An EC made $1.38m in profits? 10 most profitable executive condos in the past 10 years
PHOTO: Stackedhomes
PUBLISHED ONDecember 17, 2022 2:15 AMByRyan J
When it comes to Executive Condominiums (ECs), the dream is to buy and sell at a tidy profit right after the five-year Minimum Occupancy Period (MOP).
While this is a common practice, the results differ significantly between projects. The most famous example so far? A stunning gross profit of $1.38 million for a unit at CityLife@Tampines.
In this article, we look at 10 ECs that have topped the charts in terms of resale profits, when sold right after their MOP. Check it out here:
The top 10 most profitable ECs
| Project Name | Transacted Price ($) | Area (SQFT) | Sale Date | Property Type | Tenure |
| Citylife@Tampines | $3,288,000 | 3864 | 21/10/21 | Executive Condominium | 99 yrs from 13/08/2012 |
| Citylife@Tampines | $2,500,000 | 2691 | 20/10/21 | Executive Condominium | 99 yrs from 13/08/2012 |
| Citylife@Tampines | $2,300,000 | 2788 | 10/9/21 | Executive Condominium | 99 yrs from 13/08/2012 |
| Citylife@Tampines | $2,285,000 | 2788 | 6/10/21 | Executive Condominium | 99 yrs from 13/08/2012 |
| Citylife@Tampines | $2,300,000 | 2788 | 16/11/21 | Executive Condominium | 99 yrs from 13/08/2012 |
| The Terrace | $2,225,000 | 1711 | 1/9/22 | Executive Condominium | 99 yrs from 30/10/2013 |
| The Terrace | $1,900,000 | 1442 | 24/8/22 | Executive Condominium | 99 yrs from 30/10/2013 |
| The Vales | $1,840,000 | 1410 | 29/6/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| The Vales | $1,810,000 | 1410 | 16/8/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| The Vales | $1,820,000 | 1410 | 22/9/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| The Terrace | $2,200,000 | 1711 | 7/6/22 | Executive Condominium | 99 yrs from 30/10/2013 |
| The Topiary | $2,188,888 | 2228 | 24/5/21 | Executive Condominium | 99 yrs from 03/07/2012 |
| The Terrace | $1,840,000 | 1313 | 2/9/22 | Executive Condominium | 99 yrs from 30/10/2013 |
| The Vales | $1,788,888 | 1410 | 23/9/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| Lake Life | $2,166,000 | 1604 | 23/8/22 | Executive Condominium | 99 yrs from 30/10/2013 |
| The Vales | $1,780,000 | 1410 | 7/9/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| The Vales | $1,930,000 | 1593 | 12/8/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| The Terrace | $1,850,000 | 1442 | 9/9/22 | Executive Condominium | 99 yrs from 30/10/2013 |
| Bellewaters | $1,825,000 | 1496 | 6/7/22 | Executive Condominium | 99 yrs from 28/08/2013 |
| Skypark Residences | $1,890,000 | 1528 | 26/8/22 | Executive Condominium | 99 yrs from 18/03/2013 |
| The Vales | $1,738,888 | 1410 | 29/9/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| 1 Canberra | $2,200,000 | 2347 | 30/8/22 | Executive Condominium | 99 yrs from 30/01/2012 |
| Waterbay | $1,750,000 | 1561 | 29/8/22 | Executive Condominium | 99 yrs from 02/07/2012 |
| The Terrace | $1,860,000 | 1442 | 15/9/22 | Executive Condominium | 99 yrs from 30/10/2013 |
| Bellewaters | $1,780,000 | 1496 | 15/6/22 | Executive Condominium | 99 yrs from 28/08/2013 |
| The Topiary | $2,150,000 | 2174 | 15/9/21 | Executive Condominium | 99 yrs from 03/07/2012 |
| The Topiary | $1,680,000 | 1367 | 25/10/22 | Executive Condominium | 99 yrs from 03/07/2012 |
| The Vales | $2,100,000 | 1658 | 3/10/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| Bellewaters | $1,900,000 | 1528 | 13/9/22 | Executive Condominium | 99 yrs from 28/08/2013 |
| The Terrace | $1,880,000 | 1442 | 14/10/22 | Executive Condominium | 99 yrs from 30/10/2013 |
| Citylife@Tampines | $1,838,000 | 1313 | 10/10/22 | Executive Condominium | 99 yrs from 13/08/2012 |
| Bellewaters | $1,800,000 | 1593 | 12/8/22 | Executive Condominium | 99 yrs from 28/08/2013 |
| The Topiary | $1,550,000 | 1238 | 24/11/22 | Executive Condominium | 99 yrs from 03/07/2012 |
| The Topiary | $2,180,000 | 2454 | 30/7/21 | Executive Condominium | 99 yrs from 03/07/2012 |
| Bellewaters | $1,715,000 | 1335 | 26/9/22 | Executive Condominium | 99 yrs from 28/08/2013 |
| The Vales | $1,670,000 | 1270 | 9/9/22 | Executive Condominium | 99 yrs from 19/05/2014 |
| Skypark Residences | $2,088,000 | 1722 | 26/5/22 | Executive Condominium | 99 yrs from 18/03/2013 |
| Lush Acres | $1,788,000 | 1356 | 28/10/22 | Executive Condominium | 99 yrs from 13/02/2013 |
For the above ECs, we looked at units that were bought and sold within a 10-year period (i.e., bought and resold by the first batch of owners). We’ve kept the list to ECs from over the past decade, as older ECs, such as those from the ‘90s, were bought and sold under very different market conditions.
