17 Freshly MOP-ed Resale Executive Condos in 2020-21

The executive condominium (EC) is public-private hybrid type of home that was introduced to cater to the aspirations and needs of the ‘sandwich class’ —  households who have exceeded the income ceiling for public housing (HDB flats), but still couldn’t comfortably afford a private property. 

Executive condominiums are subsidised by the government but they come with condo features such as better fittings and facilities like swimming pools, landscaped gardens, gyms, BBQ pits and more. 

Read more: Executive Condo Guide: Everything You Need to Know About Buying an Executive Condo in Singapore

However, resale EC is most enticing, especially when they complete their Minimum Occupation Period (MOP) of five years and when they hit their 10-year mark. Upon five and 10 years of their completion, most restrictions on ECs get lifted away and they become a bid for capital appreciation. 

The Appeal of Executive Condos (ECs)

ECs are built and sold by private developers but are 25% to 30% lower in price compared to private condominiums. This is because the Urban Redevelopment Authority (URA) allocates land for such subsidised residential dwellings based on the Government Land Sales (GLS). 

For ECs, 70% of the homes are earmarked for first-timers during the developer’s initial launch period. Also, for the first 10 years since the Temporary Occupation Period (TOP), only Singaporeans and Singaporean Permanent Residents (PRs) are allowed to purchase them. 

Built-to-Order (BTO) flats are usually the first choice for a home that a couple gets together. However, if a couple’s combined income is below the EC income ceiling of $16,000 and they wish to enjoy other facilities at their doorstep, purchasing an EC becomes a more viable option. Further in the bargain, buyers can use the CPF housing grants to offset some of the costs, provided all eligibility criteria set by the Housing and Development Board are met.

The above reasons make ECs a good option for own-stay purposes, but what about those hoping to sell or rent out their property?  

EC Units Can Be Sold to Singaporeans/ Prs After Completing the Five-Year MOP

An EC needs to complete its EC MOP of five years before it can be sold to Singaporeans and PRs in the open market. The same goes for renting out the whole unit. The low initial selling price of an EC fosters greater capital appreciation within the first five years of its launch. 

A study conducted by Squarefoot revealed that the price gap between a private condo and a nearby executive condo can narrow substantially after the latter has met its 5-year EC MOP, creating an increased demand for resale ECs.

After 10 Years, Executive Condos Essentially Become “Private Property” 

After completing 10 years, ECs can be sold or rented to foreigners in the open market.

The return on investment on privatised ECs depends on the holding period, the location of the property, the surrounding supply and how much rent a property can yield. Upon privatisation, EC units can be ramped up for sale or rent to foreigners, and if the rental income or sale price surpasses the holding costs, the ECs can achieve high capital appreciation. 

Similarly, investment owners who purchase an EC pay attention to whether a property can reap good returns in rent based on the surrounding supply and location. An EC could outperform a nearby private condo if the price gap between the two narrows to as little as 5%. 

Besides these, some ECs that were bought at the boom period before the Asian financial crisis, also, managed gains of over 20% upon privatisation. Thus, privatised ECs are considered long-term investments, which enable owners to achieve substantial capital gains.

Tip: Shopping for a new home? Then it’s time to work out a feasible budget and compare home loan interest rates. For more personalised advice, PropertyGuru Finance’s home finance advisors can help (and for free, too!).

So Why Buy a Resale Executive Condo (EC)?  

Now, based on the above, buying a new launch EC from HDB at a subsidised price sounds like a good idea. So why do some home buyers opt for resale ECs that are five (or 10) years old instead? 

1. No MOP for Resale ECs

Well, firstly, there is no EC MOP that you need to fulfill. This gives homeowners the flexibility to move as early as a good opportunity presents itself. 

2. Resale ECs Are Closer to Becoming Private

Next, five-year-old resale ECs are closer to full privatisation. This is not so relevant to own-stay properties but is particularly beneficial for those looking for investment opportunities to sell or rent to the foreigner market. 

