3 upcoming executive condos that will MOP in 2024

With new launch private condos reaching around $2,100+ psf, it’s not surprising buyers are turning to the Executive Condominium (EC) and resale market.

The prize picks for the coming year may be resale ECs just reaching their fifth year — these projects no longer have an MOP (and are new), are still likely among the most affordable options, and are easy choices for upgraders.

The appeal of resale ECs

Executive condominiums tend to be some of the more affordable units available in the market. This is due to their leasehold nature and often less desirable location. They were also sold at lower prices compared to fully private properties and this discount can still be seen in the resale market.

Some of you may also be wondering if there’s an advantage when it comes to paying the ABSD.

Unfortunately, resale ECs do not have any added advantage here. Even if it’s purchased before the EC attains its full private condominium status at the 10-year mark, ABSD will still be payable within 14 days of completing the purchase. This is similar to the purchase of any other private property.

The only time when this isn’t applicable is when you’re buying a new EC. But with resale ECs, the same rule applies.

1. Hundred Palms Residences

Hundred Palms was one of the headline launches in 2017. Hoi Hup was expected to charge exorbitant prices, given that this EC is in a mature location; so it was a surprise when units were sold at an average of $850 psf, which was more than reasonable for a Serangoon area condo.

A three-bedder (883 to 1,001 sq. ft.) could sell from as low as $715,000 at launch, making it very accessible to family buyers. 

Some realtors we spoke to noted that the launch date may have been the issue: 2016 and 2017 were the last trough of the property market, and prices had been hammered down by slews of cooling measures and rising supply. 

Nonetheless, due to the double-whammy of location and reasonable pricing, Hundred Palms received over 2,700 applications for its 531 units, and sold out completely in seven hours. To this day, it remains the most oversubscribed EC in history.

From the bus stop just outside the condo, you can find services like 103 that go directly to the Nex megamall. This is also connected to Serangoon MRT (NEL, CCL), making Hundred Palms one of the more convenient ECs.

Most amenities, from cinemas to food courts, can be found and Nex; and the recent addition of Woodleigh Mall (one stop from Serangoon) adds even more retail and dining.

(Note that technically, the closest MRT station will be Serangoon North on the CRL, which is due in 2029. But we feel that most buyers would consider Nex to be the main highlight, and Serangoon North won’t add as much value.)

That being said, the journey would still take over 10 minutes, so it’s quite subjective as to how "convenience" is defined here.

Across Yio Chu Kang road, there’s a mature HDB estate, which provides the usual range of heartland amenities (convenience stores, coffee shops, salons, etc.), and there’s an impressive number of schools in close proximity:

• Rosyth (551 metres)
• Bowen Secondary (330 metres)
• Xinmin Primary & Secondary (1,083 metres)
• Hougang Primary & Secondary (742 metres)

Note: Distance is calculated based on walking distance from OneMap.

Due to the location, Hundred Palms was specifically targeted at families looking for own-stay use. The smallest units are the 883 sq. ft. three-bedders; so if you don’t like condos that have a lot of tenants/renters, this may appeal to you. 

The name, by the way, refers to the actual 100 palm trees planted in the condo.

New sale prices

Source: URA

Early MOP sales recorded

Project Name	Buy Price	Size	Buy $PSF	Buy Date	Sale Date	Sale Price	$ Gain	Per Cent Gain
HUNDRED PALMS RESIDENCES	$766,200	883	$868	July 22, 2017	May 30, 2023	$1,398,000	$631,800	82 per cent
HUNDRED PALMS RESIDENCES	$811,300	958	$847	July 22, 2017	Dec 6, 2022	$1,360,000	$548,700	68 per cent

Source: URA

2. iNz Residence

iNz launched just before Hundred Palms (above), and although the show flat was crowded, this writer recalls some hesitation among buyers. 

The location was perceived as being quite "ulu", and many seemed unconvinced by the pitch that it would benefit from future developments in Tengah. Indeed, iNz is straddling the very boundary between Choa Chu Kang and Tengah, being just across the road from Tengah town. 

Like most ECs, iNz is predictably far from the MRT station. There is, however, a bus stop near Block 464 which is about a seven-minute walk, where services like 975 will take you to Choa Chu Kang MRT (NSL, JSL) in five minutes.

This is also where you’ll find Lot One, which is the major mall in the area. Another MRT station, Choa Chu Kang West (JRL) will be up sometime in 2026. This may provide a walking alternative to the bus; but we’ll only know how convenient the walk is once the station is up. 

The HDB estate across the road is reasonably well-developed, with some coffee shops and heartland shops. The hub for this area is Sunshine Place, an HDB-run shopping centre that’s within walking distance of iNz (there is a supermarket here as well). It takes approximately six minutes to walk from outside the condo to the place if you cut through the opposite HDB.

