Something unexpected happened in March 2025. While new private home sales took a hit—dropping to one of the lowest monthly numbers in recent years—Executive Condominiums (ECs) bucked the trend. Big time.
So, what’s going on? And why are so many Singaporeans turning to ECs now?
Let’s break it down.
Private Home Sales Took a Tumble
First, the cold hard truth:
In March, developers sold just 301 new private homes (excluding ECs). That’s a month-on-month drop of nearly 50% from the 605 units sold in February. It’s also the lowest March sales figure since 2020, right when COVID-19 started to shake things up.
Why the slowdown?
- Fewer launches: Only 278 new units were launched in March. Compare that to 426 units in February—there simply wasn’t as much fresh supply to pick from.
- High interest rates: With current mortgage rates hovering around 3.5% to 4%, many buyers are playing it safe.
- Buyers waiting: With major projects expected in Q2 and Q3, a lot of people are sitting on the sidelines.
EC Sales? Totally Different Story.
While the private segment cooled off, Executive Condominiums went the other way.
In March, developers sold 193 EC units, more than 60% of total EC sales for the first quarter. And get this—almost all of them came from one project: Lumina Grand in Bukit Batok.
Why is that huge?
- ECs usually get less attention compared to private condos.
- But Lumina Grand launched in late January, and demand hasn’t let up.
- Average price? Around $1,500 psf, which is super competitive given the amenities and location.
Let’s put it in perspective:
A private condo nearby might go for $1,900 to $2,200 psf. That’s a massive difference, especially for families upgrading from HDBs.
Why ECs Are the Darling of the Market
- Private Condo Vibes at HDB Prices ECs are built by private developers, but they come with subsidies and grant eligibility. You get full condo facilities—pools, BBQ pits, gyms—without paying full condo prices.
- Grants Galore Eligible first-time buyers can tap into CPF housing grants of up to $30,000. That’s money straight off your purchase price.
- Big Upside After 10 Years After 5 years, you can sell to Singaporeans and PRs. After 10? Anyone can buy. Historically, ECs see strong appreciation once they go fully private.
- Tight Supply ECs are launched in limited quantities each year, and only Singaporeans can buy them during the initial launch. That makes them hot property—literally.
Lumina Grand: A Case Study
Want a real-world example? Let’s talk Lumina Grand in Bukit Batok.
- Units Sold (March 2025 alone): 188
- Average Price: ~$1,500 psf
- Unit Mix: 3- to 5-bedders
- Close to Jurong Lake District, Singapore’s second CBD
- Near future Tengah Plantation MRT (part of the Jurong Region Line)
That’s a solid upgrade option for families living in Bukit Batok, Choa Chu Kang, or Jurong who are reaching the end of their MOP.
So… Should You Jump on the EC Bandwagon?
If you’re sitting on the fence, here’s the thing—ECs are limited. And when demand spikes like this, it often leads to fewer units left, less choice, and higher prices.
If you qualify for an EC, you’re basically getting a steep discount on private living. Just make sure:
- You meet the household income cap of $16,000
- You’re a Singapore Citizen household (at least one SC in the family)
- You’ve done your sums—your loan eligibility, grants, and monthly repayments
Final Word: Don’t Sleep on ECs
2025 might be the year Executive Condos steal the show.
They’ve always flown under the radar, but with private home prices holding firm and interest rates still high, ECs are suddenly the sweet spot for smart, value-driven buyers.
Want to explore EC options or run the numbers? Let’s chat.
It might just be the smartest move you make this year.
