Who is this article written for ?
Putting it upfront, the scope of this article focuses on comparing the key differences between New ECs vs Resale condos.
These two property types are the key considerations for the audience that we are addressing in this article.
As a primer, real estate investing remains the focus of our writing and business. So expect the article to cater mainly to investment minded homeowners who emphasise capital returns as much as fulfilling the goal of finding a comfortable place to live in.
This article speaks to
- HDB upgraders that are at a crossroad of considering an upgrade to a new EC vs a resale condo.
- First time home owners that are looking to skip the BTO and consider getting a new EC vs a resale condo or even a new launch condo as their first home.
Either ways, we aim to equip you with the right head knowledge to maximise investment returns.
We are Decoupling Expertise
Before committing the next 5 mins reading this article, it helps to know who is behind the pen.
We are a team of specialist realtors that specialises in helping our readers research, shortlist and purchase investment properties.
We believe in delivering informational value upfront without obligations through practical, detailed and data backed long form articles.
If you like a more personalised solution tailored to your current consideration drop us a whatsapp text.
Key differences between a EC vs Private Condo
In the sections that follow, we will give you an exhaustive breakdown of all the differences between a New Executive Condo and a private condo.
For those uninitiated, there are often 2 sub classes of EC being mentioned. New EC bought directly from developer and Resale ECs that have attained its 5 year MOP status.
The latter resale ECs pose attributes almost identical to private condos, hence our focus remains on comparing New EC vs Resale Private Condo.
#1 – Eligibility Criteria
Unlike private condos, New ECs being a form of HDB subsidised housing is only eligible for purchase when the following eligibility criteria is satisfied.
The following are eligibility criterias that need to be satisfied.
Citizenship Status
- At least one of the joint applicants has to be a Singaporean citizen, the other joint applicant has to be a Singapore permanent resident. Foreigners are not eligible to purchase a brand new EC, given that it is a form of HDB subsidised housing.
- Specifically for applicants applying under the Joint Singles Scheme, where up to 3 Singles can jointly apply for a new EC. All applicants have to be Singapore citizens, PRs are not eligible under this scheme.
Income Ceiling
- The aggregated income of all applicants listed in the EC application must not exceed $16,000.
Property ownership
- All Citizens and PR are only entitled to 2 times the privilege of buying HDB subsidised housing. At the point of EC application, all applications must not have bought more than 1 HDB subsidised property.
- HDB subsidised property comprises the following, New EC, BTO, Resale HDB with government grants, New DBSS.
- If any of the applicants is previously a private property owner, they must dispose of it 30 months prior to the EC application.
Eligibility Schemes
Applicants must apply under any one of the following EC eligibility schemes.
- Public Scheme – for families
- Fiance and Fiancee Scheme
- Orphan Scheme
- Joint Singles Scheme
To round up this section, when it comes to a private condo, there is no need to fulfil any eligibility scheme in order to purchase a unit. There is no income ceiling or citizenship criteria to be fulfilled.
#2 – Single Buyer Eligibility
If you are a Single and are looking to purchase your first property, you face no restriction when it comes to purchasing a private condo. You can purchase it at any age without the need for any joint applicants.
For new EC, if you are a Single, you will need to be aged 35 and above and make a joint application with another one or two singles under the Joint Single Scheme.
#3 – Price of Executive Condo vs Condo
ECs being a form of government subsidised housing is often priced 15% to 20% lower than a comparable resale condo in the same location.
The discount is made possible when the government sells the plot of land that the EC is to be developed on, to the developer with an equivalent discount to be passed to the end buyers.
To put things into perspective, refer to the table below for the PSF pricing of ECs that were launched recently.
| EC Project Name | Tenure | Completion | No of units | Avg Price (S$ psf) |
| Altura | 99 yrs FROM 2022 | 2027 | 360 | 1,501 |
| Copen Grand | 99 yrs FROM 2021 | 2027 | 628 | 1,519 |
| LUMINA GRAND | 99 yrs FROM 2022 | 2027 | 512 | 1,506 |
| Tenet | 99 yrs FROM 2021 | 2026 | 616 | 1,516 |
| PROVENCE RESIDENCE | 99 yrs FROM 2020 | 2025 | 413 | 1,510 |
| North Gaia | 99 yrs FROM 2021 | 2025 | 617 | 1,324 |
Refer to the table below for a price comparison between EC vs comparable resale condo in the same location.
