Hundred Palms is likely the first Executive Condo to breach the $3 million mark ($3,058,888) for a resale, non-penthouse unit, with the Option secured as we write this. This is for a 1,528 sq. ft. unit on the 13th floor, which comes to about $2,001 psf (breaking a record not just for the quantum, but the psf as well). It probably isn’t surprising that Hundred Palms is the first, as some might call it the EC equivalent of Pinnacle @ Duxton or Sky Dawson: a project known for producing high quantum resale units. But is this an outlier, or does it mean more for the wider property market?

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What made the pricing palatable?

First, Hundred Palms has seen good demand since its launch in 2017, when it sold out in around seven hours. We also covered the strength of its mature location here a while back, when we noticed it was near the end of its MOP. While it’s not the nearest condo to an MRT station (though the launch of the Serangoon North MRT station in 2029 might help a bit), it’s one of the ECs that are surrounded by heartland amenities. 

Here’s a look at recent prices at Hundred Palms, with an equivalent-sized unit on a lower floor selling for $2.718m or $1,778 psf. In any case, this has already been a cash cow for many of the original owners, with the lowest profit so far (since MOP), being at “just” $772,000. There have already been 9 (including this one) that have hit more than a million dollars in profit. 

Sale DateAddressSize (Sq Ft)Price ($PSF)Price ($)
266 Yio Chu Kang Road #06-131,055$1,735$1,830,000
14 Mar 2025272 Yio Chu Kang Road #06-28883$1,841$1,625,000
13 Mar 2025276 Yio Chu Kang Road #07-35958$1,822$1,745,000
12 Mar 2025266 Yio Chu Kang Road #13-161,528$2,001$3,058,888
12 Mar 2025270 Yio Chu Kang Road #12-211,001$1,818$1,820,000
11 Mar 2025266 Yio Chu Kang Road #05-151,130$1,814$2,050,000
5 Mar 2025260 Yio Chu Kang Road #13-031,324$1,851$2,451,000
4 Mar 2025268 Yio Chu Kang Road #02-18915$1,692$1,548,000
27 February 2025276 Yio Chu Kang Road #12-341,001$1,816$1,818,000
25 February 2025266 Yio Chu Kang Road #05-161,528$1,778$2,718,000
25 February 2025274 Yio Chu Kang Road #05-32958$1,701$1,630,000
20 February 2025266 Yio Chu Kang Road #03-131,055$1,706$1,800,000
18 February 2025270 Yio Chu Kang Road #15-211,098$1,699$1,865,000
17 February 2025272 Yio Chu Kang Road #03-28883$1,796$1,585,000
10 February 2025272 Yio Chu Kang Road #06-261,055$1,849$1,950,000
7 February 2025260 Yio Chu Kang Road #09-041,130$1,752$1,980,000
7 February 2025268 Yio Chu Kang Road #05-17915$1,836$1,680,000
6 February 2025270 Yio Chu Kang Road #05-24958$1,722$1,650,000
28 January 2025276 Yio Chu Kang Road #04-341,001$1,798$1,800,000
27 January 2025276 Yio Chu Kang Road #04-36883$1,688$1,490,000
22 January 2025274 Yio Chu Kang Road #15-31980$1,774$1,738,000
21 January 2025268 Yio Chu Kang Road #03-18915$1,787$1,635,000
16 January 2025268 Yio Chu Kang Road #06-19883$1,813$1,600,000
14 January 2025264 Yio Chu Kang Road #09-111,324$1,767$2,338,888
8 January 2025272 Yio Chu Kang Road #06-251,055$1,801$1,900,000
8 January 2025262 Yio Chu Kang Road #06-051,055$1,706$1,800,000
7 January 2025270 Yio Chu Kang Road #08-24958$1,722$1,650,000
2 January 2025260 Yio Chu Kang Road #11-01969$1,817$1,760,000
2 January 2025270 Yio Chu Kang Road #05-23883$1,711$1,510,000
2 January 2025274 Yio Chu Kang Road #02-31883$1,790$1,580,000

That said, while $1.7m in profit is an impressive gain, our findings suggest it's not unprecedented, and we even found some that went higher:

Bishan Loft, for instance, saw a resale-to-resale gain of $1,305,000 over 15 years, for a unit. For a new-to-resale unit, we noted a transaction with a gain of $1,729,300 over 23 years.

