Yahoo Finance ECs resold in May 2023 made an average profit of S$470k; highest at S$995k
For the past few months, we have been covering monthly condo gains and losses. For instance, last month, we noticed that the condo units with at least a 200% gain in April 2023 were held for at least 15 years. We also noted that 32 condo units were sold at a loss in the same month.
Today, we’ll be focusing on the executive condominiums (ECs) that were resold in May 2023 (from URA data, captured as of 14 June 2023).
(Shout out to the data team at 99.co, who have helped us match the latest and previous transactions of the same units to calculate the capital gains and losses of the respective units. Other costs, such as stamp duty, legal fees and agent’s commissions, are not taken into account.)
Do also note that the data includes EC units that were initially sold by developers. Some of them have since been privatised when they’re resold last month.
ECs sold last month recorded an average profit of S$470k
In total, there were 215 profitable EC transactions in the resale market in May 2023. Among these transactions, the average profit is around S$470,000 (rounded off to 3 significant figures). Meanwhile, the holding period averaged around eight years. As of 14 June 2023, no capital losses by EC units were recorded last month.
The highest capital gain made by an EC in May 2023 was S$994,755 by a 1,551 sqft unit from Park Green. The unit was first bought in October 2002 for S$565,245. After a holding period of 21 years, it was sold in early May for S$1.56 million, translating to a 176% gain.
This also means that it’s sold after privatisation. 10 years after an EC reaches its TOP date, there’s no restriction on who they can be sold to.
Meanwhile, the lowest capital gain was S$44,000 by a 979 sqft unit from La Casa. First bought in May 2013 for S$858,000, the unit was sold 10 years later for S$902,000. It made a gain of 5.1%.
Top 10 gains made by ECs in May 2023
Condo name | TOP | District | Size (sqft) | Purchase price and date | Sale price and date | Capital gain | Years held | Annualised gain |
2004 | 19 | 1,551 | S$565k 8 Oct 2002 | S$1.56m 5 May 2023 | S$995k 176% | 21 | 4.95% | |
2003 | 18 | 1,485 | S$631k 25 Jun 2001 | S$1.58m 3 May 2023 | S$949k 150% | 22 | 4.26% | |
2016 | 28 | 2,228 | S$1.47m 23 Jan 2013 | S$2.4m 10 May 2023 | S$930k 63.2% | 10 | 5.02% | |
1999 | 18 | 1,194 | S$410k 22 Oct 2004 | S$1.21m 5 May 2023 | S$800k 195% | 19 | 5.86% | |
2017 | 19 | 1,443 | S$1.14m 29 Jun 2015 | S$1.9m 5 May 2023 | S$765k 67.4% | 8 | 6.65% | |
2006 | 23 | 1,291 | S$457k 26 Nov 2003 | S$1.22m 5 May 2023 | S$763k 167% | 20 | 5.03% | |
2013 | 19 | 1,001 | S$768k 8 Nov 2010 | S$1.53m 29 May 2023 | S$760k 99% | 13 | 5.43% | |
2017 | 19 | 1,238 | S$911k 28 Aug 2015 | S$1.67m 12 May 2023 | S$757k 83.1% | 8 | 7.86% | |
1999 | 18 | 1,292 | S$487k 8 Feb 2007 | S$1.24m 12 May 2023 | S$753k 155% | 16 | 6.02% | |
2000 | 19 | 1,227 | S$537k 20 Aug 1998 | S$1.29m 22 May 2023 | S$753k 140% | 25 | 3.57% |
Figures (except floor area) in the table are rounded off to 3 significant figures.
70% of the top 10 EC gainers were sold after the 10-year privatisation
Among the 10 most profitable EC transactions last month, eight were sold after a holding period of at least 10 years. This is even as the average holding period of all the profitable transactions last month was around eight years.
When we looked closer at these 10 transactions, we noticed seven were sold after privatisation. As mentioned earlier, ECs are privatised 10 years after their TOP. This means that projects completed in 2013 or earlier are considered private property and can be sold to foreigners.
Similar to HDB flats, new ECs are subject to a five-year MOP. After that, when they’re resold on the resale market between the fifth and ninth year, they can only be sold to Singaporeans and PRs.
This means that after privatisation, EC owners have a bigger pool of buyers they can sell their units to.