Psf Price Difference – New EC vs Comparable Resale Condo in the same location
Referencing the table below, the 3 new ECs launched in the Tengah area are priced at $108 to $126 psf lower than a comparable resale condo in the vicinity.
| Project Name | Tenure | Completion | No of units | Avg Price (S$ psf) | Price Difference vs Comparable Private Condo |
| LE QUEST (Private Condo) | 99 yrs FROM 2016 | 2020 | 516 | 1,627 | |
| Altura (EC) | 99 yrs FROM 2022 | 2027 | 360 | 1,501 | 126 |
| LUMINA GRAND (EC) | 99 yrs FROM 2022 | 2027 | 512 | 1,506 | 121 |
| Copen Grand (EC) | 99 yrs FROM 2021 | 2027 | 628 | 1,519 | 108 |
3 Bedroom Unit Quantum Difference – New EC vs Comparable Resale Condo in the same location.
From a purchasing quantum perspective, you will be looking at paying less for the same square footage. Consider the purchase of an entry level 3 bedroom compact unit at 900+ sqft, you will be looking at a $100k + plus savings when purchasing an EC.
| Project Name | Tenure | Size of entry level 3 Bedroom Unit | Avg Price (S$ psf) | Purchase Quantum | Quantum Difference – EC vs Comparable Private Condo |
| LE QUEST (Private Condo) | 99 yrs FROM 2016 | 936 | 1,627 | 1,522,872 | |
| Altura (EC) | 99 yrs FROM 2022 | 980 | 1,501 | 1,470,980 | 51,892 |
| LUMINA GRAND (EC) | 99 yrs FROM 2022 | 936 | 1,506 | 1,409,616 | 113,256 |
| Copen Grand (EC) | 99 yrs FROM 2021 | 936 | 1,519 | 1,421,784 | 101,088 |
Take heed when purchasing private condos in an area with multiple ECs
With the following price and quantum disparity in mind. When considering the purchase of a private condo in an area saturated with ECs, it will be crucial to consider your entry price vis a vis the competing ECs in the vicinity.
Buying a private condo with too big a price disparity vs ECs in its surrounding may result in suboptimal profits during exit. We will revisit this topic in the latter section on EC vs Condo’s capital gain.
#4 – Minimum holding duration of EC vs Condo
Minimum holding duration refers to the length of time you will have to hold on to your property before being able to resell it for a profit. It may not matter much for younger property owners but it will be important for the following group of buyers.
- Buyers that are looking to resell EC for a profit and upgrade to a more central location.
- Investors that are looking to make multiple property flips in their lifetime.
- Middle aged or older property buyers that are mindful of their maximum loan tenure.
Minimum holding duration for private condo
There isn’t a mandatory duration that you will need to adhere to when purchasing a private condo.
Typically, owners avoid selling their private condo within 4 years of ownership to avoid incurring any seller stamp duty.
*Article has been updated with the latest Seller Stamp Duty Rates as of 4 July 2025
| Holding Period Before Sale | SSD Rate (from 4 July 2025) |
| Up to 1 year | 16% |
| More than 1 year, up to 2 years | 12% |
| More than 2 years, up to 3 years | 8% |
| More than 3 years, up to 4 years | 4% |
| More than 4 years | No SSD payable |
Minimum holding duration for new EC
For brand new EC purchased directly from the developer, you will be mandated to fulfil a mandatory occupancy period of 5 years from the TOP date of the property. Within this 5 years MOP period, you will not be allowed to resell the unit or rent out the entire unit.
You will only be able to rent out rooms in the unit and if you would like to resell the unit within the 5 year MOP period, you will need to write in to HDB for special approval.
