The Business Times
business-time-50
THE LEVEL GROUND

Executive condo prices are stretching affordability limits. Is it time to refine the model?

google-preferred-sourceAdd BT as a preferred source
Leslie Yee

Leslie Yee

Published Mon, Feb 5, 2024 · 04:48 PM
    • While buying a new EC home is a good way to get into private homeownership, such homes can be fairly unaffordable these days.
    • While buying a new EC home is a good way to get into private homeownership, such homes can be fairly unaffordable these days. PHOTO: BT FILE

    MANY young persons struggle in chasing private housing aspirations in Singapore. A cost-effective way for locals to get into private homeownership is to buy an executive condominium (EC). New EC units are way cheaper than comparable new condo units – by possibly over a third.

    Appetite for new EC homes is healthy. For the Lumina Grand EC in Bukit Batok, developer City Developments Ltd said that as at 12 pm on Jan 28, a total of 269 units or 53 per cent of the development’s 512 homes were sold following the official launch the day before. The average price achieved was around S$1,464 per square foot.

    While new ECs are cheaper than new condos, some new EC units nowadays are hardly affordable.

    Executive condo (EC)ResidentialResidential propertySingapore residential propertyThe Level Ground

    TRENDING NOW

    Why is Apac poised to become such a significant market for aviation?

    Asia-Pacific aviation: is up really the only way?

    Russian President Vladimir Putin (right) meeting Myanmar President Min Aung Hlaing (left) at the Grand Kremlin Palace in Moscow on Aug 18.

    Russia’s ‘pivot to Asia’ takes a turn as it prioritises ties with isolated regimes over bigger economies

    Professional oversight can help investors avoid emotion-led decisions, shares Chew Mun Yew, managing director and head of UOB Private Bank.

    Why disciplined stewardship matters when managing wealth in uncertain markets

    The programme aims to equip accountancy and corporate finance workers with practical skills to use AI effectively and responsibly.

    More than 15,000 sign up for national accounting body’s AI programme in two months

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More