Photo from City Developments Limited

Why executive condominiums remain popular amongst homebuyers

2024's first EC launch, Lumina Grand, sold 53% of its units during launch.

Lumina Grand's launch proved anew the attractiveness of executive condominiums (ECs) towards Singaporean homebuyers.

The first and likely the only EC to be launched in 2024 sold more than half of its units during its weekend launch, receiving strong demand from second-time buyers.

PropNex said Lumina Grand likely enjoyed some pent-up demand as there are limited unsold ECs in Butik Batok as Altura had already sold 89% of its units as of 20 January.

"It is also possible that some buyers may decide to purchase units at Lumina Grand now as they are not sure if the selling prices of future new EC projects will go up, given the slightly higher land rate for upcoming EC projects," added PropNex.

PropNex also underscored that ECs continue to be popular because they offer a "good value proposition to buyers."

"Product-wise, they are like private condos, but EC prices are substantially lower than private condo launches," PropNex said.

Based on URA Realis caveat data,  the average transacted unit price of new ECs was $1,406 psf in 2023, whilst new 99-year OCR non-landed private homes cost nearly $2,150 psf.

Huttons shared a similar sentiment: "Many Singaporeans recognise that ECs offer similar condo facilities at an attractive entry price."

"ECs have immense potential upside upon reaching the 5-year MOP. ECs owners enjoy on average more than $300,000 upside when they sell after five years," added Huttons.

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