Comparing minimum holding duration EC vs Resale Condo vs New Launch Condo
| New EC | Resale Condo | New Launch Condo | |
| Construction | 3 years | 0 | 3 years |
| Minimum Occupancy Period | 5 years | 0 | 0 |
| Total Holding Duration | 9 years | 4 years to avoid seller stamp duty | 4 years to avoid seller stamp duty |
#5 – Option to purchase a 2nd property
While purchasing the EC as a 1st property for homestay, some of you may have bigger plans to purchase a 2nd property.
Given that we specialise in decoupling property, many of our readers that have text us for a consultation on how to purchase a 2nd property without ABSD, are held by the 5 year EC MOP period.
So it is worth noting that, if you purchase a new EC, you will not be allowed to purchase a 2nd property until you fulfil the 5 year MOP period. Similarly you will not be allowed to decouple the EC joint ownership to free up a spouse name to purchase a 2nd property without ABSD.
For private condo, there is no restriction imposed on when you can or cannot decouple your property to purchase a 2nd investment property. You will only need to be mindful of the seller stamp duty incurred when executing within 4 years of property ownership.
For more insights on this topic refer to article “Decoupling EC – Everything you need to know“
#6 – Location of Executive condo vs Condo
From a government regulatory perspective, ECs serves the dual purpose of providing affordable housing for the higher income middle class population and also incentivising the population of an emerging township.
So you will hardly see any Executive Condo launches in mature estate, ECs are mainly launched in up and coming townships like Tengah, Punggol, Woodlands, Choa Chu Kang.
Location wise, ECs are often located further out from the city centre as compared to private condos where you can have a wide variety of locations to choose from.
From a proximity to MRT perspective, within the same location, ECs are often located further away from the MRT as compared to a private condo in the same vicinity.
Referencing the 2 locational maps of ECs in both Tengah and Sengkang, you can see the development of EC clusters some distance away from the MRT station, while private condominiums tend to be located in prime plots walking distance from MRTs.
If you are concerned about this factor when purchasing an EC, we can reassure you that this is not an issue when it comes to resellability. Prospective buyers of ECs are normally optimising towards affordability and space, they are less concerned about proximity to MRT.
#7 – Launch Frequency
Together with the point on EC launch location shared above, this could be an issue for couples and families looking for a place to move into in the near term.
As there are only an average of 2 to 3 EC launches within a year and these launches are confined within specific locations, it could be challenging for families looking to move into specific locations within a fixed time frame.
To give you a feel of EC launch patterns, consider the following example. In 2023, there are 2 EC launches and both of them are located within the Tengah district.
In 2015 there were 3 to 4 launches but most were confined within the Punggol district.
On the other spectrum, you could source for a unit in a resale condo in any location of your choice, without any time constraint.
For families that are looking to be located within a specific location and time frame, resale condos tend to be a more fitting option.
#8 – Unit Selection Process
There are significant differences when it comes to selecting a new EC vs a resale condo.
Selecting a unit in EC is to be done via an EC balloting process to be conducted on launch day. This is similar to the unit selection process of a new launch condo.
To get a good unit that is primed for both liveability and investment return you would need to have a strategy developed prior to balloting day. The ultimate goal is to pay the least for the best unit facing and floor level.
Reference the following article for strategy on unit selection that would be relevant.
On the flip side, selecting a unit in a resale condo is much less intimidating. From the existing sale listing on hand you would be able to physically view each of this unit and attempt to secure the purchase accordingly.
#9 – ABSD
This is a point that is particularly important for buyers upgrading from a HDB flat to EC or private condo.
When upgrading to a private condo, you would have to enter the contract to sell your existing HDB I.e received a signed OTP, before entering the contract to purchase your new private condo.
If sale of property is not timed before the purchase of a private condo, you would have to incur a ABSD upfront and claim for refund after selling your HDB within 6 months.
This will result in some time pressure to sell your HDB while purchasing your private condo.
When it comes to New EC, you will receive a free pass from this. You will be exempted from paying a ABSD and can retain your HDB flat while purchasing a new EC.
