Last year, 27 executive condos (ECs) recorded at least 30 profitable transactions. Sol Acres topped the chart with 157 profitable transactions (see Table 1). Notably, the EC did not register any unprofitable transactions.
A few similarities stand out among the 10 ECs with the highest number of profitable transactions last year. Firstly, nine of these ECs obtained their temporary occupation permit (TOP) between 2017 and 2019. Esparina Residences is the sole exception, having received its TOP in 2013. Secondly, four of the ECs are located in District 27, the highest number compared to other districts.
Sol Acres tops the profitability chart
Not only does Sol Acres top the profitability chart, but it is also the only EC with more than 100 profitable transactions last year. One reason for the strong profitability of Sol Acres could be the numerous amenities located near the development. The convenience and connectivity offered by these amenities boosted demand and prices for the EC, allowing owners to reap profits from the sale of their properties.
Located along Choa Chu Kang Grove in District 23, the EC is within walking distance of Keat Hong and Teck Whye LRT Stations, Teck Whye Shopping Centre, and ITE College West (see Map 1). Additionally, Keat Hong LRT Station is only two stops from Choa Chu Kang MRT Station, which serves as an interchange station for the LRT and the North–South Lines. Meanwhile, Teck Whye LRT Station is three stops away from Choa Chu Kang MRT Station.
Schools within a 1km radius of Sol Acres include Teck Whye Primary School, South View Primary School, Choa Chu Kang Primary School, Choa Chu Kang Secondary School and Jurong Pioneer Junior College.
Source: EdgeProp LandLens (as at 8 May 2025)
Another reason could be that Sol Acres is a mega development with 1,327 units. With such a large number of units, the likelihood of Sol Acres having more sale and profitable transactions than a smaller development would naturally be higher.
Furthermore, Sol Acres obtained its TOP in 2018. Hence, its first owners would have fulfilled the required five-year minimum occupation period (MOP) in 2023, allowing them to sell their units to Singaporeans or Singapore permanent residents (PRs). While EC owners are typically not allowed to sell their units before fulfilling their MOP, exceptions may be made for owners who are divorcing or have declared bankruptcy.
The fulfilment of the five-year MOP requirement could explain the jump in resale volume for Sol Acres to 244 units in 2023 and 158 units last year (see Chart 1). The surge in demand likely contributed to the price increase for Sol Acres. From 2022 to last year, the average price for the EC grew by 24.6% to $1,429 psf. This year, the average price has risen further to $1,487 psf.
Source: EdgeProp Market Trends (as at 8 May 2025)
The average resale price for Sol Acres ($1,487 psf) has consistently trended above that of ECs in the same district that are 10 years old or younger ($1,430 psf) (see Chart 2). This could be attributed to the stronger price growth achieved by Sol Acres. Since 2020, the average price for Sol Acres has grown by 48.7%, compared to a 47.6% increase for comparable ECs.
Source: EdgeProp Market Trends (as at 8 May 2025)
All of the above factors likely contributed to the 157 profitable transactions achieved by Sol Acres last year. Profits ranged from approximately $200,000 to $932,000. So far this year, Sol Acres has recorded 32 profitable transactions, with profits ranging from approximately $195,000 to $859,000. Notably, last year’s record-high profit of $932,000 exceeds this year’s record-high of $859,000.
The unit involved in last year’s most profitable transaction was purchased from the developer in August 2015 for $1.103 million ($801 psf) and sold in March last year for $2.035 million ($1,477 psf), resulting in a profit of $932,000. The five-bedroom unit measures 1,378 sq ft and is located on the 17th storey.
The seller benefited from the significant price appreciation of Sol Acres. From 2015 to last year, the average price for Sol Acres increased by 81.6%. Additionally, the unit was sold at $1,477 psf, above the then-average price of $1,429 psf for the EC.
In comparison, this year’s most profitable unit generated a smaller profit of $859,000 when the seller sold it in January for $1.88 million ($1,532 psf). The seller had purchased the 1,227-sq ft unit in October 2015 for $1.021 million ($832 psf). The four-bedroom unit is located on the 18th storey.
Similar to last year’s most profitable unit, the seller not only benefited from the overall price growth of Sol Acres, but also achieved a higher-than-average sale price of $1,532 psf, compared to the current average price of $1,487 psf for the EC this year.
What makes Esparina Residences so unique?
Among the ECs on the top 10 list, all obtained their TOP between 2017 and 2019, with Esparina Residences being the sole exception, having obtained its TOP in 2013.
