11 ECs to go private in 2026 — Owners set for jackpot gains

Executive condos (ECs) are a hybrid of public and private housing. These developments are popular with buyers because they represent a more affordable way to eventually own a private property. However, due to their hybrid nature, ECs are subject to eligibility conditions and a minimum occupation period (MOP), similar to those imposed on HDB buyers.

The five-year MOP applies to first owners of EC units. After fulfilling their MOP, owners can sell their units, but only to Singaporeans or Singapore permanent residents. This restriction based on buyers’ nationality is lifted 10 years after the EC obtained its TOP, thereby widening the pool of potential buyers to include foreigners, which could boost both demand and prices for the EC.

Interestingly, a bumper crop of ECs will reach their 10-year mark next year. Collectively, these 11 ECs comprise 5,485 units (see Table 1). They are spread across six districts, with three in District 19, two each in Districts 18, 25, and 28, and one each in Districts 22 and 27.

All 11 ECs have recorded price growth ranging from 54.7% to 95.1% since their sale launches. With the exception of The Amore and Lake Life, all were launched in 2012 or 2013. The Topiary chalked up the highest price growth at 94.8%, followed by Waterbay (93.6%) and Citylife@Tampines (89.1%). These three are the only ECs with price growth exceeding 80%. Unsurprisingly, Citylife@Tampines ($1,507 psf), The Topiary ($1,459 psf), and Waterbay ($1,444 psf) also have the highest current average prices.

In contrast, Forestville ($1,179 psf) and Sea Horizon ($1,259 psf) have the lowest current average prices. They are also the only ECs among the 11 with average prices below $1,300 psf. Additionally, Sea Horizon recorded the lowest price growth since launch at 54.7%, making it the only EC with price growth below 60%. Forestville fared slightly better, with a price growth of 61.3%.

Citylife@Tampines: Only EC to cross the $1,500 psf threshold

Among the 11 ECs, Citylife@Tampines has the highest prevailing average price. It is also the only EC with an average price above $1,500 psf. Its strong price growth of 89.1% since launch could have contributed to this high average price.

Moreover, Citylife@Tampines has benefitted from consistent demand in the resale market. Demand for the 514-unit EC peaked in 2021, when 71 units changed hands. From 2022 to last year, at least 20 units were sold each year. So far this year, 18 units have been sold (see Chart 1). The surge in transactions in 2021 could be attributed to that year marking five years since the EC obtained its TOP. As a result, first owners would have fulfilled their five-year MOP requirement and become eligible to sell their units.

Source: EdgeProp Market Trends (as at 9 July 2025)

Citylife@Tampines is surrounded by greenery, which could have contributed to its strong demand. Located along Tampines Central 7 in District 18, the EC is within walking distance of Tampines Boulevard Park, Tampines Eco Green and Sun Plaza Park.

Parents of school-going children may also be drawn to the development because there are four primary schools within a 1km radius, namely Angsana Primary School, Gongshang Primary School, Poi Ching School and Tampines North Primary School (see Map 1).

Source: EdgeProp LandLens (as at 8 July 2025)

The main drawback is the lack of a nearby MRT station. The nearest is the dual-line Tampines MRT Station, which is approximately 800m away. However, this is mitigated by the Tampines Concourse Bus Interchange, which is a short walk from the EC.

Another possible reason for the popularity of Citylife@Tampines is the lack of nearby competition. The Tampines Trilliant is the only other EC within a 500m radius, and there are no condos within the same distance. The Tampines Trilliant is located adjacent to Citylife@Tampines and therefore shares similar locational attributes (see Map 2).

Source: EdgeProp LandLens (as at 8 July 2025)

However, The Tampines Trilliant is slightly larger, with 670 units compared to the 514 units at Citylife@Tampines. Another difference is that The Tampines Trilliant obtained its TOP in 2015, making it a year older than Citylife@Tampines. This also means that The Tampines Trilliant will be privatised this year.

From 2024 to this year, the average resale price for The Tampines Trilliant rose by 8.5% y-o-y to $1,650 psf, likely driven by its upcoming privatisation. In comparison, the average resale price for Citylife@Tampines grew by 4.2% y-o-y to $1,507 psf; on par with the 4.5% y-o-y increase to $1,337 psf for ECs in District 18 (see Chart 2).