Given the recent ABSD hike for foreigners (now 60%), those looking for a more affordable home may also want to consider ECs. As they’re all located in the outside central region (OCR), they tend to command lower prices.
60% of the top 10 EC gainers are located in the north-east region
Another thing that caught our eye is that six of the most profitable EC units are located in the north-east region of Singapore.
These include four from Sengkang, one from Punggol and one from Hougang. We should also note that the most profitable EC last month is located in Sengkang.
Meanwhile, the other three units are from Tampines — not too far from the north-east region.
Only one unit in the top 10 is located in the west, at Choa Chu Kang.
Executive Condos (ECs) for sale
The Rainforest
345 Choa Chu Kang Ave 3 · D23
3
2
958 sqft
$1,250,000
Sol Acres
20 Choa Chu Kang Grove · D23
3
2
926 sqft
$1,249,999
Wandervale
359 Choa Chu Kang Ave 3 · D23
3
3
1,098 sqft
$1,538,000
Sol Acres
10 Choa Chu Kang Grove · D23
3
2
850 sqft
$1,150,000
Sol Acres
8 Choa Chu Kang Grove · D23
3
3
1,066 sqft
$1,700,000
The Rainforest
339 Choa Chu Kang Ave 3 · D23
4
3
1,238 sqft
$1,750,000
Wandervale
357 Choa Chu Kang Ave 3 · D23
3
3
1,130 sqft
$1,450,000
Wandervale
365 Choa Chu Kang Ave 3 · D23
3
2
958 sqft
$1,350,000
Sol Acres
2 Choa Chu Kang Grove · D23
3
3
1,098 sqft
$1,490,000
Wandervale
363 Choa Chu Kang Ave 3 · D23
3
3
1,130 sqft
$1,430,000
Sol Acres
16 Choa Chu Kang Grove · D23
3
2
893 sqft
$1,200,815
Sol Acres
8 Choa Chu Kang Grove · D23
3
2
926 sqft
$1,250,000
The Quintet
46 Choa Chu Kang St 64 · D23
3
3
1,292 sqft
$1,450,000
The Rainforest
343 Choa Chu Kang Ave 3 · D23
4
4
2,476 sqft
$3,000,000
Sol Acres
20 Choa Chu Kang Grove · D23
2
2
732 sqft
$1,138,000
Sol Acres
8 Choa Chu Kang Grove · D23
3
2
872 sqft
$1,108,888
Wandervale
363 Choa Chu Kang Ave 3 · D23
3
3
1,130 sqft
$1,430,000
Sol Acres
16 Choa Chu Kang Grove · D23
5
4
1,378 sqft
$2,100,000
Sol Acres
12 Choa Chu Kang Grove · D23
2
2
850 sqft
$1,200,000
Sol Acres
10 Choa Chu Kang Grove · D23
4
3
1,163 sqft
$1,780,000
Sol Acres
10 Choa Chu Kang Grove · D23
2
2
872 sqft
$1,185,000
Sol Acres
10 Choa Chu Kang Grove · D23
2
2
872 sqft
$1,185,000
Sol Acres
8 Choa Chu Kang Grove · D23
3
3
1,098 sqft
$1,480,000
Sol Acres
6 Choa Chu Kang Grove · D23
4
3
1,098 sqft
$1,628,888
Wandervale
367 Choa Chu Kang Ave 3 · D23
3
2
958 sqft
$1,350,000
Sol Acres
10 Choa Chu Kang Grove · D23
3
2
850 sqft
$1,099,999
Sol Acres
6 Choa Chu Kang Grove · D23
1
1
495 sqft
$770,000
Sol Acres
10 Choa Chu Kang Grove · D23
2
2
850 sqft
$1,099,999
Sol Acres
26 Choa Chu Kang Grove · D23
5
3
1,216 sqft
$1,850,000
The Rainforest
335 Choa Chu Kang Ave 3 · D23
3
2
947 sqft
$1,349,999
Wandervale
367 Choa Chu Kang Ave 3 · D23
3
2
958 sqft
$1,350,000
The Rainforest
