These transactions underscore a broader trend of rising property values. With rising property prices, large ECs nearing their 10-year mark — the year an EC is privatised — are increasingly changing hands at prices comparable to those of private condominiums. Once ECs are privatised, they can be resold to foreigners, further widening the buyer pool.
It comes as little surprise that penthouses and spacious units in mature EC projects are now commanding prices previously associated only with private residential developments. However, new ECs will only be fully privatised after 15 years, up from the current 10, following a rule change announced by the Ministry of National Development on May 8. Buyers must also fulfil a 10-year MOP, up from the current 5 years, before renting out their entire unit, purchasing another residential property, or selling to Singapore citizens or permanent residents.
‘Millionaire EC’
One EC project that has stood out over the past two years is Hundred Palms Residences. Owners recorded high resale gains when they sold their units almost immediately after the project reached MOP in December 2024. The unprecedented profits cemented its reputation as one of the most lucrative EC flippings in recent memory.
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Hundred Palms Residences first drew attention in 2017 when all 531 units were fully sold within seven hours of its launch — making it one of Singapore’s fastest-selling EC launches at the time.
Located along Yio Chu Kang Road in District 19 — which covers Hougang, Sengkang and parts of Punggol — the 99-year leasehold development was completed in 2020 by Hoi Hup Hougang Development, a joint venture between Hoi Hup Realty, Azuki Investment Private and Oriental Worldwide Investments.
The project comprises 531 units across multiple mid-rise blocks, with unit mixes that include three-bedroom apartments ranging from 883 to 1,152 sq ft, four-bedroom units between 1,270 and 1,432 sq ft and five-bedroom units between 1,528 and 1,636 sq ft.
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The project gained strong traction among family buyers due to its family-oriented unit mix and proximity to several well-regarded schools. Although Hundred Palms Residences is not currently within walking distance of an MRT station, connectivity is expected to improve with the upcoming Serangoon North MRT Station on the Cross Island Line, slated to open in 2030, just 200m away.
Another key draw is the concentration of schools within a 1km radius, including Rosyth School, Xinmin Primary School, Yio Chu Kang Primary School and Hougang Primary School — a factor that is likely to have boosted demand among families seeking priority admission to these schools.
These attributes and popularity have since translated into strong resale performance. On average, sellers at Hundred Palms Residences made about $1.01 million in profit, while the median profit is $964,200, across 122 resale transactions. Most of these units were sold after the project reached its MOP in December 2024.
In addition, about 45% of Hundred Palms Residences’ resale transactions recorded gains exceeding $1 million, compared with just 2% of all 15,751 new-sale-to-resale EC transactions since 1995.
Following closely behind Hundred Palms Residences is Treasure Crest, an EC located at Anchorvale Crescent in Sengkang, which reached its five-year MOP in September 2023. Across its 182 resale transactions, it recorded a median resale profit of $738,444.
In 2026 alone, the median resale profit at Hundred Palms Residences — based on 12 transactions — reached $1.09 million. This is 45% higher than the median resale profit across all EC resale transactions in 2026, comprising 309 deals.
Over 50% price growth
EC prices have risen far more in the past five years than in the preceding five-year period. In the primary market, the median new sale price rose to $1,843 psf in 2026, representing a 50% jump from $1,175 psf in 2021. By contrast, the earlier five-year stretch between 2016 and 2021 saw a smaller 40% increase.
This year’s launches underscore the strength of demand. Coastal Cabana saw about 78% of its units sold by May, while Rivelle Tampines is completely sold out.
Meanwhile, the secondary market tells a similar story of rapid appreciation. Median resale prices climbed 51% to $1,458 psf in 2026, up from $936 psf in 2021. This dwarfs the 12% growth recorded in the preceding five-year period between 2016 and 2021.
‘Sandwich class’
When the EC scheme was introduced in August 1995, then-Prime Minister Goh Chok Tong described it as a housing option for Singaporeans who aspire to own private property but could not afford it. Built by private developers with condominium-style facilities, ECs were designed to serve the “sandwich class” — households earning too much to qualify for public housing but not enough to comfortably purchase private homes.
ECs are generally sold under HDB regulations and are typically priced 20% to 30% lower than comparable private condominiums, says National Development Minister Chee Hong Tat on March 4. Speaking in a debate on his ministry’s budget, he noted that eligible EC buyers can also benefit from a CPF Housing Grant of up to $30,000.
Three decades on from the debut of ECs, however, resale and new sale data suggest that ECs may be losing their inherent middle-ground purpose.
URA data provided by Realion Research (OrangeTee & ETC) shows that the average price psf difference between ECs and Outside Central Region (OCR) non-landed private properties (excluding ECs) has shrunk from 62% in 2016 to just 36% in April this year.
While still within the “20% to 30%” price gap range mentioned by Chee, the sharp narrowing of prices underscores how ECs are increasingly converging with the private market, raising questions about whether ECs still serve their original purpose. As such, the recent policy changes may be seen as a timely step to slow down the rapid increase in EC prices and restore EC to its intended function.
Charts: City & Country
Data: URA Realis, Realion Research (OrangeTee & ETC)
