase the unit within the first 10 years, they eventually become fully privatized. This transition allows for a broader market reach and the potential for significant capital gains, akin to private condominiums.

Impact of Recent Land Sales on EC Development

The recent land sales have had a significant impact on the development of Executive Condominiums (ECs).

The trend towards digitalization and the fintech industry’s growth has influenced the commercial real estate market, indirectly affecting residential developments, including ECs.

As businesses shift focus from physical office spaces to digital platforms, the demand for residential units, particularly ECs, remains robust due to their affordability and luxury features.

Despite a dip in new private home sales, excluding ECs, at the start of the year, the EC market continues to attract HDB upgraders and first-time buyers. The allure of ECs is evident in their comprehensive facilities and the absence of the Additional Buyer’s Stamp Duty (ABSD) upfront for certain buyers, making them a financially attractive option.

The EC market’s resilience is further underscored by its sustained popularity and the anticipation surrounding new launches.

When considering the investment potential of ECs, it’s important to weigh factors such as long-term appreciation against the liquidity and volatility of other investment types like stocks. The EC market’s steady growth suggests a promising outlook for investors and homeowners alike.

Executive Condominium Available in 2024

With a limited supply of executive condos available in the market, here is a list of executive condos available right now in 2024:

North Gaia: A New Benchmark in Yishun

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Upcoming Executive Condo (EC) Launch in 2024 2

North Gaia emerges as a new benchmark in Yishun, setting itself apart with a unique urban farming concept. This innovative approach allows residents to enjoy the freshness of farm-to-table dining right at their doorstep. The development also boasts an aromatherapy garden and a hydrotherapy pavilion, providing a sanctuary for relaxation and rejuvenation.

North Gaia is not just a residence; it’s a lifestyle choice that caters to the well-being of its inhabitants, offering a tranquil escape from the hustle and bustle of city life.

With an expected TOP in 2027, North Gaia is situated in a scenic location near Sungei Khatib Bongsu, ensuring picturesque views of nature’s beauty. The proximity to Junction 9 Mall and a short bus ride to Yishun MRT station adds to the convenience of living in this EC.

Here’s a quick glance at North Gaia’s key details:

LocationYishun Ave 9
Expected TOP2027
Launch DateTBA
Number of Units617
Price PSFS$1,008 – S$1,127

For those considering a new home in the EC market, North Gaia offers a compelling blend of luxury, affordability, and a unique lifestyle experience.

Lumina Grand EC: A Hot Launch in Bukit Batok

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Upcoming Executive Condo (EC) Launch in 2024 3

The anticipation for Lumina Grand EC has been palpable, with the project marking a significant addition to Bukit Batok’s residential offerings. Developed by CDL Zenith, a subsidiary of City Developments Limited, this new EC is set to launch in January 2024, offering 512 units along Bukit Batok West Ave 5.

The first preview weekend of Lumina Grand saw an overwhelming response, drawing in 2,000 visitors, signaling strong market interest.

With its strategic location in District 23, Lumina Grand EC promises a blend of comfort and convenience. Prospective buyers are encouraged to register early for showflat appointments, as they are expected to be highly sought after. The project’s alignment with the current market momentum, following the success of nearby developments like Altura, underscores its potential as a wise investment choice.

For those considering other options in the western regions of Singapore, developments such as Altura at Bukit Batok West Ave 8 and Copen Grand at Tengah may also be of interest. Lumina Grand stands out as the first EC project launch of 2024, setting a new benchmark for executive condominiums in the area.

Copen Grand EC: Pioneering the Tengah Transformation

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Upcoming Executive Condo (EC) Launch in 2024 4

Copen Grand EC stands as a testament to Singapore’s vision of a sustainable future, nestled in the heart of the new Tengah Estate. This EC is a pioneer in eco-friendly living, with features like smart energy management and a centralized cooling system that set a new standard for residential developments.

Residents of Copen Grand EC will benefit from the innovative urban planning of Tengah Town. The town is designed with underground roads to maximize the land for green spaces, commercial, and recreational use, ensuring a high quality of life for its inhabitants.

The strategic location within Tengah’s Garden district not only promises a serene living environment but also easy access to upcoming malls and essential amenities.

Here’s a quick glance at the key details of Copen Grand EC:

Expected TOPTo be announced (TBA)
Launch DateQ3 2022
Number of Units615
Price PSFTo be announced (TBA)

Despite a subdued response in the recent land sales, with fewer bids than expected, the launch of Copen Grand EC is highly anticipated, reflecting the continued interest in quality ECs among homebuyers.

Tenet EC: Tampines’ Latest Addition

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Following a long hiatus since the last launch in the area, Tenet EC has emerged as a beacon of modern living in Tampines. This highly anticipated development by Sim Lian set a new benchmark by selling 72% of its units on the very first day, signaling a robust demand for quality housing in District 18.

