Are EC prices becoming too expensive?
Executive Condominium, being a subsidized condo by government, has been widely accepted at 20-25% discount price to private condos. However, the narrowing gap has been observed in recent years.
Piermont Grand, the only EC launch this year sold 375 out of 820 units over the launch weekend. The average transaction price of $1,080psf is a new record price for EC since the launch of Rivercove ($965psf) in 2018. And it’s the first time EC has crossed over $1,000psf. EC price has jumped almost 35% from early 2018, while it was only at around $800psf.
The new price tag comes close to some of the private condo price in suburb areas, like Treasure at Tampines, The Tapestry at Tampines, Parc Botannia and Whilster Grand. The average price for these developments has been hovering around $1200-1350psf. The narrowing gap has pushed many HDB upgraders towards private condos as their preferred choices in recent months. Treasure at Tampines has moved around 530 units since its launch in Mar 2019, with some bigger units sold at just above $1100psf.
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