This is meant that if you got sufficient cash and cpf to fund the first 20% downpayment and related buyer stamp duty to be incurred when purchasing a EC. You can retain your HDB and take your time to optimise towards an ideal selling price.
#10 – Type of Loan Financing
A new EC purchased directly from a developer is a property that has yet to be constructed hence it is financed under the progressive payment scheme. This allows you to pay for the property in accordance with the phase of completion.
For more details on this topic refer to the article on EC financing.
From an interest expense perspective, you would be looking at a saving in interest expense over the 3 years construction period.
For a resale condo, it is a property that has been fully constructed and is to be funded under the normal payment scheme. This meant that the full payment and full loan disbursement will be incurred within 3 months as the purchase transaction is completed.
You would have to shoulder the full brunt of the interest expense from day 1 of ownership.
#11 – Maximum Loan Quantum Assessment
Inline with purchase financing, the maximum loan assessment criteria for Executive condo vs Private Condo also differ.
For EC you will face a much stricter assessment criteria under the MSR ratio.
Mortgage servicing ratio stipulates that your gross monthly mortgage must not exceed 30% of your gross monthly income.
For private condo, the assessment criteria is more lax. It utilises a TDSR ratio which states that your monthly recurring debt which includes your house, car and credit card loan must not supersede 55% of your gross monthly income.
See the example below for a simulation of the differences in maximum loan quantum for EC vs Condo.
Assuming a couple aged 35 with combined income of $12k. Their maximum loan quantum will be as follows under the 3 different assessment ratios.
| Type of property | Max Loan |
| TDSR (condo) | 1,382,444 |
| MSR (EC) | 682,029 |
#12 – Deferred Payment Scheme
This financing feature has since been disallowed for a new launch condo by the government. It remains an exclusive financing feature for EC.
The EC deferred payment scheme allows a EC buyer to defer all payment in excess of the first 20% down payment till ECs TOP date.
This is extremely useful for HDB owners that are retaining their HDB for homestay while awaiting for the construction of their EC.
This prevents the need for managing 2 sets of mortgages.
But note that this scheme comes with a premium of 2% to 3% being priced into the purchase price of EC.
From this standpoint, EC provides several financing features that are tune towards assisting HDB upgraders.
#13 – Housing Grant
For private condos, there isn’t any governmental grant you can tap on to finance your purchase.
For new EC you will be eligible to take on a EC CPF grant of up to $30k based on your average monthly household income.
| Average gross monthly household income | Singapore citizen (SC) household | SC/Singapore Permanent Resident (SPR) household | Half-housing Grant |
| $10,000 or lower | $30,000 | $20,000 | $15,000 |
| $10,001 to $11,000 | $20,000 | $10,000 | $10,000 |
| $11,001 to $12,000 | $10,000 | Not eligible | $5,000 |
| $12,001 to $14,000 | Not eligible | Not eligible | Not eligible |
#14 – Resale Levy
When purchasing a EC which is deemed as a HDB subsidised housing, you would have to pay a resale levy if you have previously purchased a HDB using government grants.
For private condo this is not applicable you will be eligible to keep all proceeds from the sale of your HDB.
HDB resale levy as follows.
HDB Resale Levy on subsidised property sold after 3rd March 2006
| Housing Type | Resale Levy Amount |
| 2 Room Flat | $15,000 |
| 3 Room Flat | $30,000 |
| 4 Room Flat | $40,000 |
| 5 Room Flat | $45,000 |
| Executive Flat (EA/EM) | $50,000 |
| Executive Condo (EC) | $55,000 |
#15 – Privatisation Status
A private condo is deemed a private property with full privatisation status from day 1 of ownership. This means that you will be able to resell the condo to buyers of all citizenship status including foreigners.