Perhaps the most eye-opening detail here is the CityLife penthouse, which sold at a gain of $1,376,100. This is the same penthouse that caused a ruckus when it was first announced, as it was the largest ever EC unit at four times the size of a five-room flat. It seems whoever could afford it made the right decision to splurge.
Why have these ECs done well?
These ECs have sold well for several reasons, which continue to hold true at this later date. It’s worth taking note of these factors, as they come closer to full privatisation (also, the second batch of EC buyers have no MOP, so their owners can sell at any time). Many of these same ECs are now viable options on the resale market, as new launch prices continue their crazy climb in 2022.
1. CityLife @ Tampines
Location: 57 Tampines Central 7 (District 18)
Developer: Jointly developed by Amara Holdings Ltd. (this is actually a hotel developer), Kay Lim Holdings, and SingHaiyi Group
TOP: 2016
Number of units: 514
Why did it do so well?
CityLife @ Tampines garnered a lot of attention even at launch and managed to sell 90 per cent of its units over the launch weekend on March 2013. Note the date which makes the high gains even more impressive: 2013 was a peak period for property prices.
At the time, interest stemmed from the involvement of Amara Holdings Ltd., which is a well-known hotel developer. CityLife was designed to have facilities built to hotel standards, and this was one of the first ECs to include an Infinity Pool and free wi-fi in common areas. And it’s not just any Infinity Pool mind you, it was a giant 100-metre-long pool. Besides that, you do also have six Sky Gardens at varying heights.
The second reason is good access to the Tampines Central area, where there are Grade A offices and malls like Century Square and Tampines 1. While it’s a bit far to walk on foot, residents can just use bus 969 to reach this hub in a few minutes; the stop is just outside the condo.
The Tampines MRT is also located here (Downtown Line and East-West Line). This makes CityLife one of the better-located condos in Tampines, which is already the regional centre of the east.
2. The Terrace
Location: 88 Edgedale Plains (District 19)
Developer: Peak Square Pte. Ltd.
TOP: 2017
Number of units: 747
Why did it sell so well?
The most attractive feature of The Terrace is probably size. This project has no one or two-bedder units, and the smallest three-bedders start from 1,001 sq. ft. The bulk of units (401 of the 747 units) are three-bedders ranging between 1,001 to 1,173 sq. ft.
The size, coupled with the low quantum, makes The Terrace very appealing to HDB upgraders and first-time family buyers. The 1,001 sq. ft. units, for instance, have recently transacted for as low as $1.08 million, while the larger three-bedders are in a comfortable $1.5 million price range for upgraders.
We would expect continued interest and for prices to creep up, especially as nearby developments like the Punggol Digital District come into play.
Location-wise, The Terrace is quite convenient if you don’t mind using the LRT. It’s just right outside Kadaloor LRT, which is two stops from Punggol MRT. From there, residents can access the malls and other amenities at Waterway Point.
One minor issue with The Terrace though is a lack of bus routes nearby. There are only buses 50 and 386 nearby.
3. The Vales
Location: 79 Anchorvale Crescent (District 17)
Developer: Peak Square Pte. Ltd.
TOP: 2017
Number of units: 517
Why did it sell so well?
The Vales is surprisingly accessible for an EC, which is usually built further from transport nodes. The Cheng Lim LRT station is just outside the condo, and from here it’s just one stop away from Sengkang MRT (North-East Line). Near the Sengkang MRT station is Compass One, the major mall servicing this neighbourhood. You can also walk to the MRT station, which is about a 7-minute walk away.
The Vales also has good school access; in particular, parents will be eyeing the popular Nan Chiau Primary and Nan Chiau High, which are both about 640 metres away.