The recent stronger price growth and higher average resale price for The Tampines Trilliant indicate that buyers are willing to pay more for ECs upon their privatisation. Therefore, savvy buyers who are keen to live in Citylife@Tampines might want to intensify their home search before units at the EC start transacting at a higher prices.

Source: EdgeProp Market Trends (as at 9 July 2025)

Strong price growth and a lack of nearby competition could have contributed to the 178 profitable and zero unprofitable transactions recorded for Citylife@Tampines since its launch in 2013. Profits ranged from approximately $65,000 to $1.547 million. Of these 178 profitable transactions, six yielded million-dollar profits (see Table 2).

Source: EdgeProp Buddy (as at 9 July 2025)

Four of the million-dollar profitable transactions took place earlier this year, including the one that yielded the record-high profit of $1.547 million. The seller sold the 2,379-sq ft unit in January for $3.05 million ($1,282 psf), after purchasing the five-bedroom unit in February 2013 for $1.503 million ($632 psf).

Notably, the seller had bought the unit when Citylife@Tampines was first launched for sale in 2013. The long holding period allowed them to benefit from the EC’s strong price growth over the years.

The Topiary tops the price growth chart

The Topiary is located along Fernvale Lane in District 28. Greenwich V and Fernvale Primary School are a short walk away. Other schools within a 1km radius include Sengkang Green Primary School and Pei Hwa Secondary School.

While there are no MRT stations within a 1km radius of the EC, Fernvale LRT Station is approximately 600m away (see Map 3).

Source: EdgeProp LandLens (as at 7 July 2025)

Among the 11 ECs, The Topiaryrecorded the highest price growth of 94.8% since its launch in 2012 (see Table 1). Additionally, its average price of $1,459 psf is the second highest among the 11 ECs.

The strong price growth of The Topiary could be attributed to robust demand. Demand peaked in 2021; five years after the 700-unit EC obtained its TOP. That year, 163 units were sold in the resale market. At least 40 units were sold each year from 2022 to last year. Thus far this year, 38 units have changed hands (see Chart 3).

Source: EdgeProp Market Trends (as at 7 July 2025)

Lush Acres is another EC in District 28 that will reach the 10-year milestone next year. The Topiary and Lush Acres are the only ECs in District 28 to do so.

Located along Fernvale Close, Lush Acres is a short walk from Layar LRT Station, Fern Green Primary School and Sengkang Riverside Park. Lush Acres is also more than 1 km away from The Topiary (see Map 4).

Source: EdgeProp LandLens (as at 7 July 2025)

Despite Lush Acres’ closer proximity to an LRT station, the average resale price for The Topiary ($1,459 psf) has surpassed that for Lush Acres ($1,373 psf) since last year. However, the average resale prices for both are lower than that for ECs islandwide aged 10 years or younger ($1,554 psf) (see Chart 4).

Notably, the average resale price for The Topiary increased by 38.3% since 2021, when first owners were allowed to sell their units. This growth is higher than the 30.1% achieved by Lush Acres but lower than the 56% increase recorded by their peers islandwide.

Source: EdgeProp Market Trends (as at 9 July 2025)

A possible reason for the difference in prices and price growth between the two ECs could be their different unit layouts. The Topiary features dual-key units, while Lush Acres does not. Buyers seem willing to pay top dollar for dual-key units.

This year’s record-high profit of $1.063 million for The Topiary involved a dual-key unit. The seller purchased the 12th-storey unit from the developer in March 2013 for $1.037 million ($747 psf) and sold it in June for $2.1 million ($1,512 psf).

The property is a four-bedder dual-key unit that measures 1,389 sq ft. One side of the unit features an en-suite master bedroom, two additional bedrooms, a common bathroom, a kitchen, a living/dining area and a balcony. The other side features a bedroom, a bathroom and a pantry, which can be easily converted into a self-contained studio unit for rental or a granny flat (see Floor Plan 1).

Source: EdgeProp Research

So far this year, The Topiary has recorded 38 profitable and no unprofitable transactions, with profits ranging from approximately $230,000 to $1.063 million. The transaction that generated the record-high profit of $1.063 million is the only one to yield a million-dollar profit.

In comparison, Lush Acres has achieved 12 profitable and no unprofitable transactions this year, with profits ranging from approximately $238,000 to $846,800.

