Tag Archives: executive condominium

Punggol EC new launch by CDL in 2019

Punggol EC new launch is the latest and most exciting executive condominium (EC) by City Developments at Sumang Link. It will be the only EC in punggol in 2019.


Sumang Link EC Land Parcel details
Sumang Link EC Land Parcel details

The top bid of S$509.37 million for the Sumang Walk EC site was won by City Development (CDL) and TID Residential. This works out to a record S$583 per square foot per plot ratio, which translates to a selling price of above S$1,000 per square foot.

Launching in 2019, it is likely to be the only executive condominium (EC) to be launching in 2019. We explain the 5 reasons why it will be another sell-out like Rivercove Residences, which was fully sold out in a mere 5 months after its launch in March 2018.

Project name New EC at Sumang Walk (Punggol district)
Developer City Development (CDL) and TID Residential
Address Sumang Walk
District 19 D19
Tenure 99 year leasehold
TOP 2022 – 2023
Total number of units 820
Unit mix 3 – 5 bedrooms (sizes to be confirmed)
Facilities 13 blocks in totalFull fledged gymnasium

50 lap pool and children’s pool

BBQ pits and gourmet pavilion for residents

In this article, let’s analyse the 5 reasons why our analysts at PropertyInvestSG believes it will be another sell out.

1) High demand but limited supply of executive condominium units

As of October 2018, there are no available EC units in the market except for bounced out units. These units are “returned” to the developer should there be a disqualification in family nucleus eg divorce or annulment of marriage that happens.

Below are the latest status as of October 2018 for the ECs launched since 2013.

MOP refers to Minimum Occupancy Period which residents have to fulfil after collecting their keys before they are allowed to sell their units in the open market, except for special cases that have been granted pre-approval by HDB.

Name District Address TOP date Number of units Status
Prive Punggol Punggol Field 17-Jul-13 680 Just MOP
Esparina Residences Woodlands Buangkok Drive / Compassvale Bow 11-Sep-13 573 Just MOP
The Canopy Yishun Yishun Avenue 11 14-Jan-14 406 MOP up in 2019
Austville Residences Sengkang Sengkang East Avenue / Buangkok Drive 22-Apr-14 540 MOP up in 2019
Belysa Pasir Ris Pasir Ris Drive 1 / Elias Road 28-May-14 315 MOP up in 2019
RiverParc Residence Punggol Punggol Drive / Punggol East 19-Jun-14 504 MOP up in 2019
Arc @Tampines Tampines Tampines Avenue 8 5-Aug-14 574 MOP up in 2019
Blossom Residences Bukit Panjang Segar Road 5 Sep 2014 602 MOP up in 2019
Watercolours Pasir Ris Pasir Ris Drive 3 / Pasir Ris Link 31-Dec-14 416 MOP up in 2019
The Tampines Trilliant Tampines Tampines Central 7 6-Feb-15 670 MOP up in 2020
The Rainforest Choa Chu Kang Choa Chu Kang Drive 6-Mar-15 466 MOP up in 2020
Twin Waterfalls Punggol Punggol Way / Punggol Field 2-Jun-15 728 MOP up in 2020
One Canberra Yishun Yishun Avenue 7 / Canberra Drive 19-Sep-15 665 MOP up in 2020
Heron Bay Hougang Upper Serangoon View / 7-Oct-15 394 MOP up in 2020
Upper Serangoon Road
Waterwoods Punggol Punggol Field Walk / Punggol East 1-Dec-15 373 MOP up in 2020
Waterbay Punggol Punggol Central / Edgefield Plains 27-Jan-16 383 MOP up in 2021
CityLife@Tampines Tampines Tampines Central 7 / Tampines 3-Feb-16 514 MOP up in 2021
Avenue 7 / Tampines Avenue 9
Twin Fountains Woodlands Woodlands Avenue 6 / 14-Mar-16 418 MOP up in 2021
Woodlands Drive 16
The Topiary Sengkang Fernvale Lane 22-Mar-16 700 MOP up in 2021
Forestville Woodlands Woodlands Avenue 5 / Woodlands Drive 16 1-Apr-16 653 MOP up in 2021
Lush Acres Sengkang Sengkang West Way / Fernvale Link 30-Jun-16 380 MOP up in 2021
SkyPark Residences Sembawang Sembawang Crescent / Sembawang Drive 10-Aug-16 502 MOP up in 2021
Ecopolitan Punggol Punggol Way / Punggol Walk 29-Aug-16 512 MOP up in 2021
Sea Horizon Pasir Ris Pasir Ris Drive 3 / Pasir Ris Rise 7-Oct-16 495 MOP up in 2021
The Amore Punggol Punggol Central / Edgedale Plains 28-Nov-16 378 MOP up in 2021
Lake Life Jurong West Yuan Ching Road / Tao Ching Road 30-Dec-16 546 MOP up in 2021
Bellewoods Woodlands Woodlands Avenue 5 / Woodlands Avenue 6 16-Mar-17 561 MOP up in 2022
The Vales Sengkang Anchorvale Crescent 2-May-17 517 MOP up in 2022
Bellewaters Sengkang Anchorvale Crescent 3-May-17 656 MOP up in 2022
The Terrace Punggol Punggol Drive / Edgedale Plains 25-May-17 747 Just collected keys
Signature at Yishun Yishun Yishun Street 51 14-Jul-17 525 Just collected keys
Westwood Residences Jurong West Westwood Avenue 24-Oct-17 480 Just collected keys
The Brownstone Sembawang Canberra Drive 30-Oct-17 638 Just collected keys
The Criterion Yishun Yishun Street 51 26-Feb-18 525 Just collected keys
Wandervale Choa Chu Kang Choa Chu Kang Drive 14-Mar-18 534 Just collected keys
Parc Life Sembawang Sembawang Avenue 29-Mar-18 628 Just collected keys
Sol Acres Choa Chu Kang Choa Chu Kang Grove 12 Mar 2018 * 1237 Just collected keys
26 Apr 2018 * Just collected keys
The Visionaire Sembawang Sembawang Road / Canberra Link 14-Jun-18 632 Collecting keys soon
Treasure Crest Sengkang Anchorvale Crescent 14-Sep-18 504 Collecting keys soon
Under construction EC Location Street address Estimated Units
Northwave Woodlands Woodlands Avenue 12 Feb-19 358 Fully soldUnder construction
iNz Residence Choa Chu Kang Choa Chu Kang Avenue 5 Aug-19 497 Fully soldUnder construction
Hundred Palms Residences Hougang Yio Chu Kang Road 2020 Fully soldUnder construction
Rivercove Residences Sengkang Anchorvale Lane 2020 628 Fully soldUnder construction
Sumang Link EC Punggol Sumang Walk 2022 to 2023 Launching in 2019

