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Executive Condo Trends.. Is it still affordable?


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Executive Condos are supposed to cater for middle-income Singaporeans who don’t qualify for BTOs due to their income ceiling. Buyers can only take bank loan and there's a max cap of $16,000 income ceiling... but with the recent land tenders of EC land.... the prices of future EC seems to be closing the gap with private condos! 

Latest Bukit Batok West EC plot hit another record high (https://www.straitstimes.com/singapore/housing/record-bid-lodged-for-bukit-batok-west-ec-plot-dairy-farm-walk-plot-hotly-contested) and analysts estimated at the land rate of $662 psf ppr, the new EC at Bukit Batok West could be launched at a record price of $1,328 psf to $1,388 psf 🤔🥶

From this table i came across from this website https://executivecondolaunch.com/about-ec/, all the upcoming ECs land are getting higher and higher, which means selling price will definitely be high one after another! Another interesting thing i see (or worrying fact), the latest ECs land tenders are all awarded to Qingjian... there's two more upcoming plots in the same area, if this developer wants to be monopoly in the area and start to bid aggressively for the remaining plots.... cant imagine next time how much will the EC land gonna cost???? 😱 would EC still be "affordable" to the sandwiched class???? 

1378108206_Screenshot2022-03-09at1_14_05PM.thumb.png.1ef701d97854c1065e4ab6a7fcaa8383.png

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26 minutes ago, Madz said:

Executive Condos are supposed to cater for middle-income Singaporeans who don’t qualify for BTOs due to their income ceiling. Buyers can only take bank loan and there's a max cap of $16,000 income ceiling... but with the recent land tenders of EC land.... the prices of future EC seems to be closing the gap with private condos! 

Latest Bukit Batok West EC plot hit another record high (https://www.straitstimes.com/singapore/housing/record-bid-lodged-for-bukit-batok-west-ec-plot-dairy-farm-walk-plot-hotly-contested) and analysts estimated at the land rate of $662 psf ppr, the new EC at Bukit Batok West could be launched at a record price of $1,328 psf to $1,388 psf 🤔🥶

From this table i came across from this website https://executivecondolaunch.com/about-ec/, all the upcoming ECs land are getting higher and higher, which means selling price will definitely be high one after another! Another interesting thing i see (or worrying fact), the latest ECs land tenders are all awarded to Qingjian... there's two more upcoming plots in the same area, if this developer wants to be monopoly in the area and start to bid aggressively for the remaining plots.... cant imagine next time how much will the EC land gonna cost???? 😱 would EC still be "affordable" to the sandwiched class???? 

 

@Madz 

I believe the income ceiling will be raise in the near future. 

Why worry? EC is always affordable as you can see it is selling quite well. Demand vs Supply. There are always people who can afford EC.

I don't see anything to worry about. If middle class and kenna sandwiched, can always buy BTO or resale HDB 3 / 4 room flat. 

If cannot afford BMW, then buy Toyota lor.........If still cannot afford Toyota, buy motorcycle lor 

There are always plenty of choices around with your $$$. Just get something within your means.

So why worry? Might as well work harder to earn more $$$ than to spend time worrying about something you cannot afford. 

 

 

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Supersonic

EC still in great demand, many people who stay in HDB will want to upgrade to at least an EC if they cannot upgrade straight to condo.

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Clutched
14 minutes ago, Mahjong74 said:

@Madz 

I believe the income ceiling will be raise in the near future. 

Why worry? EC is always affordable as you can see it is selling quite well. Demand vs Supply. There are always people who can afford EC.

I don't see anything to worry about. If middle class and kenna sandwiched, can always buy BTO or resale HDB 3 / 4 room flat. 

If cannot afford BMW, then buy Toyota lor.........If still cannot afford Toyota, buy motorcycle lor 

There are always plenty of choices around with your $$$. Just get something within your means.

So why worry? Might as well work harder to earn more $$$ than to spend time worrying about something you cannot afford. 

