Subscription rates for executive condominium (EC) units will remain healthy despite the bleak economic outlook, as the climate for such housing will likely stay, according to property analysts.
“We have a very good mixture of first-timers and second-timers, and we do see that there’s a very strong demand from young couples staying near their parents in the area, so they want to buy an EC which is convenient to visit their family in future,” said Steven Tan, Managing Director of property agency OrangeTee.
Meanwhile, property analyst Chris Koh said that if the economic situation is not favourable, “then all the more they would not be so daring to jump into the private property and buy a brand new condo, or even a resale condo. So what would they do? They’ll fall back and say ‘Perhaps I’ll buy an EC’. So I foresee there will still be a demand.”
“In terms of finishings, in terms of facilities, an EC doesn’t lose out to a condominium at all. One, it’s developed by a private developer, so you know he will put in all the facilities to make that EC as classy as a condominium,” he added.
Most recently, nearly 1,000 potential buyers showed keen interest to acquire units at The Tampines Trilliant EC project (pictured). Its developer Sim Lian Group said prices for three-bedroom units start from S$682,000 while four-bedroom units go for S$971,000.
Koh said purchasing an EC unit may be a good investment compared to a private condo if the buyer does not mind the restrictions implemented and waiting 10 years for it to be privatised.
“It may be one ticket to getting your private condominium,” he said.