From the list above, we see there the government had slowed down sales sites for ECs since 2015 and in the recent years.

It had always been an average of 6-7 ECs launched every year, except in 2012 where a bumper crop of 11 ECs were released for sale by developers.

With the increasing affluence of young Singaporean couples and families, the income ceiling cap for an EC was raised from S$12,000 to S$14,000 a month. An EC is hence a viable choice for young families who wish to live in a condominium.

2) The big boom in District 19

Price trend in D19
Price trend in D19

District 19 encompasses Punggol, Sengkang, Serangoon Gardens and Hougang.

The price trend in D19 has been rising since 2011. In October 2010 it was transacting around S$822 psf and in September 2018 it has risen to an average of S$1,268 psf. That’s a 55% rise over the past 8 years, translating to an average rise of 6.7% annually.

Recent transactions in D19
Recent transactions in D19

Rivercove Residences and Treasure Crest are the only 2 ECs in Punggol in the above sales chart and as we see above, some units were transacted above 1,000 psf.

Over on the secondary market, we see projects near the Sumang Link EC transacting between S$945 and S$1,192 psf.

Is Sumang Link EC’s estimated selling price of $1,000 psf still competitive? Compared with the new launches of private condos in D19, naturally S$1,000 psf appears competitive.

When ranked next to resale condos in the secondary market, we see that most of the resale condos in the area have an average median price of S$1,100 to S$1,400psf, except for Prive and The Quartz.

3) Government masterplan of Punggol

Developments in Punggol district
Developments in Punggol district

There has been extensive plans for the next chapter of Punggol’s development in the next five to 15 years and beyond which shall include seafront public housing, an expanded town centre, more green parks and corridors, as well as a pedestrian-friendly heritage trail.

The Punggol Digital District has also been identified as a key element in the government’s plan in Singapore to build a Smart Nation.

In the near term, the government is expecting to relocate cyber security, data analytics, artificial intelligence firms and other digital technologies and key growth industries to Punggol. This is expected to create another 28,000 jobs in the region.

4) And who can resist waterfront living?

Sumang Link EC site view
Sumang Link EC site view

Who can resist affordable waterfront living? Imagine a nice stroll along the serene Punggol Waterway in the evenings or bringing your family to cycle or have a picnic on the weekend.

5) Huge upside in ECs after the 5 year mark

Recent transactions in D19
Recent transactions in D19

For buyers who want to know the capital appreciation of an EC, Prive is an excellent recent example. It is an EC launched in 2010, and TOP in 2013. It had recently attained its minimum 5 year occupancy fulfillment (MOP), which means it can now be sold in the open market to Singaporeans and Singapore Permanent Residents (SPRs).

For perspective, it was previously sold for $660 per sq ft to $690 per sq ft (psf) in 2010 when it was launched.