331 Choa Chu Kang Ave 3 · D23
3
3
1,421 sqft
$2,200,000
Sol Acres
12 Choa Chu Kang Grove · D23
3
3
1,066 sqft
$1,500,000
Sol Acres
16 Choa Chu Kang Grove · D23
5
4
1,378 sqft
$1,988,888
Wandervale
361 Choa Chu Kang Ave 3 · D23
3
3
1,098 sqft
$1,489,999
The Florida
76 Hougang Ave 7 · D19
3
2
1,292 sqft
$1,398,000
Heron Bay
61 Upp Serangoon View · D19
4
2
1,281 sqft
$1,650,000
Heron Bay
53 Upp Serangoon View · D19
3
2
1,023 sqft
$1,300,000
Heron Bay
55 Upp Serangoon View · D19
4
2
1,281 sqft
$1,600,000
Heron Bay
63 Upp Serangoon View · D19
4
2
1,281 sqft
$1,680,000
Heron Bay
53 Upp Serangoon View · D19
3
2
1,023 sqft
$1,300,000
The Florida
78 Hougang Ave 7 · D19
3
1,226 sqft
$1,299,888
Heron Bay
63 Upp Serangoon View · D19
3
2
1,227 sqft
$1,548,000
The Florida
70 Hougang Ave 7 · D19
3
3
1,227 sqft
$1,380,000
Heron Bay
55 Upp Serangoon View · D19
3
2
1,033 sqft
$1,388,000
The Florida
70 Hougang Ave 7 · D19
3
3
1,292 sqft
$1,500,000
The Florida
70 Hougang Ave 7 · D19
3
3
1,292 sqft
$1,500,000
Waterwoods
25 Punggol Field Walk · D19
3
3
1,044 sqft
$1,420,000
The Terrace
98 Edgedale Plains · D19
3
2
1,001 sqft
$1,380,000
Twin Waterfalls
102 Punggol Walk · D19
3
3
1,109 sqft
$1,450,000
Ecopolitan
138 Punggol Walk · D19
3
2
1,055 sqft
$1,350,000
Ecopolitan
130 Punggol Walk · D19
4
3
1,141 sqft
$1,580,000
Waterbay
47B Edgefield Plains · D19
3
3
1,690 sqft
$1,830,000
Ecopolitan
136 Punggol Walk · D19
3
3
1,098 sqft
$1,450,000
Twin Waterfalls
120 Punggol Walk · D19
3
2
1,001 sqft
$1,350,000
The Terrace
82 Edgedale Plains · D19
4
3
1,313 sqft
$1,980,888
Piermont Grand
22 Sumang Walk · D19
4
4
1,335 sqft
$1,936,000
Piermont Grand
34 Sumang Walk · D19
4
3
1,335 sqft
$1,936,000
Piermont Grand
26 Sumang Walk · D19
4
3
1,335 sqft
$1,930,000
Riverparc Residence
96 Punggol Dr · D19
3
2
1,076 sqft
$1,450,000
Prive
33 Punggol Field · D19
3
3
1,001 sqft
$1,400,000
Waterbay
47B Edgefield Plains · D19
3
3
1,098 sqft
$1,480,000
Riverparc Residence
96 Punggol Dr · D19
3
2
1,981 sqft
$1,980,000
Twin Waterfalls
102 Punggol Walk · D19
3
2
1,377 sqft
$1,899,000
The Terrace
88 Edgedale Plains · D19
3
2
1,077 sqft
$1,380,000
Piermont Grand
26 Sumang Walk · D19
5
4
1,507 sqft
$1,831,750
Ecopolitan
124 Punggol Walk · D19
3
3
1,216 sqft
$1,590,000
Riverparc Residence
92 Punggol Dr · D19
4
4
1,485 sqft
$2,000,000
Waterwoods
17 Punggol Field Walk · D19
3
3
1,044 sqft
$1,420,000
Ecopolitan
136 Punggol Walk · D19
3
3
1,055 sqft
$1,280,000
Twin Waterfalls
122 Punggol Walk · D19
3
2
1,678 sqft
$1,650,000
Piermont Grand
30 Sumang Walk · D19
4
4
1,335 sqft
$1,935,000
Waterbay
47B Edgefield Plains · D19
5
4
1,497 sqft
$1,800,000
Riverparc Residence
102 Punggol Dr · D19
3
2
1,981 sqft
$1,980,000
Piermont Grand
22 Sumang Walk · D19
4
3
1,335 sqft
$1,936,000
Riverparc Residence