Tenet EC’s strategic location on Tampines Street 62 places it within a vibrant community known for its high-tech and manufacturing sectors. The development’s proximity to major shopping centers like Tampines Mall and Century Square, coupled with excellent connectivity, makes it an attractive choice for families and professionals alike.

Here’s a quick glance at Tenet EC’s key details:

DeveloperSim Lian
Units Sold on Launch72%
LocationTampines Street 62, District 18
Nearby AmenitiesTampines Mall, Century Square

With its modern amenities and strategic location, Tenet EC is not just a residence but a lifestyle choice for those seeking a balance between work and family life.

Aaron Oon is a Senior Associate Director at Propnex and Founder of Real Estate Insider. A consistent Top Producer in the competitive world of real estate, Armed with a Finance degree from NUS, Aaron is more than just a real estate agent; he’s a strategic thinker and a creative problem solver.

If you are looking to invest in a property here in Singapore or would like to know more about Singapore’s property market. Be sure to reach out through the Calendy video link below:

Want to know more about Property Investing Aaron Oon

Investment Potential of Executive Condominiums

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Executive Condominiums (ECs) in Singapore offer a unique proposition for homebuyers, blending aspects of public and private housing.

Ownership of an EC comes with specific conditions that buyers must be aware of before making a purchase. For instance, there are restrictions on owning multiple subsidized housing units, and singles are not eligible for CPF Housing Grants when purchasing a resale EC.

EC units are initially bound by a Minimum Occupation Period (MOP) of 5 years, during which the units cannot be sold on the open market. This period is calculated from the date the Temporary Occupation Permit (TOP) is issued.

After the MOP, ECs can be sold to Singapore citizens and permanent residents, but are still subject to certain resale criteria similar to HDB flats. It is only after a decade from the TOP date that ECs become fully privatized and can be sold without restrictions.

Here is a quick overview of the key timelines and restrictions:

  • Year 0 – 5: MOP, no sale on open market
  • Year 6 – 10: Sale to Singaporeans and PRs only (Partially Privatised)
  • After Year 10: No restrictions (Fully Privatised)

Analyzing the Price Trends and PSF Data

In 2024, the executive condominium (EC) market has shown a notable trend in price per square foot (PSF), reflecting the broader movements in Singapore’s property landscape. The overall average resale price for condos has seen a significant increase, with figures rising from $1,516 psf in 2022 to $1,625 psf in the subsequent year.

The following table highlights the average PSF data for select EC launches:

Project NameLaunch DateAverage PSF
Lumina Grand ECJan 2024$1,464
North GaiaTBATBA
Copen Grand ECTBATBA

Projections suggest that prices could increase by up to 6% by the end of 2024, indicating a continued upward trajectory for the EC market. This optimism is tempered by the need to maintain affordability, as seen with Lumina Grand EC’s launch weekend sales.

Potential investors need to monitor these trends closely, as they can significantly impact the investment potential of ECs. The data underscores the importance of strategic timing when entering the market, especially in districts with the highest and lowest condo price growth.

Identifying the Factors Driving EC Demand

The allure of Executive Condominiums (ECs) continues to grow, with several key factors influencing buyer demand. ECs are particularly appealing to HDB upgraders who are attracted to the additional amenities and lifestyle benefits that ECs offer over typical HDB flats. The transition from a BTO to an EC is seen as a step up, providing families with facilities such as swimming pools, gyms, and barbecue areas.

The market for ECs in 2024 is buoyed by a combination of limited supply and strong buyer interest. This dynamic is particularly evident in the case of HDB upgraders nearing the end of their Minimum Occupation Period (MOP), who are looking to transition to better-equipped living spaces.

Another significant factor is the price point. ECs present a value proposition that balances luxury with affordability, making them an attractive option for those seeking quality housing without the hefty price tag of private condominiums. The table below showcases the average price per square foot (PSF) for various ECs, highlighting the competitive pricing that drives demand:

EC ProjectLaunch YearPSF (2009)PSF (2018)PSF (2023)
La Casa2008$876$676$1,056
Esparina Residences2013$1,331$901$1,756

In summary, the demand for ECs is fueled by a mix of lifestyle aspirations, affordability, and the strategic timing of purchases post-MOP. These factors, coupled with the limited supply of new units, create a robust market for ECs.

Location Analysis of Upcoming EC Sites

Location Analysis of Upcoming EC Sites

Proximity to Amenities and MRT Stations

The strategic placement of Executive Condominiums (ECs) in relation to amenities and MRT stations is a critical factor for potential buyers. Accessibility to public transport and essential services significantly enhances the appeal of ECs. For instance, the recent launch of an EC near Bukit Gombak MRT station on the North-South Line underscores the importance of connectivity in influencing buyer decisions.