The highest profit For Lush Acres was from a transaction in April. The seller sold the 19th-storey unit for $1.95 million ($1,449 psf), having purchased it from the developer in September 2013 for $1.103 million ($820 psf).

While the 1,346-sq ft unit also features four bedrooms, it would be challenging to convert it into a dual-key unit because all bedrooms and bathrooms are clustered together on one side of the unit (see Floor Plan 2).

Source: EdgeProp Research

Most affordable option

Among the 11 ECs, only Forestville has a current average resale price below $1,200 psf. This could be due to its weak price growth of 61.3% since launch, which is the second lowest among the 11 ECs (see Table 1).

The lower price and weaker growth recorded for Forestville may be attributed to its less desirable location. There are no MRT stations within walking distance. The nearest station—Woodlands South MRT Station—is approximately 850m away. Additionally, there are no nearby amenities except Woodlands Ring Primary School.

Another factor could be competition from neighbouring ECs. Forestville is surrounded by three other ECs, namely Twin Fountains, Bellewoods and La Casa (see Map 5).

Source: EdgeProp LandLens (as at 8 July 2025)

Among the three competing ECs, both Forestville and Twin Fountains obtained TOP in 2016, while Bellewoods obtained TOP a year later. La Casa is the oldest, having obtained its TOP in 2008 (see Table 3). Hence, it is not surprising that La Casa has the lowest average resale price among the group, probably due to lease decay.

Despite their shared TOP date and similar locational attributes, Forestville has a significantly lower average price and price growth compared to Twin Fountains. Additionally, the land leases for both commenced in 2012, leaving each with 86 years remaining.

The average prices for both trended closely until 2023, when the price growth for Twin Fountains outpaced that of Forestville. Since 2023, the average price for Twin Fountains has grown by 14.1% to $1,323 psf, while Forestville’s increased by 6.5% to $1,179 psf (see Chart 5).

Source: EdgeProp Market Trends (as at 10 July 2025)

The disparity in prices between the two ECs could be due to their different unit layouts. Both feature three-bedroom units measuring 1,033 sq ft. The layouts share similarities, such as an en-suite master bedroom, two additional bedrooms, and a common bathroom clustered together. The main difference lies in the location of the balcony and the configuration of the kitchen.

The balcony for the three-bedder at Twin Fountains is accessible via both the kitchen and the living area. This accessibility through the kitchen is convenient if the balcony is used as a yard for drying laundry. Additionally, the sizable kitchen has two rows of cabinets, providing ample storage space. Finally, the kitchen is located at a corner of the unit, which allows it to be easily converted into an enclosed kitchen (see Floor Plan 3).

Source: EdgeProp Research

In contrast, Forestville features a long galley-style kitchen with only one row of cabinets (see Floor Plan 4). Moreover, the elongated layout of the kitchen and the lack of walls between the dry kitchen and the dining area make it more challenging to fully enclose the kitchen. This could make units in Forestville less popular among buyers, as many occupiers, especially those who cook daily, tend to prefer enclosed kitchens to prevent cooking smells from permeating the entire house.

Source: EdgeProp Research

Conclusion

ECs are popular among homebuyers because they provide a more affordable way to eventually own a private residential property. The hybrid nature of ECs means that some restrictions apply to buyers until 10 years after the development has obtained its TOP. Thereafter, these restrictions are lifted, and the development is treated the same as a private condo.

Next year, 11 ECs will be privatised, which is expected to result in an uplift in demand and prices for these developments. Savvy homebuyers eyeing a unit in one of these ECs might want to snap up a unit before the anticipated price increases take place.

Among the 11 ECs, Citylife@Tampines achieved the highest prices due to its proximity to parks and schools, as well as the lack of nearby competition. Unsurprisingly, Citylife@Tampines also ranks third in price growth, with an increase of 89.1% since launch.

Our analysis also highlighted the importance of unit layouts. A reason for The Topiary topping the price growth chart could be attributed to its unit layouts. This year, a transaction involving a dual-key unit at the EC resulted in a million-dollar profit for the seller.

On the other hand, Forestville attracted fewer buyers compared to neighbouring Twin Fountains because of its less desirable layouts. Being surrounded by three other ECs also means that Forestville faces intense competition for buyers. However, the lower price of Forestville compared to its peers makes it a more affordable option for homebuyers.