One reason for Esparina Residences’ strong profitability could be that ECs are privatised 10 years after obtaining their TOP. Once privatised, they can be purchased by anyone, including foreigners, similar to private condos. This widens the pool of potential buyers for such ECs. As Esparina Residences obtained its TOP in September 2013, it would have become privatised in late 2023.
Unsurprisingly, resale volume for Esparina Residences rose from 27 units in 2022 to 32 units in 2023 and 49 units last year (see Chart 3). So far this year, 12 units have changed hands. The increased popularity of Esparina Residences contributed to a boost in its average price, which rose by 24.7% from $1,304 psf in 2022 to $1,626 psf last year.
Source: EdgeProp Market Trends (as at 8 May 2025)
Esparina Residences and Prive are the only ECs that obtained their TOP in 2013. However, Prive did not perform as well as Esparina Residences, achieving only 41 profitable transactions last year, which earned it the 14th spot on the profitability list. In comparison, Esparina Residences ranked 10th with 48 profitable transactions, despite Esparina Residences (573 units) being a smaller development than Prive (680 units).
The difference in profitability between the two ECs could be attributed to their different locational attributes, despite both being located in District 19. Esparina Residences is located directly across the road from Buangkok MRT Station and Sengkang Grand Mall (see Map 2). The opening of the mall in 2023 likely brought added convenience to residents of Esparina Residences, thereby boosting both demand and prices for the EC.
Source: EdgeProp LandLens (as at 7 May 2025)
In contrast, amenities are located a longer walk away from Prive. While the EC is located across the road from Cove LRT Station, Punggol MRT Station and Waterway Point are nearly 500 metres away (see Map 3).
Source: EdgeProp LandLens (as at 7 May 2025)
Resale volume for Prive increased from 36 units in 2022 to 48 units last year. So far this year, 19 units have been sold (see Chart 4). From 2022 to last year, the average price for Prive rose by 18.6% to $1,407 psf. In comparison, the average price for Esparina Residences increased by 24.7% over the same period, reaching $1,626 psf last year.
Source: EdgeProp Market Trends (as at 8 May 2025)
Despite achieving a lower average price last year, the record-high profit for Prive was higher than that for Esparina Residences. Last year, profits for Prive ranged from approximately $195,000 to $1.282 million, while profits for Esparina Residences ranged from approximately $390,000 to $1.196 million.
However, Esparina Residences recorded more transactions with profits of at least $1 million, a total of four transactions compared to Prive’s three. Additionally, Esparina Residences achieved 22 transactions with profits of at least $800,000 last year, whereas Prive recorded only 10 such transactions.
The most profitable units from both ECs share several similarities. Most notably, both are four-bedroom units purchased in 2011 from their respective developers.
The seller of the unit at Esparina Residences purchased it in February 2011 for $1.029 million ($753 psf) and sold it in March last year for $2.225 million ($1,628 psf), resulting in a profit of $1.196 million.
The 1,367-sq ft unit on the fifth storey features an en-suite master bedroom, three additional bedrooms, and a common bathroom. It also includes a balcony adjacent to the living and dining areas, as well as dry and wet kitchens. The wet kitchen contains a utilities room and washroom that can be used as a helper’s room or a pantry (see Floor Plan 1).
Source: EdgeProp Research
In comparison, the most profitable unit from Prive measures 1,399 sq ft, making it larger than the unit from Esparina Residences. The unit at Prive is located on the 13th storey, a higher level than the fifth-storey unit at Esparina Residences.
The four-bedroom unit at Prive features an en-suite master bedroom and an en-suite Bedroom 2. The master bedroom also has a private balcony. The remaining two bedrooms share a common bathroom (see Floor Plan 2). The unit at Prive (1,399 sq ft) is larger because it has three bathrooms, compared to the unit at Esparina Residences (1,367 sq ft), which has two bathrooms.
Another key difference in the unit layouts is that Bedroom 2 and its attached bathroom are located separately from the other three bedrooms in the Prive unit. In contrast, all four bedrooms in the unit at Esparina Residences are clustered together (see Floor Plan 1).
The layout of the Prive unit might make it ideal for multi-generational families. If grandparents occupy Bedroom 2, it would offer them greater privacy.
Source: EdgeProp Research
The seller purchased the unit from Prive in January 2011 for $902,700 ($645 psf) and sold it in December last year for $2.185 million ($1,561 psf), resulting in a profit of $1.282 million.
District 27 dominates the top 10 list
There are four ECs from District 27 in the top 10 profitability chart, the most among all districts. The four ECs are The Visionaire, The Criterion, Parc Life, and The Brownstone (see Table 1).
