3 biggest lessons from our analysis of executive condo performance since launch

In many ways, Executive Condominiums (ECs) play an important role to meet the housing needs of Singaporeans, especially those who find themselves unable to afford the higher prices in the private residential market.

But the general perspective of ECs has unintentionally shifted in recent years, as the original owners capitalise on their gains and the units start competing in the resale market.

The scheme began in 1995 as a way to replace executive flats, and it is a hybrid public-private housing to meet the needs of more affluent Singaporeans who might bust the income ceiling for regular flats, yet struggle to comfortably afford private homes.

But thanks to their subsidised launch prices, nearly all ECs have resulted in windfalls for their initial owners. 

There are many stories about how these EC owners were able to sell their properties and upgrade to larger homes in condominiums. 

Pretty soon, ECs were seen as ideal ‘property progression’ assets for aspiring private home owners.

This leaves us wondering: how true is it that ECs are always profit machines? 

And for those who buy an EC at resale, are there still profitable upsides left to be captured, or have most of the capital gains been captured by the initial owners.

Here’s what we found at the end of our Stacked Pro study of ECs across the years, across various parts of Singapore.

Past performance is a useful signal, but it's not a forecast. 

The projects that outperformed over the last cycle aren't guaranteed to do so again, and the reasons they outperformed may no longer apply.

The more useful question is whether a particular property still makes sense at today's price, given your budget, objectives and timeline. That's where many buyers find it helpful to get a second opinion.

1. The earliest buyers tend to see larger capital returns, but there is a wide disparity

It is not a revelation to say that the first owners of an EC tend to see the highest capital gains. 

This trend is even true for new condos, but the effect is magnified due to the subsidised launch prices that give EC owners an added advantage.

But there is a wide disparity in terms of the size of the capital gains that these sellers rake in.

On one end, we have Bishan Loft. Our analysis revealed that new-sale buyers achieved an average return on investment (ROI) of 124.54 per cent and most reaped an average profit of $715,937. 

Subsequent resale buyers were only able to realise an ROI of 52.02 per cent and average profits fell to $495,038.

This is attributed to the fact that Bishan Loft is older and its resale units have gone through several market cycles. 

By the time a buyer bought a resale unit at Bishan Loft, there’s a good chance that they were paying prices that already reflected the EC’s transition past its MOP and into the secondary market.

These buyers could still profit — raking in an average ROI of 52.02 per cent, which is nothing to sneeze at — but most of the gains had been realised by earlier owners.

On the other hand, we examined Waterwoods. 

At that development, new-sale buyers recorded an average ROI of 38.23 per cent and profits were approximately $377,322. 

But resale buyers took back an average ROI of 36.19 per cent and actually saw a higher average profit of $392,899.

This was an unusual case due that boils down to timing. 

Some resale buyers bought units just before the market recovery at the end of the Covid-19 pandemic, and these buyers benefited disproportionately from that uplift.

Other EC projects that we analysed took the middle ground, such as The Esparis. 

New-sale buyers took home an average ROI of 81.63 per cent and average profits were approximately $414,218. Meanwhile, resale buyers reaped an average ROI of 27.66 per cent and average profits were about $239,720.

The resale experience of these buyers is a clear difference compared to the sellers and buyers at Bishan Loft and Waterwoods.

So it’s broadly true that the original EC owners see better returns.  

However, this doesn’t mean a resale EC is at a dead end, or that you’ll see the same extent of resale difference with each new EC project.

Timing is still a key consideration and it introduces a degree of unpredictability into the purchase decision.

2. Even when it is in the resale market, ECs can do well because most were built at just the right size for their price.

In the private residential market, cheaper and larger units have significant appeal among buyers. But the balance can be skewed among older resale condos.

For example, some older condos have a very low $PSF — perhaps even lower than some resale ECs — but the units are sometimes so huge, the quantum still pushes past $2 million.

However, the EC scheme resulted in developments which fit the sweet spot between size and price for most mass market homeowners. This continues to be a strong demand driver for demand, even among older resale ECs.

Effectively, we see these projects emerging as the “missing middle” that many buyers in the market today seem to be searching for, and they may fill that niche for several more years to come.

Hundred Palms Residences is perhaps the best example of this trend. Its three-bedders start from 883 sq ft, which is noticeably larger than nearby new launches like The Garden Residences (753 sq ft) and Affinity at Serangoon (850 sq ft).

Yet by the end of 2025, the average three-bedder still transacted at around $1.8 million, placing it squarely within a $1.6 million to $2 million price band. 

This is also the primary affordability bracket most home buyers today find themselves in. 

Consider this: between a new launch two-bedder at $1.8 million, and a three-bedder at for the same price, which would you choose? If you’re like most family buyers, it’s unsurprising if you found the three-bedder more appealing.

Watercolours followed a similar approach. Its three-bedders start from 915 sq ft yet command an average price of $1.33 million in 2025. It is, at present, one of the most affordable family-sized condos in Pasir Ris. 

This allows Watercolours to remain a relevant condo in that area and record good transaction volumes, despite the large number of competing projects nearby.

A key takeaway here is that, even after their post-MOP profits have been realised, resale ECs remain a valuable alternative for owner-occupiers.

