More EC Units Resold for at Least $1m Profit in 2024

Number more than doubles to 38 from 15 in 2023, according to research data

- Joyce Lim

The number of executive condominium (EC) units resold for at least $1 million in gross profit more than doubled to 38 in 2024, from 15 in 2023, according to PLB Research data.

The research arm of real estate firm PropertyLimBrothers noted that there were just six such deals in 2022 and fewer than five annually in previous years.

As at Jan 24, 2025, there have been 85 EC units resold with a profit of $1 million and above since the EC scheme was introduced.

A highlight of 2024's EC resale market was a record-breaking transaction at Bishan Loft on Dec 5. A four-bedroom unit fetched $2.16 million, making it the most profitable EC resale to date.

Originally bought for $549,277 at $399 per sq ft (psf) in 2001, the unit generated a 293 per cent profit of $1.61 million.

Three other resale units at Bishan Loft posted profits of between 274 per cent and 286 per cent. All four homes were bought in 2001 at relatively low prices, which analysts believe played a significant role in their high resale gains.

Industry experts attribute the soaring prices of resale ECs to several factors. The rising land costs for developers have driven up new EC prices, making older ones appear more affordable by comparison.

Location is also key, with Bishan Loft, for example, near Bishan MRT station and reputable schools, said Ms Christine Sun, chief researcher and strategist at property firm OrangeTee Group.

The limited supply — only 72 completed EC projects — and strong demand for these hybrid public-private housing projects have further fuelled price increases.

The numbers reflect the trend, as the Urban Redevelopment Authority's (URA) monthly developer sales data showed 1,244 new EC units were sold in 2024, surpassing the 1,016 launched that year.

Resale transactions were also robust, with 2,102 units changing hands in 2024, up from 1,985 in 2023 and 2,051 in 2022.