The Vales also has some appeal to landlords, due to the proximity of Sengkang General Hospital – which is located just right outside the condo. Hospitals tend to employ a lot of foreign workers, so this provides a good catchment area for tenants.
For homeowners, the proximity of the hospital can be either a plus or a minus. For those who need ongoing treatment, this can be a super-convenient place to live; but some homeowners may worry about ambulance sirens or cultural taboos.
(As an aside, Sengkang General Hospital is considered a food amenity by some residents, due to its Koufu food court; there’s even a Sakae Sushi in the hospital, and various other outlets).
Bellewaters EC is about five minutes walk from here, and benefits from some of the same locational advantages (see below).
4. The Topiary
Location: 11 Fernvale Lane (District 28)
Developer: Peak Living Pte. Ltd.
TOP: 2016
Number of units: 700
Why did it sell so well?
The Topiary has interesting layouts, in particular, dual-key layouts for three-bedders (1,259 to 1,539 sq. ft.), and four-bedders (1,389 to 1,636 sq. ft.). That aside, spaciousness is a big factor, with several of the three-bedders going up to 1,335 sq. ft., and 4 bedroom units going up to 1,970 sq. ft. There are 5 bedroom units here to consider too, which range from 2,131 to 2,454 sq. ft. in size.
The large sizes mean a quantum that’s on the higher end for resale ECs (around $1.6 million to $1.7 million), but the amount is still comfortable for most upgraders. This makes The Topiary good for family buyers, and the dual key units are an interesting option for extended families.
As the name implies, the Topiary places a lot of emphasis on its landscaping. The layout of the project takes good advantage of the plot size (around 236,805 sq. ft.), and the project does feel spacious despite the unit count of 700.
It is a little far from the closest LRT station though, which is Fernvale; this is sightly past Seletar Mall (also the closest source of retail), which could mean a walk that is a bit longer than 10 minutes. You do have Greenwich V to consider that’s close by. There’s a CS Fresh here along with drinking options like a Wine Connection and A Coffee Bean and Tea Leaf.
Do also note that the open space across Fernvale Lane is a reserve site, so this could point to further developments here in the future.
5. Lake Life
Location: 2 Tao Ching Road (District 22)
Developer: Lakehomes Pte. Ltd. (Evia Real Estate)
TOP: 2016
Number of units: 546
Why did it sell so well?
Lake Life was one of the fastest-selling ECs ever, managing to move 98 per cent of its units during its launch weekend in 2014 (this was on the second day of launch). The reason for its quick sales also explains the high-profit margin seen by buyers – it was one of the most competitively priced west-end condos at the time.
The developer priced units at $799 to $930 psf, which sounds unbelievably low in today’s context. For comparison, at that point in November 2014, fully private new launch condos were priced at close to $1,300 psf. The first batch of buyers could have gotten a three-bedder (1,023 to 1,034 sq. ft.) for a quantum of around $980,000 to $1.1 million. There was, simply put, a lot of room to appreciate.
Continued improvements in Jurong East, the “second CBD”, will help to prop up the price of Lake Life; but note that this is a condo for drivers or those who like the bus. There’s no LRT or MRT within walking distance, but you are located just outside Jurong Lake, which will be a major attraction for nature lovers.
6. Bellewaters
Location: 11 Anchorvale Crescent (District 19)
Developer: Qingjian Realty (Anchorvale) Pte. Ltd.
TOP: 2017
Number of units: 651
Why did it sell so well?
Bellewaters is five minutes walk from The Vales (see above) and shares many of the same locational advantages. Bellewaters is a little bit further from Farmville LRT than The Vales is from Cheng Lim, but it’s less than a 10-minute walk so this is a relatively minor difference.
A key point of difference is that Nan Chiau High (but not Nan Chiau Primary) is slightly outside the one-kilometre HSD, at about 1.15 kilometres.
But this also means Bellewaters is further from Sengkang General Hospital; so those who like the location, but not the ambulance sirens, may prefer Bellewaters to The Vales. You are also closer to sporting activities like Sengkang Sports Centre and the Sengkang Riverside Park, so if these are important to you that could be another point to note.
Bellewaters emphasises larger units, with only three, four, and five bedders. Its smaller three-bedders, at 1,055 sq. ft., are transacting at as low as $1.35 million. Family units priced out of 2022’s new launch condos may find these an appealing choice.
7. Skypark Residences
Location: 19 Sembawang Crescent (District 27)
Developer: Oasis Development Pte. Ltd.
TOP: 2016
Number of units: 506
Why did it sell so well?