 

 

It take ages for HDB to revise the income ceiling... well if based on their record, hopefully next year HDB do something and adjust the income ceiling.. it'll be 4yrs since they last adjust... 

Of coz there are people who can afford EC.. those whose dad is rich and can pay upfront downpayments for their kids just to help them kickstart the property ownership... for others who dont have this luxury, loan is already a big issue since EC has a mortgage servicing ratio and only 30% of our income will be considered... even max $16K income maybe the loan only around $900-1m max... with the selling prices of ECs now, really quite tough already don say in the future.... and again definitely can chose to buy BTO but that also have income ceiling.. so lucky exceed abit, HDB say u not eligible go buy EC... 🤦‍♂️

Working very hard already but the prices are rising not in equivalent to our pay increment 😅 must plan for the future... no dreamz, no goals, no motivation 🤣

 

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Supersonic

I thought ECs are all built in the North? Oh so now got some in Tampines and BBW.

To me all very far away especially those in the North. 

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Supersonic
37 minutes ago, 13177 said:

EC still in great demand, many people who stay in HDB will want to upgrade to at least an EC if they cannot upgrade straight to condo.

LoL... Someone told be it is because many who are not eligible for bto and find private too ex they have the only option of EC or resale EC/hdb. It is not exactly great demand, just LLST, one or two options nia. Me too thinks there are not many options. With the 4D/Toto type of balloting it is no sure tio beh pio, so many 50cent 10cent rules, ppl just give up and buy resale hdb or EC if they stay in the North.

Choices are very limited if couples want govt housing. With the income ceiling cut-off that also limits some couples' choices. Unless you are an orphan, widowed, or a single parent...actually I dunno if they have less restrictions. But surely have better chance than singles below 35yo. It sucks.

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Turbocharged
1 hour ago, Madz said:

Executive Condos are supposed to cater for middle-income Singaporeans who don’t qualify for BTOs due to their income ceiling. Buyers can only take bank loan and there's a max cap of $16,000 income ceiling... but with the recent land tenders of EC land.... the prices of future EC seems to be closing the gap with private condos! 

Latest Bukit Batok West EC plot hit another record high (https://www.straitstimes.com/singapore/housing/record-bid-lodged-for-bukit-batok-west-ec-plot-dairy-farm-walk-plot-hotly-contested) and analysts estimated at the land rate of $662 psf ppr, the new EC at Bukit Batok West could be launched at a record price of $1,328 psf to $1,388 psf 🤔🥶

From this table i came across from this website https://executivecondolaunch.com/about-ec/, all the upcoming ECs land are getting higher and higher, which means selling price will definitely be high one after another! Another interesting thing i see (or worrying fact), the latest ECs land tenders are all awarded to Qingjian... there's two more upcoming plots in the same area, if this developer wants to be monopoly in the area and start to bid aggressively for the remaining plots.... cant imagine next time how much will the EC land gonna cost???? 😱 would EC still be "affordable" to the sandwiched class???? 

1378108206_Screenshot2022-03-09at1_14_05PM.thumb.png.1ef701d97854c1065e4ab6a7fcaa8383.png

EC projects are normally bigger apartment so no 1 or 2 bedder. So i dont think they will sell at 1.3k psf as this is more like private condos rate. a thousand sq ft apartment will cost 1.3 million. i think quite hard for a couple with less than 16k income to maintain.

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Supersonic
10 minutes ago, Stratovarius said:

EC projects are normally bigger apartment so no 1 or 2 bedder. So i dont think they will sell at 1.3k psf as this is more like private condos rate. a thousand sq ft apartment will cost 1.3 million. i think quite hard for a couple with less than 16k income to maintain.

That's why after 5 years ppl quickly sell. 

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Clutched
1 hour ago, Stratovarius said:

EC projects are normally bigger apartment so no 1 or 2 bedder. So i dont think they will sell at 1.3k psf as this is more like private condos rate. a thousand sq ft apartment will cost 1.3 million. i think quite hard for a couple with less than 16k income to maintain.