The proximity to MRT stations not only provides convenience but also contributes to the potential appreciation of property value over time.

Upcoming EC sites are thoughtfully located to ensure residents enjoy a blend of comfort and convenience. The anticipated Lumina Grand EC, for example, is set to benefit from the upcoming Tengah Plantation and Tengah Park MRT stations on the Jurong Regional Line. This foresight in urban planning is indicative of a commitment to sustainable living and enhanced accessibility.

Below is a list of MRT stations that are in close proximity to key EC launches in 2024:

  • Bukit Gombak MRT (North-South Line)
  • Tengah Plantation MRT (Jurong Regional Line)
  • Tengah Park MRT (Jurong Regional Line)
  • Redhill MRT (East-West Line)

These stations provide residents with seamless connectivity to various parts of Singapore, ensuring that daily commutes and access to amenities are as effortless as possible.

District-Wise EC Site Distribution

The distribution of Executive Condominiums (ECs) across Singapore’s districts reflects a strategic approach to meet the housing needs of the middle-income demographic. Districts with upcoming EC launches are poised to see an uptick in demand, especially from HDB upgraders looking for amenities like swimming pools and gyms.

ECs are a hot favourite amongst HDB upgraders, especially current homeowners who are nearing completion of their MOP and looking to sell their BTO flat in exchange for greener pastures.

The table below showcases a snapshot of ECs by district, including their expected TOP dates and proximity to amenities such as schools and malls:

DistrictProject NameExpected TOPNearby Amenities
D27North Gaia2027Schools, Malls
D23Lumina GrandTBDMRT Stations
D24Copen GrandTBDTengah Estate
D18Tenet ECTBDSchools, Malls

It’s important to note that while ECs offer a blend of luxury and affordability, they come with ownership and resale restrictions similar to HDBs.

Future Development Plans and Their Impact on ECs

The landscape of Executive Condominiums (ECs) is set to be influenced by the Government Land Sales (GLS) programme for the first half of 2024, which is anticipated to increase the supply of private homes, including ECs, by 5.6 percent. This strategic move is expected to cater to the growing demand for ECs among HDB upgraders and first-time buyers, particularly in sought-after areas like River Valley, Queenstown, and Pasir Ris.

Despite the market’s anticipation of price increases, there are potential bargains to be found among new launch condos approaching their Additional Buyer’s Stamp Duty (ABSD) deadlines. This could present an opportune moment for investors and homebuyers to enter the market.

With a steady forecast for home sales, excluding ECs, the private residential property market is poised to maintain a robust pace with an estimated 7,000 to 7,500 units from developers. This underscores the resilience of the property sector and the sustained interest in ECs as a valuable investment.

The upcoming MOP (Minimum Occupation Period) for several ECs in 2024, including Northwave and Hundred Palms Residences, is another pivotal factor. One of these has already recorded a significant profit, indicating the potential for substantial returns on investment for EC owners.

Buyer’s Guide to Choosing the Right Executive Condominium

Buyer's Guide to Choosing the Right Executive Condominium
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Understanding the timeline of an Executive Condominium’s (EC) lifecycle is crucial for potential buyers. The Temporary Occupation Permit (TOP) is a significant milestone, indicating when owners can first move into their new home. From the TOP date, the Minimum Occupation Period (MOP) begins, spanning five years during which the EC cannot be sold on the open market.

After the MOP, owners gain the freedom to sell their ECs, but with certain restrictions akin to HDB flats. It’s only after a decade from the TOP date that ECs become fully privatised and can be sold without any restrictions. This transition from public to private housing status can have a substantial impact on the property’s value and the owner’s flexibility in the market.

Here’s a quick reference table for the TOP and MOP status of some ECs:

NameNearest StationTOPMOPPrivatisedAvg PSF
Arc at TampinesTampines West201420192024$1,060
Austville ResidencesRanggung201420192024$1,067
BelysaPasir Ris201420192024$1,071

When considering an EC purchase, it’s essential to factor in the TOP and MOP dates as they dictate when you can occupy, sell, or rent out the property.

Evaluating the Unique Features of Each EC Project

When considering an Executive Condominium (EC), it’s crucial to evaluate the unique features that set each project apart. Buyers should delve into the specifics of each EC to ensure it aligns with their lifestyle and preferences. For instance, Hillhaven by Far East Organization is setting new benchmarks in luxury living, offering a glimpse into the kind of upscale amenities and design that can be expected from top-tier ECs.

