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

Published 28 September 2025, 8:02 PM SGT · 5 min read · 1.3k

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).

The challenge for many buyers today isn't access to information.

It's interpreting that information in a way that makes sense for their finances, goals, and stage of life.

Over time, that's also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.

Today, the team has worked with more than 2,000 clients across over $5B in property transactions.

See how the consultation works →

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)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
GRAND DUNMAN	$4,527,000	1787	$2,534	99 yrs (2022)
TEMBUSU GRAND	$4,076,000	1711	$2,382	99 yrs (2022)
NAVA GROVE	$4,051,700	1550	$2,614	99 yrs (2024)
BAGNALL HAUS	$3,678,000	1528	$2,406	FH
THE ROBERTSON OPUS	$3,509,000	1044	$3,361	999 yrs (1841)

Top 5 Cheapest New Sales (By Project)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
CANBERRA CRESCENT RESIDENCES	$1,336,200	667	$2,002	99 yrs (2024)
THE ROBERTSON OPUS	$1,398,000	431	$3,247	999 yrs (1841)
UPPERHOUSE AT ORCHARD BOULEVARD	$1,495,000	474	$3,157	99 yrs (2024)
GRAND DUNMAN	$1,520,000	549	$2,769	99 yrs (2022)
THE LAKEGARDEN RESIDENCES	$1,590,000	678	$2,345	99 yrs (2023)

Top 5 Most Expensive Resale

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
LEEDON RESIDENCE	$7,500,000	2669	$2,810	FH
REFLECTIONS AT KEPPEL BAY	$6,400,000	3993	$1,603	99 yrs (2006)
ST THOMAS SUITES	$5,900,000	2605	$2,265	FH
111 EMERALD HILL	$5,000,000	2121	$2,358	FH
SILVERSEA	$4,950,000	2465	$2,008	99 yrs (2007)

Top 5 Cheapest Resale

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
HIGH PARK RESIDENCES	$625,000	388	$1,613	99 yrs (2014)
RIVERSOUND RESIDENCE	$720,000	474	$1,520	99 yrs (2011)
EUHABITAT	$735,000	527	$1,394	99 yrs (2010)
AIRSTREAM	$740,000	474	$1,562	FH
EUHABITAT	$748,000	527	$1,418	99 yrs (2010)

Top 5 Biggest Winners

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	RETURNS	HOLDING PERIOD
CLAREMONT	$4,050,000	2024	$2,001	$2,900,000	21 Years
SOMMERVILLE PARK	$4,628,000	2508	$1,845	$2,738,000	19 Years
LEEDON RESIDENCE	$7,500,000	2669	$2,810	$2,530,650	10 Years
TREVISTA	$3,268,000	1733	$1,886	$1,825,300	16 Years
MODENA	$2,930,000	2777	$1,055	$1,713,718	26 Years

Top 5 Biggest Losers

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	RETURNS	HOLDING PERIOD
OUE TWIN PEAKS	$1,250,000	570	$2,191	-$535,500	9 Years
111 EMERALD HILL	$5,000,000	2121	$2,358	-$122,135	13 Years
THE TRE VER	$890,000	495	$1,797	-$60,000	4 Years
THE LINE @ TANJONG RHU	$1,400,000	581	$2,409	-$10,000	6 Years
THE ORIENT	$1,310,000	721	$1,816	-$7,400	9 Years

Top 5 Biggest Winners (ROI%)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	ROI (%)	HOLDING PERIOD
CLAREMONT	$4,050,000	2024	$2,001	252.0%	21 Years
EMERALD PARK	$2,000,000	1561	$1,281	249.0%	20 Years
THE CLEARWATER	$1,865,000	1378	$1,354	206.0%	27 Years
MAPLE WOODS	$2,080,000	915	$2,273	183.0%	16 Years
DENG FU VILLE	$1,830,000	1119	$1,635	173.0%	19 Years

Top 5 Biggest Losers (ROI%)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	ROI (%)	HOLDING PERIOD
OUE TWIN PEAKS	$1,250,000	570	$2,191	-30.0%	9 Years
THE TRE VER	$890,000	495	$1,797	-6.0%	4 Years
111 EMERALD HILL	$5,000,000	2121	$2,358	-2.0%	13 Years
THE LINE @ TANJONG RHU	$1,400,000	581	$2,409	-1.0%	6 Years
THE ORIENT	$1,310,000	721	$1,816	-1.0%	9 Years

Transaction Breakdown

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

If you'd like to discuss how this applies to your own circumstances, you can reach out for a one-to-one consultation here.

And if you simply have a question or want to share a thought, feel free to write to us at stories@stackedhomes.com. We read every message.

Frequently asked questions

Why are older ECs now considered a better investment than new flats?

Older ECs often offer better value with full condo facilities, private security, and potentially higher appreciation, at prices comparable to or lower than new flats, especially after their 10th year when they become fully privatized.

How do ECs compare to million-dollar flats in terms of price and features?

ECs can be purchased for around $1.2 million to $1.4 million, which is below the price of 5-room flats in areas like Bishan and Toa Payoh. They also offer amenities similar to private condos and are free from HDB restrictions.

What are the long-term benefits of buying an EC over a resale flat?

ECs can be fully privatized after 10 years, allowing for potential collective sales, which provides an exit strategy not available for HDB flats. They also tend to have better long-term appreciation and fewer restrictions.

Are ECs suitable for buyers looking for a family-sized home with good amenities?

Yes, especially older ECs like Lilydale and The Canopy, which offer sizable units and condo-like facilities, making them a good option for families seeking space and amenities.

What makes ECs more appealing now compared to the past?

With rising flat prices reaching the million-dollar mark in many areas, ECs now offer a more affordable alternative with comparable features, better long-term prospects, and fewer restrictions.

Join 16,000+ readers on Telegram for new launches, price movements, and our analysis as we publish them. Subscribe on Telegram

Ryan J. Ong

Partner at Stacked

A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan’s expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938’s Open House programme underscores his commitment to providing valuable insights into the property market.