Exactly! With less than $16K income or even at $16K income its very tough for a couple to maintain with that pathetic amount of loan granted for EC... need alot of cash and cpf! The 1.3K psf seems cant siam will be that high with such high land cost next time... $662psf + increase construction cost now quoting $400psf + dev A&P cost + profit margin min 10% think its really what the analysts estimate $13xxpsf next time... 

EC avg size 1000sqft min $1.3m 😅 it's either developers next time do mickey mouse EC or we just have to cough up money somewhere to upgrade... in today standard, $1.3-1.4m can get private new launch like watergardens or The Commodore liao lol.... https://singaporepropertybiz.com/the-watergardens-at-canberra, the price same same...

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Clutched
2 hours ago, Watwheels said:

LoL... Someone told be it is because many who are not eligible for bto and find private too ex they have the only option of EC or resale EC/hdb. It is not exactly great demand, just LLST, one or two options nia. Me too thinks there are not many options. With the 4D/Toto type of balloting it is no sure tio beh pio, so many 50cent 10cent rules, ppl just give up and buy resale hdb or EC if they stay in the North.

Choices are very limited if couples want govt housing. With the income ceiling cut-off that also limits some couples' choices. Unless you are an orphan, widowed, or a single parent...actually I dunno if they have less restrictions. But surely have better chance than singles below 35yo. It sucks.

Singles i think only can buy EC with another single (not married, divorce or widowed also this category) but min 35yrs old.. below 35yrs single basically no chance buy new HDB la 🤣 our govt pro-family....

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Turbocharged
20 minutes ago, Madz said:

Exactly! With less than $16K income or even at $16K income its very tough for a couple to maintain with that pathetic amount of loan granted for EC... need alot of cash and cpf! The 1.3K psf seems cant siam will be that high with such high land cost next time... $662psf + increase construction cost now quoting $400psf + dev A&P cost + profit margin min 10% think its really what the analysts estimate $13xxpsf next time... 

EC avg size 1000sqft min $1.3m 😅 it's either developers next time do mickey mouse EC or we just have to cough up money somewhere to upgrade... in today standard, $1.3-1.4m can get private new launch like watergardens or The Commodore liao lol.... https://singaporepropertybiz.com/the-watergardens-at-canberra, the price same same...

I was quite surprised at the sqft price of water gardens. It is around the same as north park during launch and their 3 bedder is pretty small. Good luck for our future generation. 

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4 hours ago, Madz said:

Executive Condos are supposed to cater for middle-income Singaporeans who don’t qualify for BTOs due to their income ceiling. Buyers can only take bank loan and there's a max cap of $16,000 income ceiling... but with the recent land tenders of EC land.... the prices of future EC seems to be closing the gap with private condos! 

Latest Bukit Batok West EC plot hit another record high (https://www.straitstimes.com/singapore/housing/record-bid-lodged-for-bukit-batok-west-ec-plot-dairy-farm-walk-plot-hotly-contested) and analysts estimated at the land rate of $662 psf ppr, the new EC at Bukit Batok West could be launched at a record price of $1,328 psf to $1,388 psf 🤔🥶

From this table i came across from this website https://executivecondolaunch.com/about-ec/, all the upcoming ECs land are getting higher and higher, which means selling price will definitely be high one after another! Another interesting thing i see (or worrying fact), the latest ECs land tenders are all awarded to Qingjian... there's two more upcoming plots in the same area, if this developer wants to be monopoly in the area and start to bid aggressively for the remaining plots.... cant imagine next time how much will the EC land gonna cost???? 😱 would EC still be "affordable" to the sandwiched class???? 

