The Profitability of Executive Condominiums (2010–2020)
- Stuart Chng
- Dec 25, 2025
- 5 min read
Are Executive Condominiums (ECs) really a strong long-term investment, or are they simply an affordable housing option?
ECs occupy a unique position in Singapore’s property market. For the first 10 years, they are treated as HDB-regulated properties, and after that, they become fully privatised—just like private condominiums.
But how do ECs actually perform when it comes to price growth and profitability? And do they truly narrow the gap with private condos over time?
Let’s examine the numbers from 2010 to 2020.
Important Background: Why EC Supply Was Limited
Between 2008 and 2013, only one EC—La Casa—received its Temporary Occupation Permit (TOP).
This was due to policy changes:
In 2008, the Design, Build and Sell Scheme (DBSS) was introduced and intended to replace ECs
EC land sales were temporarily halted
EC land sales resumed in 2010
DBSS was fully suspended in 2011, while the EC scheme continued
This supply gap is important context when analysing EC performance during this period.
How EC Prices Performed (2010–2020)
Between 31 January 2010 and 31 January 2020, average EC prices increased from:
$649 PSF → $932 PSF
That’s a 43.6% increase over 10 years
(Data source: 99.co Researcher Tool)
Average EC Prices by Quantum
Average EC price in 2010: ~$786,000
Average EC price in 2020: ~$1.04 million
This translates to:
~$254,000 average capital gain
~2.8% annualised return, excluding rental income
How Did Private Condos Perform Over the Same Period?
PSF Growth
Across Singapore, private condo prices rose from:
$1,170 PSF → $1,777 PSF
A 51% increase, outperforming ECs on a PSF basis
Quantum Growth
However, when we look at average unit prices:
2010: ~$1.43 million
2020: ~$1.84 million
That’s only a 28% increase, which is lower than ECs
Why the Difference?
After 2013, the market shifted toward:
Smaller unit sizes
Higher PSF, lower total quantum
Increased demand from younger buyers and investors
This trend was largely driven by the introduction of the Total Debt Servicing Ratio (TDSR), which reduced overall affordability.
The EC vs Private Condo Price Gap
A common belief is that ECs catch up significantly to private condos after privatisation.
Let’s look at the numbers.
2010
Average condo price: ~$1.43M
Average EC price: ~$786K
Price gap: Over 80%
2020
Average condo price: ~$1.84M
Average EC price: ~$1.04M
Gap narrowed by ~6 percentage points
This shows that ECs do narrow the gap, though they are still generally perceived as a more affordable alternative even after privatisation.
Case Studies: How Privatised ECs Performed
Diving alittle deeper, let’s take a look at how some recently privatised ECs have performed since their launch.
La Casa (Woodlands)
TOP: 2008
Initial PSF: ~$383
2020 PSF: ~$713
Unit prices:
~$424,000 → ~$829,000
~95% price increase
Prices peaked around 2013, followed by gradual softening post-MOP.
The Quintet (Choa Chu Kang)
Privatised: ~2017
Initial PSF: ~$370
2020 PSF: ~$730
Unit prices:
~$504,000 → ~$1.06M
~112% increase
Like La Casa, prices peaked earlier but showed more stability in recent years.
The Esparis (Pasir Ris)
TOP: 2005
Privatised: ~2016
PSF growth:
$401 → $758 (+88.9%)
Unit prices:
~$475,000 → ~$995,700
~110% increase
Interestingly, The Esparis saw renewed growth (~10%) in the most recent four years, outperforming the other two examples during that period.
That said, downside risks increase as the development passes the 15-year age mark.
Key Takeaways for EC Buyers Today
1. New ECs Still Offer Strong Upside
Brand-new ECs continue to show strong appreciation potential, although:
Growth may be more moderate than the past decade
Cooling measures introduced since 2013 have capped excessive gains
2. Timing Matters for Resale ECs
Buyers entering the resale EC market need to be more selective:
Age of the development
Remaining lease
Price relative to nearby private condos
3. ECs Benefit From Policy Tailwinds
ECs remain attractive due to:
ABSD remission
Minimum 5% cash outlay
Up to 75% loan eligibility
Strong upgrader demand from HDB owners
These policies subtly encourage Singaporeans to use ECs as a wealth-progression vehicle.
Brand new executive condominiums are likely to continue appreciating in value while resale EC buyers would have to be cautious about when they enter the market.
Final Thoughts
Executive Condominiums continue to play a powerful role in Singapore’s housing and investment landscape.
Their combination of:
Controlled entry price
Long holding period (8–9 years to MOP)
Gradual transition into private housing
creates a natural runway for capital appreciation supported by inflation and fundamentals.
While future gains may not mirror the explosive growth of the past, ECs are still likely to remain one of the most compelling housing choices for middle-income Singaporeans looking to move up the property ladder.
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Stuart Chng, Senior Associate Executive Director of Huttons, is a renowned leader and personality in the real estate industry.
He adores music and can play a few instruments decently without upsetting his neighbours. When not doing so, he enjoys pillow fighting with his son and coming up with silly puns which barely amuses his wife.
Professionally, he is a licensed real estate agent, an avid stocks & options trader and real estate investor, business owner, team leader, speaker and columnist for several property newsletters and blogs and is often quoted in media interviews on 938FM, Channel 8, PropertyReport, PropertyGuru and other publications.
Throughout his career, he has helped many clients grow their wealth through selecting great property investments and managing their portfolios actively. Read his clients' reviews here.
Stuart has also coached many top million dollar producing agents from different real estate agencies in Singapore. Read his agents' reviews here.
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