Timely to consider introducing a prime executive condo model

[SINGAPORE] Many countries seek to emulate Singapore’s housing policies. The homeownership rate among residents is high. Public housing estates are well-maintained, have good amenities and have different races as well as socio-economic groups living together harmoniously.

Many citizens own their first homes in their 20s or early 30s – among whom a large proportion buy subsidised flats from the Housing & Development Board (HDB).

Nevertheless, some young locals cannot buy flats from the HDB, such as couples who breach the monthly household income ceiling of S$14,000. These include individuals who marry later when their salaries are higher.

Also, many locals aspire to condominium ownership. Living in a gated community with its own shared facilities is coveted in this densely populated city-state.

The proportion of resident households living in condos and other apartments grew from 6.5 per cent in 2000 and 11.5 per cent in 2010 to 17.7 per cent in 2024.

Executive condominiums (ECs) – a hybrid of public and private housing – play a key role in the Republic’s housing market. 

For locals seeking new-built units and who cannot buy new HDB flats, new EC homes can be a good option.

Importantly, buying a new EC unit offers a cost-effective way to get into private homeownership. A new EC home might cost over 20 per cent less than a comparable new condo unit.

New EC project Coastal Cabana sold 498 units, or more than 66 per cent of its 748 units, at an average price of S$1,734 per square foot during its launch weekend over Jan 17 to 18. Located along Jalan Loyang Besar in Pasir Ris, Coastal Cabana is jointly developed by Qingjian Realty, Forsea Holdings, ZACD Group and Jianan Capital. 

EC framework

Built and sold by private developers, ECs typically sit on 99-year leasehold land and offer condo features.

Those eligible to buy EC units from a developer include couples comprising two Singapore citizens or a citizen and a permanent resident (PR), as well as singles who are citizens and at least 35 years old.

An income ceiling applies to new EC homebuyers – a couple needs to meet the monthly household income ceiling of S$16,000. Also, an eligible couple whose average gross monthly household income does not exceed S$12,000 can receive a Central Provident Fund housing grant to buy an EC unit from a developer. 

Buyers of new EC units are subject to a minimum occupation period (MOP) of five years from project completion, during which the home cannot be sold or rented out whole. After five years, the EC unit can be sold to Singapore citizens or PRs, or rented out whole. After 10 years, the EC home can be sold to anyone – including foreigners – just like a private condo.

EC locations

Rightly, the government is actively selling new EC sites. In the government land sales programme for the first half of 2026, there are two confirmed-list EC sites in Canberra Drive and Sembawang Drive that can yield an estimated 185 units and 450 units, respectively.

However, what is missing is the release of sites in prime areas for building new ECs.

Housing and Urban Development Company (HUDC) apartments that were built from the 1970s to 1980s are widely seen as predecessors of ECs.

Several HUDC developments were built in prime locations, such as Chancery Court along Dunearn Road, Farrer Court near Farrer Road and Amberville in the Katong area.

Maybe it’s timely to introduce prime EC flats. Let developers build new EC homes in prime locations. Concurrently, take reference from the HDB’s Standard, Plus and Prime housing framework, which started applying to new Build-To-Order (BTO) projects from October 2024, and impose stricter restrictions on buyers of EC flats in choice locations.

HDB Plus and Prime flats

HDB Plus flats are in choicer locations, while Prime flats are in the choicest locations. Plus and Prime units come with tougher restrictions, such as a longer MOP of 10 years versus five years for Standard flats. 

An owner of a Plus or Prime flat bought from HDB needs to return a percentage of the resale price of the unit to HDB. Also, renting out an entire Plus or Prime flat is not allowed.

Crucially too, stricter criteria govern who can buy a resale HDB Plus or Prime unit. For example, couples comprising two PRs and couples whose monthly household income exceeds S$14,000 cannot buy resale Plus or Prime flats.

In the October 2025 BTO exercise, HDB launched Prime projects such as Mount Pleasant Crest in the Mount Pleasant area and Berlayar Residences in the Greater Southern Waterfront.

Prime EC homes

Perhaps, consider building ECs in choice locations slated for new housing developments such as the Greater Southern Waterfront, Newton and the former Bukit Timah Turf Club.

The sale of new prime EC homes in choice locations can come with tougher restrictions. For example, subject buyers of prime EC homes to a longer MOP of 10 years. Also, consider clawing back a percentage of sales proceeds when those who bought a prime EC home from a developer sell their units.

Additionally, after 10 years, restrict renting out the whole of a prime EC flat and the purchase of such units to eligible locals who do not breach the monthly household income ceiling applicable to buyers of EC homes from developers.

Possibly, allow the resale of an EC home to anyone – including foreigners – just like a private condo only after, say, 20 years.

Invariably, developers may price EC homes in prime areas higher than EC units in suburban locations.

Still, by introducing tougher restrictions on the sale of EC homes in prime locations versus suburban ones, new and resale EC units in choice areas will hopefully be kept affordable.

Also, should the income ceiling for buyers of new EC homes be raised soon, this will mean more eligible buyers can afford pricier EC homes.

Ultimately, having a range of housing types islandwide enhances choice for locals and optimally addresses their housing needs.

Today, potential new HDB homebuyers can buy units in highly attractive locations. Let’s extend this privilege to buyers of new EC homes, while safeguarding against the lottery effect.