Assuming the median price at launch for Prive to be S$675 psf, this is an estimated S$270 psf gain for an average unit sold, hence translating to a 40% gain for the first buyer. This means a profit of S$270,000 for the first owner of Prive for an average 3 bedder 1,000 square feet unit!

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Posted by on February 2, 2019 in Government Land Sales, Residential


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NDR – Increase income ceiling for ECs could hurt mass market condo’s demand

The changes to the eligibility income ceiling announced on Sunday National Day Rally (NDR) could ignite demand for executive condominiums (EC) and intensify the competition for mass market private homes.

Developers of mass market apartments and ECs are targeting the same group of buyers, so experts expect the battle for sales to be stepped up.


“The same group of eligible buyers have the option to purchase ECs, and buyers today are already taking more time to decide compared with a year ago,” said Cushman & Wakefield research director Christine Li.

“Mass market condos on the market could find it even harder to attract buyers.”

Property agencies spent yesterday fielding enquiries from potential EC buyers, some of whom had been ineligible under the old income ceiling rules, said PropNex team director William Lim.

More expensive mass market homes, and those not near MRT stations, are expected to suffer more. A new or well-maintained completed private home priced below $1,000 per sq ft might not be as affected – the price differential is too narrow and buyers may prefer to forfeit their privilege to buy an EC, said Savills Singapore research head Alan Cheong.

Mr Mohd Ismail, PropNex chief executive, said that many people at recent EC launches – including The Brownstone, The Vales and Sol Acres – had booked units even though they were ineligible at the time and had lodged appeals with the HDB.

“With (Sunday’s) announcement, all these people will benefit.”

The income ceiling for new HDB flats and ECs has been raised by $2,000 each to $12,000 and $14,000 respectively, Prime Minister Lee Hsien Loong said at the National Day Rally on Sunday. The changes kicked in yesterday.

MCL Land’s Sol Acres, which launched last Saturday, has sold 249 units. “There should be more sales in general from the enlarged pool of eligible buyers,” said the company’s chief executive Koh Teck Chuan. Sales are expected to be good for the new EC launch coming up in Yishun – Signature.

Qingjian Realty head of sales and marketing Donald Ng said while more people who had been ineligible have been visiting the company’s developments’ showflats recently, “everyone will have to work hard to see how we can translate those leads into sales”.

Knight Frank executive chairman Tan Tiong Cheng said the policy move would certainly take away some demand for mass market homes.

“For new families and owner-occupiers, an EC is the logical choice between the two asset types, given the savings – a difference of about $300 per sq ft, which could be more than $250,000 – and that you are getting the same location, more or less the same product,” he said.

“The only difference is that there are fewer restrictions in the private property market and more variety.”

More expensive mass market homes, and those not near MRT stations, are expected to suffer more. A new or well-maintained completed private home priced below $1,000 per sq ft might not be as affected – the price differential is too narrow and buyers may prefer to forfeit their privilege to buy an EC, said Savills Singapore research head Alan Cheong.

“But if the pricing is in the $1,000 to $1,200 psf range, the relative gap to ECs in the $800 psf level is relatively large and may influence some to look at ECs instead.”

Overall, prices for both segments may not move much. While private developers will price sensibly to get sales, there is a limit to how much they can cut given higher land costs, said ERA Realty key executive officer Eugene Lim.

Experts also noted that the bulk of EC buyers do not usually earn more than $10,000 a month and often rely on parents’ savings for their purchases, so a higher income ceiling may not substantially change the buyer profile. Those earning more than $10,000 have many options and may have other aspirations, they said.

(Source: The Straits Times)

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Posted by on August 26, 2015 in Residential


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Lower indicative price for new EC in Jurong

WESTWOOD Residences, only the second executive condominium (EC) to launch in Jurong over the past 18 years, is being priced at the lower end of initial expectations.

The developers, which initially targeted a range of $790 to $840 per sq ft, unveiled an indicative price of $800 psf yesterday.

The lower indicative price comes as EC sales have generally weakened since measures such as stricter mortgage loan terms were introduced to cool the property sector in December 2013.

Westwood Residences, which is being developed by Koh Brothers and Heeton Holdings, will be the first EC project where second-timers who have already bought a subsidised flat or EC unit will be subjected to a resale levy.

Depending on the type of flat the buyer first bought, the levy should work out to about $40 to $50 psf, Koh Brothers managing director and group chief executive Francis Koh told a briefing yesterday.

At $800 psf, upgraders will receive compensation in the form of a discount, while first-time buyers will get a subsidy, he said.

The developers paid $382 psf per plot ratio for the land last January.


Construction and development is expected to cost between $360 psf and $400 psf.

Last October, Evia Real Estate’s Lake Life EC in the Jurong Lake District went on sale at an average of $857 psf.

Lake Life, the first EC to launch in Jurong in 17 years, was a near sell-out.