3. Can Keep Your Current HDB Flat 

Also, if you already own an HDB flat and you don’t want to give it up, you can’t buy a new EC. You can, however, buy a resale EC. Do note that you still need to have met the MOP of your previous HDB flat, and the Additional Buyer’s Stamp Duty (ABSD) applies for the resale EC, which is considered your second property. 

4. Resale ECs are Already Built and Completed 

Lastly, resale ECs are already completed and more or less move-in ready. New launch condos take years to build, and you can’t inspect the place before paying. Resale ECs are better for those who need a new home quickly, and like to do a physical viewing before committing to the purchase. 

Keen to purchase an EC in 2021? Find out what is the latest price for ECs on PropertyGuru.

Resale ECs That Have Reached EC MOP in 2020

With that, here are some resale ECs that have fulfilled their EC MOP in 2020. 

1. The Tampines Trilliant

The Tampines Trilliant is an EC with a total of 670 units, located closest to the Tampines MRT. The closest bus stops are located at The Tampines Trilliant, Citylife @Tampines, Poi Ching Primary School, Tampines MRT and after Tampines Station. 

Browse The Tampines Trilliant EC properties for sale on PropertyGuru.

For those who are interested in getting an EC in Tampines, Parc Central Residences is a new launch Tampines EC in 2021 to watch out for.

2. The Rainforest 

The Rainforest is within a five minutes’ walk to Choa Chu Kang MRT station and is well connected to the North-South and Downtown MRT Lines. 

Browse The Rainforest EC properties for sale on PropertyGuru.

3. Twin Waterfalls

Twin Waterfalls comprises around 12 blocks of 17-storey towers, hosting 728 residential units in total. Twin Waterfalls is located a 10-minute walk away from Punggol MRT Station along the North-East Line.

Browse Twin Waterfalls EC properties for sale on PropertyGuru.

4. 1 Canberra

An executive condo with a total of 665 units. The closest bus stops are located at Yishun Sapphire, Darul Makmur Mosque, Yishun Primary School and Canberra Station. 

Browse 1 Canberra EC properties for sale on PropertyGuru.

5. Heron Bay 

Heron Bay consists of 394 total units, available in layouts ranging between 2 to 5-bedroom apartment suites. Heron Bay is located around 1.7 km away from Hougang MRT Station along the North-East Line.

Browse Heron Bay EC properties for sale on PropertyGuru.

6. Waterwoods 

Waterwoods comprises 373 units spread over 6 blocks of 17 floors each. Waterwoods is conveniently located a stone’s throw away from Coral Edge MRT station.

Browse Waterwoods EC properties for sale on PropertyGuru.

Resale ECs That Will Fulfil the EC MOP in 2021

Apart from the six resale ECs that have just MOP-ed in 2020, here are some additional resale ECs that are going to fulfil their EC MOP in 2021. 

1. Waterbay

Waterbay is an EC with a total of 383 units, located near to the Punggol MRT. This EC development by Qingjian Realty was completed back in 2016 and is about to hit its five-year MOP.

Browse Waterbay properties for sale on PropertyGuru.

2. CityLife @ Tampines

CityLife @ Tampines might not be “older” compared to its Tampines EC counterpart Parc Central Residences, but it does have its charm as well.

CityLife @ Tampines consists of 514 total units, available in layouts for 4-bedroom apartments. It is located around 650m away from Tampines MRT Station along the Downtown Line and East-West Line.

Browse CityLife @ Tampines properties for sale on PropertyGuru.

3. Twin Fountains

Twin Fountains is an executive condo with a total of 418 units spread across 27 floors. The development is available is various unit types ranging from 2-bedrooms to 5 -bedrooms.

Browse Twin Fountains properties for sale on PropertyGuru.

4. The Topiary

The Topiary is an executive condo with a total of 700 units that. The Topiary is located close to Fernvale LRT and near the upcoming Parc Greenwich EC.

Browse The Topiary properties for sale on PropertyGuru.

