More EC units resold for profit of at least $1 million in 2024
In 2024, the resale market for executive condominiums (ECs) in Singapore witnessed a remarkable surge, with 38 units achieving gross profits of at least $1 million each. This figure more than doubled the 15 such transactions recorded in 2023, highlighting the growing appeal and profitability of EC investments.
A standout transaction was a four-bedroom unit at Bishan Loft, sold for a record-breaking $2.16 million on December 5, 2024. Originally purchased in 2001 for $549,277 at $399 per square foot (psf), this sale resulted in a staggering 293% profit of $1.61 million. Three other units at Bishan Loft also reported profits ranging from 274% to 286%, underscoring the significant returns for long-term EC owners.
Several factors have contributed to the escalating resale prices of ECs. Rising land costs have driven up prices of new ECs, making older units more attractive to buyers. Additionally, prime locations, such as Bishan Loft’s proximity to Bishan MRT station and reputable schools, enhance their desirability. The limited supply of ECs—only 72 completed projects—and strong demand for these hybrid public-private housing options have further fueled price increases.
According to the Urban Redevelopment Authority’s data, 1,244 new EC units were sold in 2024, surpassing the 1,016 units launched that year. Resale transactions also remained robust, with 2,102 units changing hands in 2024, up from 1,985 in 2023. The median transacted unit price rose from $885 psf in 2020 to $1,337 psf in 2024, reflecting the strong demand and appreciation in value.
The buoyant resale volume came amid higher prices in the private housing market, making non-landed homes less accessible for first-time buyers and upgraders. Even heartland condominiums have been launching at over $2,000 psf, prompting buyers to consider ECs as a more affordable alternative.
A notable example is a 958 sq ft unit at Hundred Palms Residences in Yio Chu Kang, which set a new record psf price of $1,900 for a resale EC unit. The owner, who purchased the three-bedroom unit in 2017 for $818,300, sold it after meeting the minimum occupation period, making over $1 million in gross profit.
While ECs have proven to be profitable investments for many, it’s important to note that not all transactions result in gains. Approximately 1,000 EC units sold since 2000 have incurred losses, particularly those sold between 2004 and 2008 due to market volatility and slower price recovery following events like the dot-com crash and the global financial crisis.
Despite these risks, the relatively lower entry cost compared to private condominiums continues to attract buyers to new EC launches. For instance, the Tampines EC project Aurelle drew more than 5,000 visitors to its show-flat on February 22 and 23, 2025. With an indicative price of $1,687 psf, a three-bedroom unit could cost around $1.417 million, presenting a more affordable option compared to nearby private condominiums like Parktown Residence, which sold units at an average price of $2,360 psf.
As the EC market continues to evolve, potential buyers are advised to assess their financial standing and consider long-term market trends before making a purchase. With careful planning, ECs can offer substantial returns and serve as a viable pathway to private homeownership in Singapore’s dynamic property landscape.
