New Yishun EC - North Gaia


EXECUTIVE condos (ECs), a mix of private and public housing, have been available for Singaporeans since 1996. They can be found in the Outside Central Region, (OCR).

About 30% of EC units that have been completed are located in District 19, which includes Serangoon Garden, Hougang and Punggol.

This is followed by District 23, (Hillview), Dairy Farms, Bukit Panjang and Choa Chu Kang) at 16.5 percent, and District 18, (Tampines Pasir Ris at 15.6 percent.

The District 20 district has the lowest number of these residential properties. It is followed by District 28 where Seltar, Yio Chu Kang and District 22 where Boon Lay, Jurong Tuas are next.

As of the second quarter of this year, there were 66 EC projects in Singapore. 23 of these projects are now fully privatized, having reached the 10-year mark and can be sold on the open market. One of them is the new Yishun EC North Gaia

new yishun ec north gaia

As long as the units at 26 other projects are completed, they can be resold to permanent residents and Singaporeans.

Seven EC projects have been launched since the recovery of the property market in the third quarter 2017. That's about two per annum with a total 4,136 units. This means that each year, an average 1,034 units are put on the market.

These seven projects include Hundred Palms Residences (Rivercove Residences), Piermont Grand Residences, Piermont Grande, Parc Canberra, Ola Parc Central Residences, and Provence Residence.


It may seem that many EC units were launched over the past four years. From the Q1 2010 quarter to Q2 2017, 22,495 units were sold, which is an average annual 2,999 units.

This is almost triple the annual EC supply, which currently stands at 1,034 units.

Three more EC projects are in the pipeline, totaling approximately 1,850 units. These three projects are located at Yishun Close and Tengah Garden Walk, Tampine Street 62. They can be sold once they have completed their 15-month waiting period in February 2022 or September 2022 respectively.

Parc Greenwich launched on September 11, 2021. It was the first EC launch of District 28 in eighteen years, and the only EC launch during the second half 2021.


The demand for ECs is strong, with projects selling at least 30% of their units within the first month. If it weren't for the 30 percent cap on the number of units that are available for second-timers within the first month after launch, the sales volume would have been greater. The first month is always the best for sales.

Developers had sold over 90 percent of the total 4,136 units since Q3 2017, which left an estimated 300 unfinished EC units unsold. Since Q1 2020, the number of unsold EC units has been declining.

The strong demand for ECs has been driven by the availability of deferred payments schemes, a favourable transit policy, rising affluence of Singaporeans, a greater pool of HDB upgraders and limited options in the immediate estate. There have also been price gains for resale ECs.

The number of households earning between S$9,999 and S$13,999 per monthly has increased by 50% or 80,000 over the past decade. The desire to live in an EC environment has been partly fueled by rising affluence.

Recently, there have been more flats that reached their five-year MOP. In 2021, approximately 102,000 flats with three-room or larger rooms would have reached their MOP. Many flat owners put their newly-MOP-ed flats on the market and joined the growing number of upgraders.

The HDB resale marketplace reached its bottom in Q2 2019, The current trend will continue and transaction volumes for HDB flats for resale could reach 27,000-29,000 units in 2019, the highest level since 2010. HDB resale flats may see a rise of 8 percent in 2021. This is the highest growth rate since 2011. It gives owners more reasons to upgrade.

Moreover, seven EC project launches in Q3 2017 were made in estates that had very few private residential launches. ECs offer the best option for HDB upgraders looking to remain in their estates with almost no private residential options.

EC units have seen steady price increases of 52.3 percent in the resale marketplace from 2010 to H1 202021. This demonstrates their value as an asset that appreciates over the years. Esparina Residences was launched in Q4 2010, at an average cost of S$749/square foot (psf). In H1 2021 transactions were at S$1,160/psf, up 54.9 percent.

In reality, all EC projects saw price appreciations and unit owners were able reap the benefits in as little as five years.


For H2 2021-2022, the outlook for the EC markets is good. Due to the large number of flats that have reached the five-year mark, there will be an abundance of HDB upgradesrs. Flat owners might be eager to take advantage of the buoyant HDB upgrade and resale market.

Moreover, land prices for mass-market condominium projects are similar to current EC project selling prices. New EC projects will only increase in value with the potential for mass-market condominium units to reach $2000 per square foot by 2022.

Below the historical average, the land supply for EC projects in the H2 government's land sales programme is lower than usual. As a result, buyers may only be able to purchase one EC launch per six months.