1378108206_Screenshot2022-03-09at1_14_05PM.thumb.png.1ef701d97854c1065e4ab6a7fcaa8383.png

As long as the supply is absorbed ….. it just means it’s affordable. Remember there are conditions attached before one can buy it. So imo, yes, it is still affordable to answer your question.  As for the future, let the future generations worry for themselves lah…..at that time, if not affordable, the generation will surely kpkb like many people before us and now are doing….and if really serious enough, the policies then will adjust accordingly……EC income ceiling has been raised before until it’s $16k now….so history has shown that policies will adjust according to market forces. No worries…..

1 thing I noticed among my friends and families who always complained property prices too expensive for future generations…..actually it is they themselves who want to buy cheap….not so much about caring for the future.  Once they buy already, I stop hearing them ‘complain’ lol

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Supersonic
4 hours ago, kobayashiGT said:

The asset you use to stay is not an asset. hahahah.

 

If you set your ass in it, it's not an asset. 😁

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Turbocharged
4 hours ago, Madz said:

Executive Condos are supposed to cater for middle-income Singaporeans who don’t qualify for BTOs due to their income ceiling. Buyers can only take bank loan and there's a max cap of $16,000 income ceiling... but with the recent land tenders of EC land.... the prices of future EC seems to be closing the gap with private condos! 

Latest Bukit Batok West EC plot hit another record high (https://www.straitstimes.com/singapore/housing/record-bid-lodged-for-bukit-batok-west-ec-plot-dairy-farm-walk-plot-hotly-contested) and analysts estimated at the land rate of $662 psf ppr, the new EC at Bukit Batok West could be launched at a record price of $1,328 psf to $1,388 psf 🤔🥶

From this table i came across from this website https://executivecondolaunch.com/about-ec/, all the upcoming ECs land are getting higher and higher, which means selling price will definitely be high one after another! Another interesting thing i see (or worrying fact), the latest ECs land tenders are all awarded to Qingjian... there's two more upcoming plots in the same area, if this developer wants to be monopoly in the area and start to bid aggressively for the remaining plots.... cant imagine next time how much will the EC land gonna cost???? 😱 would EC still be "affordable" to the sandwiched class???? 

1378108206_Screenshot2022-03-09at1_14_05PM.thumb.png.1ef701d97854c1065e4ab6a7fcaa8383.png

Parents cash rich?

Maybe young people made a killing from crypto?

money-stack.gif

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Neutral Newbie
7 hours ago, Madz said:

Executive Condos are supposed to cater for middle-income Singaporeans who don’t qualify for BTOs due to their income ceiling. Buyers can only take bank loan and there's a max cap of $16,000 income ceiling... but with the recent land tenders of EC land.... the prices of future EC seems to be closing the gap with private condos! 

Latest Bukit Batok West EC plot hit another record high (https://www.straitstimes.com/singapore/housing/record-bid-lodged-for-bukit-batok-west-ec-plot-dairy-farm-walk-plot-hotly-contested) and analysts estimated at the land rate of $662 psf ppr, the new EC at Bukit Batok West could be launched at a record price of $1,328 psf to $1,388 psf 🤔🥶

From this table i came across from this website https://executivecondolaunch.com/about-ec/, all the upcoming ECs land are getting higher and higher, which means selling price will definitely be high one after another! Another interesting thing i see (or worrying fact), the latest ECs land tenders are all awarded to Qingjian... there's two more upcoming plots in the same area, if this developer wants to be monopoly in the area and start to bid aggressively for the remaining plots.... cant imagine next time how much will the EC land gonna cost???? 😱 would EC still be "affordable" to the sandwiched class???? 

1378108206_Screenshot2022-03-09at1_14_05PM.thumb.png.1ef701d97854c1065e4ab6a7fcaa8383.png

Good info! 👍 from the website, the Tengah EC (https://executivecondolaunch.com/tengah-ec/) looks interesting now, only EC in the west after so many years... ECs are always in Punggol/Sengkang, Tampines and the north areas... compare Tengah and BB, guess once Tengah one launch, roughly can estimate how much BB will cost, Tengah land cost is so much lower. Current ECs already in the range of $1150-1250psf...

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