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This can have a significant impact on the appeal of surrounding properties.

Thanks to their balance of size and price, our analysis also found that ECs often become “value benchmarks” for the resale market within their area. The Canopy is one of the best examples of this.

The project’s three-bedders averaged $1.38 million in 2025, with minimum sizes starting from 1,130 sq ft. 

By comparison, the upcoming Miltonia Close EC is expected to launch at around $1,700 to $1,800 psf. Assuming a modern 900 sq ft three-bedder at $1,800 psf, that works out to about $1.62 million. 

That is roughly $240,000 more than The Canopy’s larger three-bedders.

Hundred Palms Residences demonstrates the same principle from another angle. 

The three-bedders there fetched an average price of around $1.80 million compared to $1.93 million for the same unit types at Affinity at Serangoon. 

Hundred Palms’ smallest three-bedder starts from 883 sq ft, compared to 850 sq ft at Affinity, while many of its units extend well beyond 1,000 sq ft.

This is an important consideration for sellers planning their exit strategy if an EC sits near your condo. (And especially if they’re not too far apart in age!) 

Even if it’s an EC that’s long past its post-MOP surge, it can still look like a better value proposition compared to a condominium.

3. Location mattered less compared to the price and value proposition of the EC

A common gripe about the first few EC projects to hit the market was the fact that nearly all of them were far from the MRT station. This is less so for newer ECs, thanks to expansion of the MRT lines over the decades.

At first, this seemed to impact their resale value since a common criticism was that this would be limited due to the project’s weaker accessibility and connectivity to public transport networks.

But our nearly three-month long analysis of various ECs in Singapore suggest that this past ‘truism’ may not be the case anymore.

Hundred Palms Residences is one of the best-performing ECs of all time in Singapore, and it’s one of the first ECs to see its resale units cross the $3 million mark. 

From its launch in 2017 to end-2025, it recorded an annualised price growth of 10.22 per cent. This outperformed the wider EC market (8.78per cent), District 19 (5.76per cent) and the overall private condo market (6.09 per cent) all at once.

But the development is also located relatively far from any MRT station. 

While it will eventually benefit from its proximity to the future Serangoon North MRT on the Cross Island Line (CRL), the EC entered the market long before this infrastructure plan was unveiled. 

However, we still saw resale prices at Hundred Palms Residences increase at a steady and consistent pace before the introduction of this upcoming MRT line.

Watercolours also faced criticism when it first hit the market, due to its distance from Pasir Ris MRT Interchange on the East-West and CRL.

Yet its low initial pricing, and spacious layouts, have persistently drawn in buyers. The Canopy is also relatively far from an MRT station, yet it still delivered relatively strong price growth and currently draws attention as a value buy in the area. 

We found that this is due to an enhancement in the overall public transport connectivity of a neighbourhood or district, with new MRT stations significantly expanding the coverage of the public transport network over time, coupled with improvements to bus-to-rail connections.

It reminded me a little of how, way back in the 1980s, it was considered a big deal if your home was closer to the bus stop: over time it stopped mattering so much. In the same vein, what was once considered an EC’s greatest drawback may no longer be the case.

Unfortunately, there was a big disruption in the middle of the series that affected our final results.

Midway through this research series, the government announced several changes to the EC policy: a 10-year MOP instead of the previous five years. You can read about the full details here.

In general, most of the appeal of ECs have been tied to their post-MOP price gains. Now that this has been significantly extended, it is unclear how the resale market and buyers will react.

In a sense, ECs are once again unprecedented, at least until we see the first batch of 10-year MOP projects enter the market. That said, our findings are relevant for the remaining generation of five-year MOP ECs.

It’s also relevant to the continued demand for resale ECs, which remain an increasingly prized option as new launches shrink and grow pricier. 

This series is also worth a read for the owners with a condo unit close to an EC – or clusters of EC projects – since it provides a glimpse into how future buyers might compare the housing market and the price movements there.

Historical performance is a useful signal, but it isn’t a forecast. The conditions that drove strong returns in one cycle aren’t always present in the next.

That’s why the more useful question is whether a specific property still represents the right purchase at today’s price, not simply whether it performed well in the past.

Frequently asked questions

What is the typical trend for capital gains among EC owners based on their purchase timing?

The earliest owners of ECs tend to see larger capital returns, with new owners generally experiencing lower ROI and profits. Timing of purchase influences gains, with earlier owners often benefiting more.

Do resale ECs still offer good value for buyers after their post-MOP profits are realised?

Yes, resale ECs remain a valuable alternative for owner-occupiers because of their balanced size and price, making them appealing even after initial profits have been captured.

How does the location of an EC affect its resale value compared to other properties?

Location mattered less than the price and value proposition of the EC. Even ECs far from MRT stations have shown steady price growth, especially when public transport connectivity improves over time.

What makes ECs a popular choice among homebuyers in Singapore?

ECs are popular because they offer a balance of size and price, fitting the 'missing middle' market segment, and often serve as value benchmarks within their areas.

How has the extension of the Minimum Occupation Period (MOP) to 10 years affected the EC market?

The extension of the MOP to 10 years has made the appeal of ECs more uncertain, as most of their value has been tied to post-MOP price gains, and the impact of this change is yet to be seen.

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