5. Forestville

The Topiary is an executive condo with a total of 700 units. The Topiary is located close to Fernvale LRT and near the upcoming Parc Greenwich EC.

Browse The Topiary properties for sale on PropertyGuru.

6. Lush Acres

Lush Acres is an executive condo located in D28 with a total of 380 units spread across two 25 storey buildings. Lush Acres is located in between Kupang LRT and Layar LRT.

Browse Lush Acres properties for sale on PropertyGuru.

7. Skypark Residences

SkyPark Residences is an executive condo located in Sembawang with a total of 506 residential units. Its location puts it in proximity to the nearby Canberra MRT on the North-South Line.

Browse SkyPark Residences properties for sale on PropertyGuru.

8. Ecopolitan

Ecopolitan is another executive condo development by Qingjian Realty. Its location in Punggol is decent with an 800m walkable distance to the nearby Punggol MRT.

Browse Ecopolitan properties for sale on PropertyGuru.

9. Sea Horizon

Sea Horizon is a rare sea front facing executive condo in District 18. It comes with 495 residential units to take your pick from. It is located close by to Pasir Ris MRT station on the East-West Line and the upcoming Cross-Island Line.

Browse Sea Horizon properties for sale on PropertyGuru.

10. The Amore

Yet another EC in D19, The Amore is a 378-unit EC development by MKH. It is located in between Oasis LRT and Kadaloor LRT stations on the Punggol LRT.

Browse The Amore properties for sale on PropertyGuru.

11. Lake Life

With a TOP date on the last day of 2016, Lake Life barely made it across the line to qualify for our list of resale ECs that will MOP in 2021. The 546-unit EC developed by developer Lakehomes Pte Ltd is located in D22 near Lakeside MRT.

Browse Lake Life properties for sale on PropertyGuru.

Other FAQs About Executive Condos in Singapore:

How Much Does EC Cost in Singapore (2021)?

ECs in Singapore are priced between $568,000 to $2.6m, according to the latest listings on PropertyGuru. The average EC price is around $1m.

How Much Do You Need To Buy an EC in Singapore (2021)?

As mentioned above, ECs are selling at an average price of $1m. With the current loan-to-valuation (LTV) ratio set at 75%, you will need around $50,000 (5%) cash and $200,000 (20%) in cash/CPF to afford the down payment.

What’s the Difference Between an EC and Condo?

There are a few differences between EC and condo. 

Before privatisation at the 10-year mark, ECs are considered as public housing, just like any HDB flat. As such, they are also subjected to the Minimum Occupation Period (MOP) of 5 years. However, post-privatisation, they are considered as private condos that can be sold to foreigners.

Price wise, ECs are relatively cheaper than condos because of their semi-public housing status as an HDB in the first 10 years.

Facilities wise, most ECs have the basic condo facilities like swimming pool, BBQ pits and function room, though this is unlike some of the bigger condos where you have a plethora of facilities such as sauna, playground, etc.

Can I Buy an EC If I Own an HDB?

You cannot own both an EC and an HDB concurrently. You can apply for an EC, but you will need to give up your HDB once your EC is ready. However, if you buy a resale EC that has been privatised, then you can own both the EC and HDB concurrently. That’s because the privatised EC is considered a private property and not an HDB anymore.

Can Singles Buy EC in Singapore?

You can buy an EC in Singapore under the Joint Singles Scheme. However, you will need to co-own it together with other singles. You must also not exceed the household income ceiling of $16,000, according to the latest HDB rules.

For more property news, content and resources, check out PropertyGuru’s guides section. 

Prefer new launch ECs? Check out which are the newly launched ECs in 2021.

Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore. 

Need help financing your latest property purchase? Let the Home Finance Advisors at PropertyGuru Finance help you find the best deals.  

This article was written by Manasi Hukku. Manasi likes to cover the intersection between research and relevance to help readers find a place they’ll love. She is a UX Conversation Designer, Medium Columnist and mother of two.