2 newest executive condos hitting MOP soon in 2024/25 for HDB upgraders

Executive Condominiums (ECs) are a favourite for upgraders. HDB upgraders find them affordable, while those upgrading to private condos find them easy to resell after five years.

If you are looking for something that is still new, here are two of the only Executive Condos that will be reaching their Minimum Occupation Period (MOP) very soon:

Hundred Palms Residences

Hundred Palms is reaching its MOP approximately next month, on Dec 19, 2024. This 531-unit development in Hougang was the top seller, back in 2017.

We still recall the snaking queues during its launch weekend, and the many disappointed buyers when every unit sold out in just seven hours. Hundred Palms remains, to date, the most oversubscribed EC in Singapore's history.

2017 was something of a low ebb for the EC market. We were coming off the end of a period of EC oversupply, roughly between 2014 to 2016.

This likely prompted the developer, Hoi Hup, to be more cautious with the pricing. As such, prices for Hundred Palms averaged a mere $836 psf. That came to just $715,000 for a three-bedroom unit, and $1.288 million for a five-bedroom unit — prices that sound extremely affordable in today's market.

That low initial price tag might explain the gains we're seeing from transactions so far:

Note: Some EC units can be sold before MOP, with special approval. 

For the transaction on Dec 1, 2023 (883 sq ft), the profit alone could almost pay for a whole other three-bedder during the launch! 

Hundred Palms only has three, four, and five-bedders (not an unusual decision for ECs, as family buyers usually aren't interested in anything smaller).

But note that condos from this era tend to be less efficient; so while the square footage seems impressive, we'd note there's no dumbbell layout: all the floor plans reflect a hallway running across the unit, which some may consider to be a bit wasteful.

These units had a lot of room for appreciation, especially when you consider how prices climbed post-Covid; so it's been quite the windfall for the first batch of buyers so far. 

The location

Hundred Palms' location is in District 19 (Hougang), and it's quite hard to go wrong here. While it is in the mature town of Hougang, it suffers the same issue as many ECs: it's not located near any MRT station.

There are buses nearby that go directly to Hougang MRT station (NEL, CRL), but nothing most would consider super-convenient. The Serangoon North MRT station (CRL), coming in 2029, will be much closer — but we still think it's too far to be a convenient walk. 

That aside, Hundred Palms is surrounded by heartland amenities. Hougang 1 isn't the biggest mall, but it's a short walk away and has a food court, a Watsons, and an NTUC.

The surrounding HDB enclave is also well-developed, with coffee shops, childcare facilities, and convenience stores. If you want condo facilities coupled with HDB-type amenities, this is an EC to look at. 

School access is also very good: Rosyth and Bowen Secondary are within walking distance, while Hougang Primary and Secondary, as well as Xinmin Primary and Secondary, are all within one kilometre. 

While the true hot spot in District 19 is honestly Serangoon (near NEX or Serangoon Village), this part of Hougang is very close by, and demand is still strong.

Rivercove Residences

This is a 628-unit EC, also in District 19; but this time within the Sengkang area. Rivercove Residences will reach its MOP in October 2025.

Rivercove was also a heavily oversubscribed EC in its day, but we can't compare its success to Hundred Palms; that's because Rivercove was simply the only new EC in 2018, and hence had the market to itself. At the time of its launch, reported prices were $830,000 for a three-bedder, and $1.34 million for the largest five-bedders. 

Recent early transactions are already showing solid gains:

Sold on	Address	Unit area(sqft)	Sale price(S$ psf)	Bought on	Purchase price(S$ psf)	Profit(S$)
5 Nov 2024	40 Anchorvale Lane #04-XX	958	1,336	14 Apr 2018	970	350,700
22 Jul 2024	26 Anchorvale Lane #02-XX	1,109	1,245	19 Jun 2018	969	305,800
8 Dec 2023	32 Anchorvale Lane #04-XX	1,281	1,226	14 Apr 2018	924	386,700
14 Jul 2022	36 Anchorvale Lane #05-XX	1,076	1,189	14 Apr 2018	921	288,200

As with Hundred Palms, all units are three, four, and five-bedders. Similarly, the raw square footage is higher than more recent projects, but note the space lost to the hallway. 

(As an interesting quirk, the 1,216 sq ft four-bedders (D2 and D2G) have a utility room and service yard that's not connected to the kitchen, but all the way across the dining area; not something you'd often see these days). 

The location:

A lot of this will come down to how you feel about LRT connections. We know some of you loathe having to use the LRT to get to the MRT, in which case Rivercove might be out for you. There's no MRT station nearby, but you can walk to Tongkang LRT, and use it to get to Sengkang MRT (NEL). 

Compass One mall is near this station; so if you don't mind needing the LRT, you will see Rivercove as quite convenient. You do have access to the major mall for this neighbourhood. 

The HDB enclave around Rivercove has some of the usual conveniences, including a Sheng Siong (in the direction of Anchorvale Fields). But that being said, Anchorvale is still a relatively young area; so you'll likely need to venture out for more retail and entertainment.

There are a lot of schools nearby though: Nan Chiau High is within one kilometre, as are Anchor Green, Fern Green, Springdale Primary, and Pei Hwa Secondary. 

Overall, quite a decent family location for the price, and there's still room for growth as Sengkang matures. 

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This article was first published in Stackedhomes.