But look outside Jurong, and take-up rates at subsequent EC launches in Punggol, Sengkang and Woodlands were muted.

“If a Punggol or a Sengkang (project) can command $800 psf, for a Jurong (launch), anything in the range of $800 psf is a fair price,” said PropNex Realty chief executive Mohamed Ismail, whose firm is marketing the project.

Buyers are now more “price-sensitive”, he added, and Westwood’s affordability should curb any “wait-and-see” behaviour.

The 480-unit, 99-year leasehold project is located within the private enclave of Westwood estate, and is four bus stops away from Boon Lay MRT station.

Westwood Residences is also Singapore’s first bike-themed development. Around $1.5 million is being spent on sports-themed lifestyle offerings, including an outdoor mini velodrome, an aqua gym and a garage that can house 500 bicycles, secured by a biometrics system.

ECs are a public-private housing hybrid where buyer eligibility is restricted to Singaporeans, with a minimum five-year occupation period before a unit may be sold in the open market.

Westwood Residences showflats will open for viewing on May 15.

Prices will be announced three days before bookings begin on May 30.

(Source: The Straits Times)

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Posted by on May 15, 2015 in Residential


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Executive Condominium scheme tweaked to be more in line with public housing: MND

Refining the Executive Condominium Housing Scheme

The Government will implement three measures for Executive Condominium (EC) developments to bring the terms for ECs closer to that for public housing, and help support a stable and sustainable EC market. This follows a review by MND on the EC Housing Scheme, taking into account feedback from the Our Singapore Conversation on Housing.


I. Reduce EC Cancellation Fees 

2   First, we will reduce the cancellation fees for ECs from 20% to 5% of the purchase price. This will relieve the financial burden of buyers who have to cancel their EC bookings after signing the Sale & Purchase Agreement. The new cancellation fee will be applied to EC land sales which are launched on or after 9 Dec 2013, including those where the tenders have not closed. 

3   The cancellation fee for ECs is currently set at 20% of the purchase price, similar to those for private housing. However, unlike buyers of private housing, buyers of EC units cannot sub-sell their units if they cannot complete their purchase, and have to pay the cancellation fee. This has especially imposed significant financial burden on young couples who subsequently are not able to proceed with their marriage and hence the EC purchase. 

4   We will therefore align the cancellation fees for EC units with that for HDB Build-to-Order (BTO) flats, and reduce them from 20% to 5% of the purchase price. 

II. Resale Levy for Second-Timer Applicants 

5   Second, we will now require second-timer applicants who buy EC units directly from property developers to pay a resale levy, similar to second-timer applicants who buy BTO flats. The new requirement will be applied to EC land sales which are launched on or after 9 Dec 2013, including those where the tenders have not closed. 

6   Currently, second-timer applicants who buy EC units directly from property developers benefit from the lower EC prices arising from the initial eligibility and ownership restrictions imposed on EC purchases. However, they do not need to pay a resale levy. The alignment of treatment with second-timer applicants who buy BTO flats will ensure greater parity. 

III. Revision of Mortgage Loan Terms 

7   Third, the Monetary Authority of Singapore (MAS) will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions for EC units bought directly from property developers at 30% of a borrower’s gross monthly income. This is in line with earlier measures introduced by the HDB and MAS to encourage financial prudence among buyers of public housing. It discourages EC buyers from over-stretching their finances and supports an affordable and sustainable EC market. 

8   The 30% MSR cap will apply to EC purchases where the Option to Purchase is granted on or after 10 Dec 2013.

(Source: Ministry of National Development, MND)

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Posted by on December 10, 2013 in General, Residential


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Government to release four residential sites estimated to yield 2,350 housing units in November 2013

To provide developers and home-buyers with more choices for private housing, the Housing & Development Board (HDB) and the Urban Redevelopment Authority (URA) will be releasing four residential sites for sale in November 2013 under the Government Land Sales (GLS) Programme for the second half of 2013 (2H2013). 

The residential site at Upper Paya Lebar Road and two Executive Condominium sites at Canberra Drive and Anchorvale Crescent are launched for sale today under the Confirmed List. The Executive Condominium site at Choa Chu Kang Drive is made available for application today on the Reserve List.

Together, these four sites can yield about 2,350 residential units.

More details on the land parcels can be found in Annex 1. Location plans are attached in Annex 2.

Other Details

The closing dates for the tender for the land parcels are as follows:

Upper Paya Lebar Road : 14 January 2014
Canberra Drive : 28 January 2014
Anchorvale Crescent : 13 February 2014

More details on the land parcels are available on the respective HDB and URA websites:

Upper Paya Lebar Road
Canberra Drive
Anchorvale Crescent
Choa Chu Kang Drive

(Source: URA)

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Posted by on November 21, 2013 in Residential


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