The main drawback here is that neighbouring Tengah will take many more years to see development; and this is not the most central part of Choa Chu Kang to live in.

For those willing to settle in for the long haul, however, there may be a lot of room for appreciation; especially once the Choa Chu Kang West becomes operational. The increase in amenities in Tengah as well as the larger pool of HDB upgraders could benefit iNz Residence.

But for now, this is a condo for die-hard Westies, and those who will enjoy the relative peace and quiet of Tengah next door.

New sale prices

EC Name	Type	New Sale Range ($)	Size
Inz Residence	5BR	$715,000 – $1,452,200	883 – 1636 sq ft
Inz Residence	3BR	$638,000 – $1,116,000	883 – 1216 sq ft
Inz Residence	4BR	$825,500 – $1,148,000	1109 – 1378 sq ft
Inz Residence	5BR	$1,180,000 – $1,519,000	1690 – 1711 sq ft

Source: URA

Early MOP sales recorded

Project Name	Buy Price	Size	Buy $PSF	Buy Date	Sale Date	Sale Price	$ Gain	Per Cent Gain
INZ RESIDENCE	$768,000	990	$776	June 26, 2017	Sept 4, 2020	$960,000	$192,000	25 per cent
INZ RESIDENCE	$869,000	990	$878	Nov 16, 2017	Aug 5, 2021	$1,050,000	$181,000	21 per cent
INZ RESIDENCE	$931,500	1,184	$787	March 11, 2017	Feb 28, 2023	$1,410,000	$478,500	51 per cent
INZ RESIDENCE	$801,000	1,066	$752	July 19, 2017	May 9, 2023	$1,250,000	$449,000	56 per cent

Source: URA

3. Northwave

When Northwave launched in July 2016, it saw one of the worst new launch records for ECs, moving just 20 units on the first day. This was quite disappointing, given the low price point at launch (around $720 to $760 psf). 

This is partly a matter of timing: between 2015 to early 2016, there were 10 new EC launches, contributing a substantial number of new units; and in April 2016, close to the time of Northwave’s launch, the stock of unsold EC units was at an all-time high of 3,435 vacant units.

That aside, Northwave lacks nearby amenities. There was (and still isn’t) any MRT station nearby. The area’s conveniences are mainly from the adjacent HDB estate, which has coffee shops and small convenience stores; but there’s a lack of any sizeable mall nearby (unless you consider Sun Plaza, which is not really in walking distance, to be nearby; you’ll need the bus though). 

Another possible topic, which arose during Northwave’s launch, was the presence of some industrial buildings on the other side of Gambas Avenue. Properties near industrial estates tend to be less popular (except among landlords), but in our opinion that was overblown — the industrial buildings are far enough, and quiet enough, to not really be an issue.

Nonetheless, this was one of the most affordable ECs at launch, and we expect prices will still be quite reasonable for such a new development. While there are nearby competitors such as Northoaks, this will appeal to buyers who want the newest (resale) EC in this area. 

We do think this condo is best for drivers or PHV users though, as we don’t see any improvements to accessibility in the immediate future. 

New sale prices

EC Name	Type	New Sale Range ($)	Size
Northwave	2BR	$493,000 – $1,519,000	689 – 1711 sq ft
Northwave	3BR	$648,450 – $1,053,000	893 – 1130 sq ft
Northwave	4BR	$937,650 – $1,369,500	1270 – 1690 sq ft
Northwave	5BR	$1,042,700 – $1,360,080	1464 – 1722 sq ft

Source: URA

Early MOP sales recorded

Project Name	Buy Price	Size	Buy $PSF	Buy Date	Sale Date	Sale Price	$ Gain	Per Cent Gain
NORTHWAVE	$853,700	1,109	$770	March 4, 2018	Nov 3, 2021	$950,000	$96,300	11 per cent
NORTHWAVE	$769,100	980	$785	March 4, 2017	Feb 21, 2022	$990,000	$220,900	29 per cent
NORTHWAVE	$795,862	1,109	$718	Aug 11, 2017	July 4, 2022	$1,150,000	$354,138	44 per cent
NORTHWAVE	$873,000	1,087	$803	Feb 15, 2018	Nov 6, 2020	$1,058,000	$185,000	21 per cent
NORTHWAVE	$559,000	743	$753	July 23, 2016	March 7, 2022	$735,000	$176,000	31 per cent
NORTHWAVE	$537,450	667	$805	May 5, 2017	July 7, 2022	$750,000	$212,550	40 per cent
NORTHWAVE	$594,450	743	$800	March 1, 2017	Sept 15, 2021	$725,000	$130,550	22 per cent

Source: URA

ALSO READ: 41 upcoming HDB BTO projects reaching MOP in 2023/24: Here's where to find them

This article was first published in Stackedhomes.