Making a decision: EC or Private Condo?

The recent housing policy reviews have put the industry and home buyers on the spot. Many may still be dithering between both property types, and weighing the pros and cons. Let’s see if these figures will help you make your decision. Our focus this week is on one of the more idyllic areas of Singapore – District 18 in the East, consisting of Pasir Ris, Tampines and Simei.

What actual effect to property prices do new HDB BTO flat launches such as Tampines Leaf (image by HDB) have on private condominium sales in the same area (seen here is Pinevale condo on Tampines Street 73).

Executive Condos vs Private Condos in Pasir Ris and Tampines

Comparing the average price per sq ft of executive condominiums and private condominiums in Pasir Ris and Tampines, prices of the latter soar miles above, at more than double of the former.

Prices of Executive Condos in Pasir Ris and Tampines

Although prices of executive condominiums in Pasir Ris and Tampines seem on par, a close look will reveal that Tampines’ executive condominiums seem to be fetching slightly higher prices consistently for the past year. And as compared to July 2010, prices of executive condos have risen an average of $40 psf across the board, with those in Tampines seeing a rise of up to $50 psf.

Prices of District 18 Private Condos against National Average

Tampines, with its proximity to MRT stations, schools, offices, industrial parks, shopping malls, cinemas, parks and recreation amenities, is naturally a top choice for those in search of a choice home. Since May this year, the prices of ECs in this HDB town has risen month-on-month. HDB’s announcement of building more BTO flats in this mature estate does not seem to have affected buyers’ appetite for ECs here. New build-to-order flats were also launched in Tampines in May and July.

With luxury condos coming into the market and being quickly picked up by local and foreign buyers, the national average is raised. Though suburban condo prices in the these two areas have yet to hit the high note, they are certainly closing in.