SINGAPORE: Prices of executive condominiums (ECs) have almost doubled in the last decade, but they remain popular, analysts said.
Prices have risen in tandem with the rest of the property market, market observers told CNA, citing the increase in costs for land, construction and labour as reasons.
The average price per sq ft rose from about S$800 (US$595) in 2014 to about S$1,500 today.
The latest EC project in Bukit Batok launched last month, Lumina Grand, is already 70 per cent sold.
Among the buyers are Ms Celine Ng and her husband Alwyn Chan, who got their hands on a three-bedroom unit for about S$1.3 million.
This is their second home purchase, after staying in a three-room Build-to-Order (BTO) flat previously.
“It’s cheaper than a private home and it takes about three years rather than five (to build),” Ms Ng said of the decision to secure a unit at the development.
Another consideration was that moving would allow them to be nearer to her brother, she said.
The couple plans to sell the property in 10 to 15 years when their children, aged three and five, are older.
“Our thought process is a bit of an asset progression, and hopefully when we sell the flat, we will get some money for our retirement,” Ms Ng added.