98 Punggol Dr · D19
3
2
1,981 sqft
$2,000,000
Piermont Grand
26 Sumang Walk · D19
4
3
1,302 sqft
$1,325,000
Twin Waterfalls
120 Punggol Walk · D19
3
2
1,377 sqft
$1,899,000
Twin Waterfalls
112 Punggol Walk · D19
3
2
1,377 sqft
$1,899,000
The Terrace
90 Edgedale Plains · D19
3
3
1,076 sqft
$1,450,000
The Terrace
102 Edgedale Plains · D19
3
3
1,076 sqft
$1,438,000
Piermont Grand
28 Sumang Walk · D19
5
4
1,432 sqft
$1,599,000
The Vales
77 Anchorvale Cres · D19
3
2
904 sqft
$1,399,999
Austville Residences
13 Sengkang East Ave · D19
3
3
1,023 sqft
$1,300,000
The Rivervale
7 Rivervale Link · D19
3
2
1,292 sqft
$1,350,000
The Topiary
25 Fernvale Lane · D28
4
3
1,292 sqft
$1,630,000
Bellewaters
29 Anchorvale Cres · D19
4
3
1,163 sqft
$1,700,000
Bellewaters
11 Anchorvale Cres · D19
3
2
1,238 sqft
$1,720,000
Treasure Crest
62 Anchorvale Cres · D19
3
3
1,152 sqft
$1,550,000
Austville Residences
13 Sengkang East Ave · D19
3
3
1,023 sqft
$1,400,000
Bellewaters
11 Anchorvale Cres · D19
4
4
1,335 sqft
$1,780,000
Bellewaters
11 Anchorvale Cres · D19
3
2
1,023 sqft
$1,428,000
Park Green
8 Rivervale Link · D19
4
3
1,550 sqft
$1,650,000
Esparina Residences
121 Compassvale Bow · D19
4
4
1,690 sqft
$2,300,000
Bellewaters
25 Anchorvale Cres · D19
4
2
1,131 sqft
$1,690,000
Treasure Crest
66 Anchorvale Cres · D19
3
3
1,076 sqft
$1,530,000
Esparina Residences
123 Compassvale Bow · D19
3
2
1,066 sqft
$1,680,000
Treasure Crest
66 Anchorvale Cres · D19
3
3
1,076 sqft
$1,588,000
Treasure Crest
66 Anchorvale Cres · D19
3
3
1,076 sqft
$1,588,000
The Vales
71 Anchorvale Cres · D19
2
2
764 sqft
$1,088,888
The Vales
81 Anchorvale Cres · D19
2
2
764 sqft
$1,088,000
Treasure Crest
58 Anchorvale Cres · D19
3
2
958 sqft
$1,380,000
Bellewaters
17 Anchorvale Cres · D19
4
2
1,130 sqft
$1,700,000
Esparina Residences
121 Compassvale Bow · D19
4
3
1,690 sqft
$2,300,000
Bellewaters
13 Anchorvale Cres · D19
3
3
1,066 sqft
$1,470,000
Bellewaters
13 Anchorvale Cres · D19
3
3
1,066 sqft
$1,468,000
Bellewaters
13 Anchorvale Cres · D19
4
3
1,195 sqft
$1,680,000
Parc Greenwich
35 Fernvale Lane · D28
4
3
1,464 sqft
$1,527,000
Parc Greenwich
31 Fernvale Lane · D28
3
2
980 sqft
$1,000,000
The Topiary
23 Fernvale Lane · D28
4
3
1,389 sqft
$1,630,000
Bellewaters
15 Anchorvale Cres · D19
3
2
1,345 sqft
$1,768,000
Treasure Crest
66 Anchorvale Cres · D19
3
3
1,076 sqft
$1,500,000
Bellewaters
11 Anchorvale Cres · D19
4
3
1,335 sqft
$1,780,000
Bellewaters
17 Anchorvale Cres · D19
4
3
1,130 sqft
$1,650,000
Lush Acres
7 Fernvale Cl · D28
3
3
1,055 sqft
$1,600,000
Bellewaters
25 Anchorvale Cres · D19
4
3
1,131 sqft
$1,685,000
Austville Residences
23 Sengkang East Ave · D19
4
2
1,227 sqft
$1,680,000
Pinevale
10 Tampines St 73 · D18
3
3
1,292 sqft
$1,300,000
The Tampines Trilliant
17 Tampines Ctrl 7 · D18
