Why Old ECs Now Make More Sense Than Million-Dollar Flats

With the state of the resale HDB market, Executive Condos (ECs) now make more sense than ever.

In 2025, we’re seeing flats transact at prices that, back in 2010, could have bought you a full-blown private condo. As I write this, around 39 per cent of the flats in Bukit Timah (4-room and 5-room) are at the million-dollar mark, and in the Central Area and Bishan, almost a quarter of 4 and 5-room flats have reached that point. 

Granted, these are flats in the more desirable areas; but even in the heartland towns, the psychology is shifting. Yishun, Woodlands, and Sengkang now see five-room and executive flats routinely brushing the $900,000 to $1.1 million range. That’s the kind of money I was promised if I became a doctor, back when I was in Primary school. 

Enter ECs: once semi-private homes for the “sandwich” class. And as it seems in the aftermath of COVID, we’re all fillings between the bread of poverty & unaffordability right now. 

About a decade back, we used to joke that one day resale flats would be so expensive, some of them would cost more than ECs. Well, here we are. For around $1.2 million, you could get an EC unit in places in Woodsvale and Northoaks, perhaps The Visionaire if you push it a bit further (say $1.35 million). That is below the prices of 5-room flats in places like Bishan and Toa Payoh; and bear in mind the current record holder is $1.73 million for a DBSS flat at Dawson. 

An older EC like Lilydale (TOP 2003) averages about $1.17 million (roughly $880 psf)  for sizable 3-bed units of around 1,195 sq ft, about the size of a 4-room flat. A slightly newer EC, The Canopy (TOP 2014), even saw a few 3-bedroom units (1,033 sq ft) change hands for just under $1.3 million. 

This allows upgraders to maintain a decent family-sized unit, whilst being free of HDB restrictions (note that the five-year MOP for ECs only applies to the first batch of buyers, not subsequent buyers in the resale market). 

And all of this would come without restrictions like an ethnic quota; not to mention a chance at an en-bloc exit. 

After their 10th year, ECs get fully privatised. Now no one cares anymore that foreigners can buy them (it’s pretty clear by now that few foreigners care about ECs, and even less so when there’s a 60 per cent ABSD on them.) But what might matter is a longer-term view: 

The last SERS exercise has been concluded, and we don’t know when we’ll see one again. This means the exit plan for an HDB flat is now the less palatable VERS, which is a far less generous scheme. ECs, however, have an escape through a collective sale, I’m not saying that’s guaranteed for an EC, but it is a proverbial light at the end of the tunnel; something that HDB flats don’t have. 

And this is where the case for older ECs really firms up. 

If you’re paying a million-plus for a flat, you’re already past the psychological threshold where affordability is the main draw. I’m betting that, at this quantum, you’re now in the zone where what you want is value.

And that’s a space where older ECs have been punching above their weight. 

For roughly the same quantum as a million-dollar flat,you get full suite condo facilities, private security*, and quite likely better long-term appreciation. 

*I know some people think security guards are just there to shout at us about where our dogs poo. But private security helps when there are dementia-prone residents who may need help, and also to prevent scammers from knocking at the gate. 

Plus, you’re also likely paying less than a full-blown private condo (although price gaps between the two are definitely narrowing). So in effect, you could be getting a better deal, while spending more or less the same amount. 

It goes without saying that – depending on specific needs and locations – this isn’t going to be a solution for every buyer. But if you are at the $1 million to $1.4 million price point, this is worth considering. I also think the market is likely to notice this in the near future, which is likely to drive more interest and demand toward ECs nearing their MOP. 

Meanwhile in other property news…

• Formerly “ulu” estates may not be that way much longer; and decentralisation is kicking in faster than we may think. Here’s why.
• Spaciousness counts, but prices are high – what’s the solution? Check out the biggest condos you can get for $1.8 million or under.
• How do you tell when condo prices are about to turn? There’s no perfect method, but there will be signs. 
• Join our Stacked Pro readers, as we investigate the price gap between leasehold three and four-bedders in the famed District 9. How well can a 20+ year old condo stand against time?

Weekly Sales Roundup (15 – 21 September)

Top 5 Most Expensive New Sales (By Project)

Top 5 Cheapest New Sales (By Project)

Top 5 Most Expensive Resale

Top 5 Cheapest Resale

Top 5 Biggest Winners

Top 5 Biggest Losers

Top 5 Biggest Winners (ROI%)

Top 5 Biggest Losers (ROI%)

Transaction Breakdown

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