Singapore, May 2025 – The market for new property launches in Singapore continues to heat up, with Executive Condominium (EC) prices soaring by 24.1% since 2021, according to recent data from the Urban Redevelopment Authority (URA). This significant price surge highlights a growing demand for ECs—properties that bridge the gap between public housing and private condominiums.
Why Are Executive Condominiums in High Demand?
The spike in EC prices is driven by a combination of factors:
1. Affordability Amid Rising Private Home Prices
Private residential property prices have continued to climb, making ECs an attractive, more affordable alternative for middle-income Singaporeans. With prices for new private condos reaching upwards of S$2,500 per square foot, ECs—typically launched at 20–25% lower—offer significant savings while providing similar amenities.
2. Government Incentives and Housing Grants
Eligible first-time buyers can benefit from CPF Housing Grants of up to S$30,000, making ECs even more accessible. Additionally, new housing policies have shortened construction timelines, meaning quicker access to completed homes.
3. Limited Supply of New Launch ECs
While demand surges, supply has remained relatively tight. In 2024, fewer than 4,000 new EC units were launched, fueling competitive bidding and pushing up prices.
Recent High-Profile EC Launches
Recent new property launches like Altura EC in Bukit Batok and Tenet EC in Tampines saw overwhelming interest, with over 70% of units sold within launch weekends. Launch prices hovered around S$1,400–S$1,500 psf, a record high for the segment.
Upcoming EC projects in 2025, such as those in Tengah and Kallang-Whampoa, are expected to draw similar levels of buyer interest.
Outlook for 2025 and Beyond
Industry analysts expect the upward trend to continue, with EC prices projected to rise another 8–12% by the end of 2025, especially in city fringe areas. As long as private home prices remain high, ECs will continue to offer value-driven options for aspiring homeowners.
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