10 Cheapest Executive Condos In 2023/24: Here’s Where To Find Them

Whilst private home prices seem to be stabilising a bit, we’re still coming off a high point in property prices – and with new launch and resale condo prices both at a high quantum, many homebuyers may still be considering an Executive Condo instead. These condos are still cheaper than their private counterparts; and the later you buy, the closer they are to full privatisation (if they’re not fully privatised already). 

Cheapest to priciest ECs in 2024

Note that ECs come with a five-year Minimum Occupancy Period (MOP) for the first batch of buyers only. If you see transaction records for an EC sold within its MOP, it is due to the sellers being given special permission to sell early (e.g., in cases such as divorce). These early transactions may not be an accurate representation of actual prices later.

Some observations about EC prices

It’s unsurprising that the oldest ECs have the lowest prices. This is partly due to all ECs being 99-year leasehold properties, so the oldest ones have the most significant lease decay. 

It’s worth noting that even in 2024, the vast majority of ECs – at various ages and in different districts – have stayed below $1,300 psf, and have managed to keep the quantum below $1.5 million. 

By comparison, the average price of a fully private resale condo was around $1,700 psf in March 2024, while the average price for a private new launch condo was about $2,275 psf. This could make resale ECs – particularly those close to another shortlisted condo – a much more attractive alternative. 

(With regards to Bishan Loft, which is a clear outlier, the price is due to it being within walking distance of Bishan MRT station. Given that resale flats here can reach over $1 million, Bishan Loft’s price is not unreasonable.) 

Full privatisation – which occurs after the 10th year – is considered less of an advantage than it was in earlier years. It’s now acknowledged that foreigners seldom buy ECs, and recent ABSD measures – which ramp up taxes to 60 per cent for foreign buyers – will further dissuade them.

A note on Criterion, Parc Life, and Northwave

All three of these condos were launched during a weakening property market in 2016, which may account for the lower price point. This was in part due to oversupply – there was significant unsold stock at the time, and some realtors even blamed HDB for cannibalising EC sales with BTO flats. At the time, HDB had raised the income ceiling to $12,000 for BTO flats (but it has never been confirmed if that truly drew buyers from the EC to the BTO market.) In fact, there were even calls at that point to “review the need for an EC scheme).

In any case, these three condos saw very low sales at launch: around eight per cent sold for Criterion and Parc Life, and about 5.5 per cent for Northwave. Given that these were launched at $7-800 psf, it may sound inconceivable that sales were low as today’s new EC launch prices are double that. But now that they’re closer to their five-year MOP, and the market has turned, they may see a revival as buyers zoom in on the more spacious units at lower prices. 

1. The Criterion

The Criterion got off to a rocky start, due to assumptions about poor accessibility. But in hindsight, it’s not as bad as most buyers assumed. While there isn’t an MRT station within walking distance, nearby bus services like 805 provide a connection to Yishun MRT (NSL). Northpoint City, the major heartland mall servicing Yishun, is next to the train station. 

The Criterion also has decent amenities nearby: in the surrounding HDB enclave, residents have access to a Sheng Siong, as well as the usual assortment of coffee shops, minimarts, and heartland amenities. Wisteria Mall is also within walking distance – and whilst this mall is limited in retail options, it does have a food court and an NTUC FairPrice. 

The surrounding amenities mitigate some of the fringe location issues, although those who need to be in the CBD may still frown on this. 

Given the lower price point, it’s not surprising that some of the unit types – such as the large five-bedders (1,400+ sq. ft.) – may draw bigger families who prioritise spaciousness. North Gaia EC could provide competition once it’s on the resale market though (this should be in soon in around 2027). 

2. Parc Life 

There are quite a lot of rumours surrounding Parc Life and the lower prices it ended up with. We’re told – but can’t confirm – that competition with The Visionaire was so intense, that Parc Life’s developers dropped the price close to Visionaire’s balloting day, to make Visionaire buyers forego their ballot and pick Parc Life instead.

In any case, Parc Life’s main draw back then is the same as it is now: a good amount of space for your buck. We see three-bedders (1,109 sq. ft.) going at $1.48 million or below, with the smaller ones (980 sq. ft.) being at $1.25 million or below. 

Location-wise, a lot of improvements have been made in the Canberra area. Chief among these is Bukit Canberra, a major community lifestyle hub (this was only proposed and not yet actualised back in 2018). This aside, the HDB enclave across from Sembawang Park also provides a lot of heartland amenities, including a Prime supermarket. 

3. Northwave

It was very audacious of the developer to launch an EC with five-bedders of 1,463 sq. ft. and a 1,722 sq. ft. penthouse in Admiralty, at a time when demand was stone cold. This was probably more a matter of the timing of the launch than the actual product (sales struggled at launch with 20 out of 358 units sold), as today those units would have been much better received. At that time, this condo was also panned for the closeness of the blocks and its lack of accessibility. 

Regardless, transactions at Northwave have shown strong appreciation, since its very recent MOP in February this year. There still hasn’t been a losing transaction for this condo, and one transaction on 22nd Match had a profit of $543,000 (for a 1,087 sq. ft. unit). 

Northwave is far from any MRT station, and you’ll need a bus connection like 969 to get to the nearest (Admiralty MRT on the NSL). There’s an HDB mall here, Admiralty Place, which suffices for most daily needs. You can also take the train one stop to Sembawang, where you have a few more options at Sun Plaza.

If you want to walk, the Woodlands HDB enclave – in the direction of Woodlands Ave 7 – has the usual coffee shops and convenience stores. 

As this EC has just come on the resale market and given the growing desire for larger units, this may work in Northwave’s favour. 

4. The Visionaire

Parc Life’s big competitor at launch (see above), Visionaire does have an edge for MRT access. This EC is within walking distance of Canberra MRT. This is helpful since Canberra Plaza, the major mall in this area, is next to the MRT. Coupled with Sembawang Shopping Centre, which has a Giant supermarket, this is a rather convenient part of Canberra to live in. You are also within close walking distance to Bukit Canberra, which is a lifestyle hub.

Visionaire has nicely sized units: nothing below 721 sq. ft., with nothing above 1,582 sq. ft. That’s enough to be spacious whilst keeping the overall quantum low. As of December 2023, a 721 sq. ft. unit was spotted transacting at just $1.02 million, which is an easy reach for young couples looking to upgrade. The 980 sq. ft. units, big enough for families, tend to have a quantum below $1.4 million, which is also a reasonable stretch for HDB upgraders.

Overall, one of the stronger options on this list, although we’d suggest looking at The Brownstone EC as well (which is a bit closer to the MRT station.)

5. Wandervale

Wandervale may be in a fringe neighbourhood (Choa Chu Kang), but it does have the advantage of being within walking distance to the MRT station. You can walk to Choa Chu Kang MRT (NSL, JSL) from here; and Lot One, the major mall for the neighbourhood, is right next to it. 

The nearby HDB enclave is also well-developed, with a lot of small shops and eating places. This includes the HDB-run Teck Whye Shopping Centre, which is famous for the Kam Par Claypot outlet. While there’s no getting around the distance to town, Wandervale is within a rather convenient, self-contained enclave. 

One of the potential draws for buyers here is the sizeable 1,248 sq. ft. four-bedders, which have transacted for between $1.7 million to $1.8 million. The smaller 958 sq. ft. units have still transacted for below $1.4 million, which should be more accessible to HDB upgraders. 

Do note that Stagmont Camp is quite nearby, but disruptions are quite minimal as traffic isn’t very heavy at this camp*.

*And I would know, that was my camp during NS! 

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