SINGAPORE: Real estate agents say executive condominiums (ECs) have become more popular.
They are the next best thing for those who are priced out of the private condominium market, where prices have been hitting new highs recently.
Property agents said that in the last two to three years, the price of each square foot has increased by about 70 per cent.
In the first quarter of this year, the resale value of each square foot reached about S$570.
According to senior group district director of PropNex David Poh, the price used to be around S$300 to S$400 per square foot more than three years ago.
This puts the price per square foot of ECs about 15 per cent cheaper than that of private condominiums.
For new ECs, the price is about 25 per cent lower than that of new private condominiums.
Real estate agents said the prices of ECs have not peaked.
Two ECs in Sengkang and Yishun were launched in January. A second EC is set to be launched in Sengkang this week.