3
2
1,130 sqft
$1,518,888
Tenet
91 Tampines St 62 · D18
5
4
1,572 sqft
$2,200,000
Tenet
85 Tampines St 62 · D18
5
4
1,561 sqft
$2,120,000
Tenet
85 Tampines St 62 · D18
5
4
1,572 sqft
$2,159,000
Simei Green Condominium
15 Simei St 4 · D18
3
3
1,249 sqft
$1,280,000
The Tampines Trilliant
21 Tampines Ctrl 7 · D18
4
3
1,302 sqft
$1,868,000
Tenet
85 Tampines St 62 · D18
3
3
980 sqft
$1,400,000
The Tampines Trilliant
31 Tampines Ctrl 7 · D18
3
2
1,001 sqft
$1,399,999
The Eden At Tampines
25 Tampines St 34 · D18
2
2
1,012 sqft
$1,250,000
Arc At Tampines
7 Tampines Ave 8 · D18
4
4
1,561 sqft
$1,930,000
Citylife @ Tampines
57 Tampines Ctrl 7 · D18
4
2
1,432 sqft
$1,870,000
Tenet
91 Tampines St 62 · D18
5
3
1,572 sqft
$2,139,000
Tenet
77 Tampines St 62 · D18
5
4
1,572 sqft
$2,130,000
Tenet
71 Tampines St 62 · D18
5
4
1,561 sqft
$2,100,000
Citylife @ Tampines
57 Tampines Ctrl 7 · D18
4
3
1,377 sqft
$1,800,000
Citylife @ Tampines
51 Tampines Ctrl 7 · D18
3
3
1,249 sqft
$1,720,000
Arc At Tampines
5 Tampines Ave 8 · D18
2
2
807 sqft
$1,000,000
Tenet
91 Tampines St 62 · D18
5
4
1,561 sqft
$2,078,000
Tenet
71 Tampines St 62 · D18
3
2
926 sqft
$1,099,000
Tenet
71 Tampines St 62 · D18
3
2
958 sqft
$1,300,000
The Tampines Trilliant
17 Tampines Ctrl 7 · D18
3
2
1,130 sqft
$1,518,888
Arc At Tampines
17 Tampines Ave 8 · D18
3
2
1,076 sqft
$1,440,000
The Tampines Trilliant
25 Tampines Ctrl 7 · D18
3
2
1,141 sqft
$1,600,000
The Tampines Trilliant
21 Tampines Ctrl 7 · D18
3
2
1,012 sqft
$1,638,000
Tenet
71 Tampines St 62 · D18
3
3
926 sqft
$1,283,000
The Tampines Trilliant
29 Tampines Ctrl 7 · D18
4
2
1,583 sqft
$2,380,000
The Tampines Trilliant
27 Tampines Ctrl 7 · D18
3
2
1,001 sqft
$1,480,000
Tenet
77 Tampines St 62 · D18
5
3
1,572 sqft
$2,139,000
Parc Central Residences
139 Tampines St 86 · D18
3
2
937 sqft
$1,052,000
The Eden At Tampines
33 Tampines St 34 · D18
4
3
1,486 sqft
$1,800,000
Tenet
79 Tampines St 62 · D18
3
2
893 sqft
$1,211,000
Citylife @ Tampines
55 Tampines Ctrl 7 · D18
3
3
1,184 sqft
$1,850,000
Tenet
91 Tampines St 62 · D18
5
4
1,722 sqft
$2,120,000
Tenet
85 Tampines St 62 · D18
3
2
926 sqft
$1,311,000
Interestingly, when we compare the price trends of ECs in these areas sold in the resale market in the last five years, Choa Chu Kang recorded the highest appreciation of 75.75%.
This is followed by Hougang at 50.98%, Tampines at 45.09%, Punggol at 30.46% and Sengkang at 24.79%.
Planning to sell your EC soon? Let us help you get the right price by connecting you with a premier property agent.
If you found this article helpful, 99.co recommends How much do you need to earn to buy a new or resale Executive Condo (EC)? and Resale ECs hitting MOP in 2023 (and should you sell right after MOP?)
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