The unique selling points of an EC can range from architectural design to the suite of facilities provided. Here’s a quick comparison of some notable ECs launching in 2024:

EC ProjectUnique FeaturesExpected TOPNearest MRT Station
North GaiaFamily-oriented design, lush landscapes2027Yishun MRT
Lumina Grand510 units with modern amenities2027Bukit Batok MRT
Copen GrandPioneering green features in Tengah2027Tengah MRT
Tenet ECProximity to schools and vibrant community spaces2027Tampines MRT

Potential buyers should consider location, amenities, proximity to schools, and MRT stations alongside the unique features of each EC. It’s also important to review the pricing and unit sizes to match their needs and budget.

Understanding the market trends and the impact of recent land sales on EC development can provide insights into the potential growth and value of these properties. With ECs being a popular choice for HDB upgraders, especially those nearing the completion of their MOP, it’s evident that the blend of luxury and affordability they offer is highly sought after.

Navigating the EC Purchase Process

Embarking on the journey to purchase an Executive Condominium (EC) can be both exhilarating and complex. Understanding the application process is crucial, as outlined by the Housing & Development Board (HDB). Initially, prospective buyers should refer to the HDB’s guidelines on EC applications, which detail the eligibility criteria and necessary steps.

Following the application, the next pivotal step is booking your EC unit. Developers will extend an invitation to eligible buyers to book an EC unit and provide the Option to Purchase (OTP). This is a significant milestone in securing your future home.

The EC purchase process is a structured journey, with each step building upon the last towards the ultimate goal of homeownership.

It’s important to be aware of the various grants available, such as the CPF Housing Grant, which can provide substantial financial assistance to first-time buyers. Additionally, understanding the timeline of EC development, from the TOP date to the MOP status, is essential for planning your move and future investment strategies.

Looking Out for any upcoming property?

As we look ahead to the rest of 2024, the Executive Condo (EC) market in Singapore continues to thrive, offering a range of options for potential homeowners.

With new launches like North Gaia, Lumina Grand EC, Copen Grand EC, and Tenet EC, buyers are presented with a variety of choices in different districts, each with unique selling points and amenities. Despite the competitive landscape, ECs remain a golden ticket for many, blending luxury with affordability.

For those considering a leap into homeownership, keeping an eye on the EC market, especially the upcoming projects at Bukit Batok West Avenue 8, Bukit Batok West Avenue 5, Plantation Close, and Tampines Street 62 (Parcel B), could be a wise move. As the market evolves, ECs stand out as a smart investment for Singaporeans looking to upgrade their living experience without breaking the bank.

Aaron Oon is a Senior Associate Director at Propnex and Founder of Real Estate Insider. A consistent Top Producer in the competitive world of real estate, Armed with a Finance degree from NUS, Aaron is more than just a real estate agent; he’s a strategic thinker and a creative problem solver.

If you are looking to invest in a property here in Singapore or would like to know more about Singapore’s property market. Be sure to reach out through the Calendy video link below:

Want to know more about Property Investing Aaron Oon

Frequently Asked Questions

What is an Executive Condominium (EC)?

An Executive Condominium (EC) is a hybrid type of housing in Singapore that blends features of private condominiums with those of public housing. ECs come with certain ownership and resale restrictions. During the 6th to 10th year after completion, units can only be sold to Singaporeans or PRs without family nucleus requirements (Partially Privatised). After 10 years, all restrictions are lifted (Privatised).

What are the most notable Executive Condominiums (ECs) launched in 2024?

In 2024, notable EC launches include North Gaia in Yishun, Lumina Grand EC in Bukit Batok, Copen Grand EC in Tengah, and Tenet EC in Tampines.

How does the Executive Condo market compare to the private condo market in 2024?

The Executive Condo market is known for offering a balance of luxury and affordability, making it a popular choice for homebuyers. In 2024, while ECs continue to be in demand, the private condo market is also seeing a surge in interest with high-profile developments.

How does the Executive Condo market compare to the private condo market in 2024?

The Executive Condo market is known for offering a balance of luxury and affordability, making it a popular choice for homebuyers. In 2024, while ECs continue to be in demand, the private condo market is also seeing a surge in interest with high-profile developments.

Are there any upcoming EC projects for 2023-2024?

Yes, upcoming EC projects for 2023-2024 include developments at Bukit Batok West Avenue 8, Bukit Batok West Avenue 5, Plantation Close, and Tampines Street 62 (Parcel B).

What makes North Gaia an attractive EC option in 2024?

North Gaia is appealing due to its scenic location near Sungei Khatib Bongsu, proximity to Junction 9 mall, and the presence of several schools within a 1km radius. Its expected TOP is in 2027.

What are the average prices and PSF for ECs in 2024?

Prices and PSF for ECs can vary widely. For instance, Lumina Grand EC sold units at an average price of S$1,464 PSF on its launch weekend. For detailed pricing, it is best to refer to the latest transactions and market data.

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