Executive condominiums (ECs), the hybrid that traverses public and private property markets have always been known to attract buyers for its inherent value. ECs start their journey off as public housing, which means grants and other subsidies can be taken against the purchase of these privately-developed properties. And after a 10-year period, they are released of their public property status and enter the private property market to enjoy the full status and value of private condominiums.
Photo: Nuovo condominium
Thus it is no surprise at all that privatised executive condominiums, especially those in prime estates such as Bishan, have been getting all the eyeballs. Some of the more popular privatised ECs to hit the market include Bishan Loft, The Dew and Nuovo. Prices at Bishan Loft for example, leaped 166% after privatisation, partly boosted by the mushrooming of new condominiums in the vicinity including Sky Vue and Sky Habitat and mostly due to the lower launch prices which ranged from $300 to $400 psf. Bishan Loft was launched in 2001.
Photo: The Criterion EC
Prices of ECs have been rising over the years. Some of the latest offerings came close to the $1,000 psf mark, which even similar units on the resale market are unlikely to cross. The narrowing price gap can been since in Yishun, where the private residential project Symphony Suites launched at relatively affordable prices of $1,000 psf while the nearby EC, The Criterion were averaging prices of $795 psf. What response can the latest executive condominium launches draw from the crowd? Will they flock to purchase or hold back as more private suburban properties become price-competitive.
