Despite there being less Executive Condominiums (EC) launched in the second quarter of 2017, the total number of EC units sold in the first half of this year has increased by 8.5% from 1,867 to 2,026 as compared to the same period last year. This is according to data released by the Urban Redevelopment Authority (URA).
As majority of the executive condominiums sold were from previous launches (before and during the 1st quarter of 2017), the number of unsold executive condominiums is now at its lowest in 4 years.
Analysts predict that this surge in the number of executive condominiums sold will continue into the third quarter of 2017 as the property market picks up and due to the limited number of units currently in the market. Executive Condominiums cost 25%-30% less than private condominiums and are popular among middle income couples who have already started a family or who are seeking to do so soon.
Data shows that ECs located in the northern regions of Singapore are less popular as compared to those in other locations. One example of this lack of interest is in the sales figures of the iNz Residence in Choa Chu Kang where 47% of the development remains unsold since it was launched earlier this year.
What are the differences between an executive condominium and a private condominium? Here is our guide: Know The Difference: Executive Condominium vs Private Condominium