Among the four most profitable ECs in District 27, only The Visionaire and The Brownstone are located near each other. These two ECs are adjacent to each other and within walking distance of Canberra MRT Station, Bukit Canberra Hawker Centre, Canberra Plaza, and Sembawang Shopping Centre (see Map 4). However, there are only two schools within a 1km radius, namely Sembawang Primary School and Wellington Primary School.
Source: EdgeProp LandLens (as at 7 May 2025)
Both ECs are also similar in size. The Visionaire features 632 units, while The Brownstone has 638 units. Both also obtained their TOP within a year of each other. The Brownstone obtained its TOP in October 2017, while The Visionaire obtained its TOP in June 2018. This means that the first owners of The Brownstone would have fulfilled their five-year MOP requirement in late 2022, while those at The Visionaire would have done so in mid-2023.
Despite their many similarities, there is a significant difference in the profitability of both ECs. The Visionaire was ranked second on the profitability list with 95 profitable transactions last year, with profits ranging from approximately $9,000 to $812,000. In comparison, the 54 profitable transactions recorded for The Brownstone only secured the EC the ninth spot on the list (see Table 1). Profits for The Brownstone ranged from approximately $38,000 to $725,000.
The Visionaire may have attracted more demand last year because it is more affordable than The Brownstone. From 2021 to last year, the average price of The Visionaire consistently trended below that of The Brownstone (see Chart 5). The average price of The Visionaire ($1,446 psf) only surpassed that of The Brownstone ($1,435 psf) this year.
The lower average price for The Visionaire (35.2%) could be due to its weaker price growth from 2021 to last year compared to The Brownstone (37.5%). The stronger price appreciation of The Brownstone could be attributed to its closer proximity to Canberra MRT Station and Canberra Plaza.
Source: EdgeProp Market Trends (as at 9 May 2025)
Last year’s most profitable unit at The Visionaire generated a profit of $811,500 for the seller when it was sold in November last year for $1.76 million ($1,340 psf). The seller purchased the unit from the developer in November 2016 for $948,500 ($722 psf).
The 1,313-sq ft unit features an en-suite master bedroom with a walk-in wardrobe, as well as two additional bedrooms and a common bathroom. The unit includes a study nook adjacent to the common bathroom. Additionally, there is a sizable storeroom in the kitchen that can be used as a laundry room or a helper’s room (see Floor Plan 3).
Source: EdgeProp Research
In comparison, last year’s most profitable unit at The Brownstone generated a smaller profit of $724,400 for the seller when it was sold in March for $1.53 million ($1,354 psf). The seller had purchased the unit from the developer in August 2015 for $805,600 ($713 psf).
The unit at The Brownstone (1,130 sq ft) is smaller compared to the unit at The Visionaire (1,313 sq ft). However, both units feature three bedrooms. The key difference is that the unit at The Brownstone lacks a study and a walk-in wardrobe in the en-suite master bedroom. The storeroom for the unit at The Brownstone is also smaller. However, there is a spacious yard adjacent to the kitchen in the unit at The Brownstone (see Floor Plan 4).
Source: EdgeProp Research
Conclusion
Among the 10 most profitable ECs, nine of them obtained their TOP approximately five to seven years ago, allowing the owners to sell their units to Singaporeans and PRs. The strong profitability of these ECs could be due to their long remaining leases. Additionally, such developments offer buyers the opportunity to upgrade to a soon-to-be private property at prices that are more affordable compared to a private condo.
The average resale price for 99-year leasehold condos ($2,033 psf) that are 10 years or newer has consistently trended below that of ECs ($1,555 psf) of a similar age (see Chart 6). Furthermore, significantly stronger price growth since 2020 has been observed for ECs (60.1%) compared to their condo counterparts (38.6%), indicating larger potential capital appreciation and higher probability for EC owners.
Source: EdgeProp Market Trends (as at 9 May 2025)
Sol Acres topped the profitability list with 157 profitable transactions last year. It is also the only EC with more than 100 profitable transactions. Sol Acres’ stellar performance can be attributed to its price growth over the years, supported by its close proximity to two LRT stations and a mall. Furthermore, the EC has over 1,000 units, naturally allowing for higher sales volume.
The unique regulations for EC buyers helped Esparina Residences break into the top 10 list. Furthermore, only Esparina Residences and Prive obtained their TOP in 2013. However, Prive did not make it to the top 10 list, while Esparina Residences benefited from its close proximity to Buangkok MRT Station and Sengkang Grand Mall, which opened in 2023.
Another key observation is the dominance of District 27, which has four ECs on the list. Among these, The Visionaire and The Brownstone stood out due to their close proximity to each other. Despite their many similarities, significantly more profitable transactions were recorded for The Visionaire, likely due to its lower average price.