And we even found some that went higher:

Sale DateAddressSize (Sq Ft)Sale Price ($PSF)Bought DateBought Price ($PSF)ProfitYears Held
24 Feb 202531 Bishan Street 11 #28-061,389$1,6924 Sep 2001$399$1,796,40823
5 Dec 202433 Bishan Street 11 #07-121,378$1,56831 Aug 2001$399$1,610,72323
26 Nov 202431 Bishan Street 11 #06-051,184$1,6722 May 2017$1,030$760,0008
29 Aug 202433 Bishan Street 11 #08-091,173$1,6886 Jan 2011$912$910,00014
28 Jun 202433 Bishan Street 11 #16-101,464$1,61127 Aug 2001$429$1,729,30023
27 Jun 202431 Bishan Street 11 #03-011,173$1,4751 Sep 2001$381$1,282,59323
13 Jun 202431 Bishan Street 11 #11-021,378$1,5974 Sep 2013$1,140$630,00011
12 Jun 202433 Bishan Street 11 #14-111,378$1,6247 Aug 2009$677$1,305,00015
31 May 202433 Bishan Street 11 #03-081,184$1,44419 Sep 2001$386$1,253,09723
8 May 202433 Bishan Street 11 #32-071,141$1,62125 Oct 2017$1,153$535,0007
24 Nov 202333 Bishan Street 11 #08-121,378$1,52412 Sep 2001$401$1,548,13422
5 Oct 202331 Bishan Street 11 #08-061,399$1,37822 May 2009$586$1,108,88814
1 Aug 202331 Bishan Street 11 #21-031,464$1,5716 Sep 2001$432$1,667,84622
17 Jul 202333 Bishan Street 11 #14-081,399$1,42216 Mar 2010$750$940,00013
8 Mar 202333 Bishan Street 11 #08-111,378$1,37931 Aug 2001$401$1,348,13422
7 Mar 202331 Bishan Street 11 #14-041,464$1,48910 Sep 2001$416$1,571,15822
22 Feb 202331 Bishan Street 11 #18-051,399$1,52113 Mar 2018$1,093$598,0005

Another simple issue is the resale supply crunch, coupled with new launch prices. As we explained in this earlier article, there’s a struggle to find resale condo options right now; particularly in mature areas. This is due to sellers struggling to bridge the gap with new launch prices, and deciding not to sell because replacement property costs would be unmanageable.

The second factor is the cost of new launch properties, which have priced out some buyers. If we were to look for a new launch unit in a mature area that comes close to 1,500 sq. ft., for instance, we might look at a project such as ELTA in Clementi right now: the five-bedders here (around 1,776 sq. ft.) are around 250 sq. ft. larger, but would fetch a price of around $3.88 million (approx. $2,189 psf). 

In fact, the cheapest 5-bedder new launch that you would be able to find right now already reaches a price of $2,310,000.

Project NameStarting 5BR PriceAvailable
Lumina Grand$2,130,00014
Altura$2,210,0006
Straits at Joo Chiat$3,084,0003
The Myst$3,196,00019
Lentor Mansion$3,243,0008
The LakeGarden Residences$3,289,60012
The Orie$3,480,00018
SORA$3,542,00018
Bagnall Haus$3,809,0001
Parktown Residence$3,819,00012
ELTA$3,888,00034
Chuan Park$3,896,60014
Grand Dunman$3,999,00066
Tembusu Grand$4,028,00032
Nava Grove$4,329,1008
Pinetree Hill$4,382,00014
Terra Hill$5,567,0005
The Continuum$5,567,00029
Meyer Blue$5,655,00013
Watten House$7,958,0003
Canninghill Piers$8,648,00012
Union Square Residences$9,500,0002
Irwell Hill Residences$11,080,0001

Then consider that, with around 14 of the remaining 22 launches this year being in the CCR, the exclusivity and prices of new condos will only heighten. In effect, many buyers who want large units in 2025, such as 1,500 sq. ft. or over, are going to be at the mercy of resale sellers. 

Hundred Palms may be a bellwether, indicating coming demand in the resale market

As the selling agents themselves pointed out, the resale price of the EC unit managed to beat even nearby private condo Affinity at Serangoon, where prices range from around $1,750 to $1,850 psf…to which Hundred Palms may have just added the words “for now.”

Sale DateAddressType of SaleSizePrice ($PSF)Price ($)
27 Sep 202420 Serangoon North Avenue 1 #14-15Sub Sale1,711$1,694$2,900,000
22 Dec 202322 Serangoon North Avenue 1 #07-25Sub Sale1,453$1,803$2,620,000

Surrounding resale condos may soon see upward momentum, both from transactions like the one at Hundred Palms, to the growing awareness of limited resale supply. While this isn’t to say all of them will see the same success as this particular Hundred Palms unit, it does show there are a lot of motivated buyers - and it won’t be long before sellers realise how motivated they are.

Finally, this may show that the five-year mark is all that really matters for ECs, and no longer full privatisation

It’s long been assumed that ECs are at their best after the 10-year mark, when they’re fully privatised. But given the demand for five-year-old ECs (i.e., just out of MOP), it may be that the 10-year mark is irrelevant, and owners can expect most of their gains as soon as the EC can join the resale market. 

After all, consider the supposed advantages of reaching full privatisation: the project can go en bloc, but this is something that’s still much further down the road. The project can be bought by entities or foreigners, but what use is that, in an age where entities face 65 per cent ABSD, and foreigners pay 60 per cent? It has, in any case, become clear that foreigners very rarely care for ECs anyway, preferring the ritzy CCR properties.

At Stacked, we like to look beyond the headlines and surface-level numbers, and focus on how things play out in the real world.

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