This condo is famous for its namesake: a massive 1,250 sqm. rooftop park, 15 floors above ground. Skypark Residences also has a 200-metre jogging track, as well as lounge areas and pavilions that make for a unique picnic spot. To date, we haven’t seen any other EC with such a large, above-ground landscaped facility. (We have an insider review of Skypark Residences from a resident here).
That aside, Skypark manages to mitigate a lot of the “ulu” factors of living in Sembawang. It’s one of the few ECs that’s within walking distance of an MRT station (Sembawang MRT on the North-South line), at just under 10 minutes on foot.
It’s also roughly the same distance to Sembawang Shopping Centre, where you’ll find a Giant supermarket, a Watsons, and many places to eat. As such, residents probably won’t feel the lack of amenities that usually come with younger areas.
The biggest appeal of Skypark may be its large unit sizes. There are only three, four, and five-bedders here; and the smallest three-bedders start from 1,141 sq. ft. These can transact for as low as $1.4 million. The five-bedders, which go up to 1,593 sq. ft. (almost 300 sq. ft. more than the typical 5-room flat) still transact at under $2 million. There are also 5 bedroom maisonettes here, which go up to the biggest 1,722 sq. ft. in size.
Size, coupled with Sembawang’s green spaces, makes Skypark one of the more family-oriented ECs on this list.
8. 1 Canberra
Location: 7 Canberra Drive (District 27)
Developer: MCC Land (Singapore) Pte. Ltd.
TOP: 2015
Number of units: 665
Why did it sell so well?
1 Canberra is a rarity among ECs, being close to an MRT station (Canberra MRT on the North-South Line). The train station is under a 10-minute walk from the condo (you can walk along the Sungei Simpang Kiri), where you’ll also find Canberra Plaza; this is an HDB mall which has an NTUC FairPrice.
There is another new condo nearby – Watergardens at Canberra – and for those who couldn’t get a unit there, a resale unit at 1 Canberra may be a viable (and in our opinion more cost-effective) alternative.
Like many ECs on this list, spaciousness is a major draw for buyers, in the 2022 market where family-sized units are wildly expensive. 1 Canberra only has three, four, and five-bedder units; and there are dual-key layouts for the three-bedders (1,249 to 1,572 sq. ft.), and four-bedders (1,442 to 2,540 sq. ft.), and five-bedders (2,713 sq. ft.).
Even the regular three-bedders range from 947 to 1,324 sq. ft., a comfortable size for family living; and the smaller units have transacted for as low as $1.078 million.
Canberra itself is still not the most developed area though, so urbanites find the area a bit dull. This condo is best for nature lovers, who will enjoy places like Sembawang Hot Springs.
9. Waterbay
Location: 45 Edgefield Plains (District 19)
Developer: Qingjian Realty Pte. Ltd.
TOP: 2016
Number of units: 383
Why did it sell so well?
Waterbay is on the small side in terms of unit count, at just 383 units. Buyers who prefer a bit more privacy might favour this, over regular ECs that tend toward the 500-to-700-unit count. Waterbay also has an excellent view of the Punggol waterfront, as the name implies; and the distance to Waterway Point is short.
The Cove LRT station is one stop from Punggol MRT (North-East Line), along with its attendant malls and eateries, which would be preferred given it’s about a 12-minute walk to Waterway Point.
So while Punggol is a fringe region, most of this condo’s residents aren’t short on amenities. In fact, even without taking the MRT, there are two supermarkets in walking distance: an NTUC FairPrice at Punggol Drive (among the HDB flats), and a Sheng Siong at Punggol Central. Both are less than 10 minutes away on foot.
Buyers here are probably looking for price growth following the development of the Punggol Digital District, as well as the rental potential that may follow. For pure homeowners, this is one of the most affordable waterfront-view condos, in one of the more accessible parts of Punggol.
10. Lush Acres
Location: 1 Fernvale Close (District 28)
Developer: Verspring Properties Pte. Ltd.
TOP: 2016
Number of units: 380
Why did it sell so well?
Like The Cove, this is one of the smaller ECs, that will appeal to buyers who want a bit more privacy.
Facilities-wise, Lush Acres is probably best known for its 100-metre pool, which is a centrepiece of the development. The overall project layout is excellent, with healthy spacing between the blocks; and access to Sengkang Riverside Park will appeal to more outdoorsy families.
The Layar LRT is a six-minute walk from this condo and connects to Sengkang MRT (North-East Line) in three stops. This provides good access to Compass One, the major mall in this area.
Otherwise, Seletar Mall is just around nine minutes away and has an NTUC FairPrice. The location is a little unfortunate though, as you are kinda in the middle of Kupang, Thanggam, Fernvale and Layar LRT stations, while not being particularly close to either.
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This article was first published in Stackedhomes.