For ECs bought directly from developers, things work a little differently. There are generally 3 phases of privatisation status for ECs, they are as follows.
| Phases | Time | Privatisation Status | Eligibility / Restriction |
| 1 | Prior to fulfilment of 5 year MOP period | Not Privatised. HDB subsidised housing | > Not eligible to resell property > Not eligible to rent out the entire unit |
| 2 | After fulfilling 5 year MOP | Semi Privatised | > Eligible to rent out entire unit > Eligible to resell to citizen and PR only > Not eligible to resell to foreigners |
| 3 | After EC passes the 10 year mark from TOP | Fully Privatised | > Eligible for sale to Foreigners |
If you are, the resale value of EC is affected given that it is only semi privatised after 5 years. Then be assured the restriction or eligibility to sell to foreigners has little effect on ECs.
This is due to the fact that ECs are located in the suburban heartland of Singapore. Property in these areas are fueled by local citizen and PR demand and not foreigners.
So in contrast to what is often written about seeing a price spike after 10 years, this is hardly tangible. But it is true that this is potentially another wave of appreciation for owners that purchase a EC after its MOP and hold it for another 5 years, not due to foreigner buyer demand but simply due to the psf price discount that is being passed on by the previous first owner of the EC.
Refer to article Is resale condo worth buying for more details.
#16 – Layout and floor plan
Comparing the layout and floor plan of Executive condo vs condo. Private condo tends to have greater variation in layout and floor plan, while EC tends to focus more on providing a functional layout that is primed towards practicality.
For private condo, it is not uncommon to find square footage being allocated to open concept island counters and open concept kitchens. For ECs you will often find developers maximising the usage of space, squeezing in the yards, utility room and enclosed within a compact layout.
Reference below for layout of Hundred Palm EC vs comparable private condo, Affinity at Serangoon. Comparing both compact 3 bedroom layout of similar square footage, Hundred Palm EC manage to fit in both a yard and enclosed kitchen within the same square footage, while private condo affinity at Serangoon opt to go with a open concept kitchen, without utility room.
Hundred Palm Residences EC- 3 bedroom compact floorplan
Affinity at Serangoon Private condo – 3 bedroom compact floorplan
#17 – Unit Type
From a unit type perspective, you will be able to find more 1 bedroom and 2 bedroom units available in private condo developments. When it comes to EC, there are many EC developments that only feature 3 bedroom and larger unit types, totally excluding any 1 and 2 bedroom unit type.
#18 – Amenities
Comparing the amenities of private condo vs EC, there are key differences in amenities. The modern ECs feature the usual tennis court, swimming pool, function room and gym that private condo features.
In fact as EC ages and achieves its privatisation status, it becomes hard for future buyer to discern between EC and private condo.
#19 – Lease Status
Private condos come in a variety of lease types. Aside from a 99 years leasehold, you will be able to find a private condo with freehold status. ECs normally come in 99 year leasehold status.
#20 – Profitability of EC vs Condo
This is a topic of particular interest to you if you are an investment minded buyer who is looking to make a profitable return from your property purchase.
Comparing the profitability of ECs vs resale condo within the same vicinity, you will observe that the average profit derived from ECs significantly outperforms that of comparable private condo in the same location. This is despite the fact that these private condominiums are located in prime locations closer to the MRT station.
Average Profit – EC vs Resale Condo
| Development | Location | Average Profit | Average Holding Duration |
| The Criterion (EC) | Yishun | 455,265 | 6 |
| The Wisteria (Private Condo) | Yishun | 131,599 | 6 |
| Skies Miltonia (Private Condo) | Yishun | 116,256 | 4 |
| Development | Location | Average Profit | Average Holding Duration |
| The Terrace (EC) | Punggol | 537,928 | 7 |
| River Isles (Private Condo) | Punggol | 246,394 | 5 |
| Development | Location | Average Profit | Average Holding Duration |
| Northwave (EC) | Woodlands | 424,272 | 7 |
| The Nautical (Private Condo) | Sembawang | 135,314 | 7 |
From this section, it is important to take away the following consideration.
- Be cautious when purchasing private condo in a area with lots of competing ECs
- Buyers in the heartland prioritise affordability over convenience.
Average Profit – EC vs Resale Condos in other areas
To provide a balanced view on the profitability of resale condos, let’s compare the profitability of EC vs other resale condos that are located in other areas that are free from EC competition.
Average profitability of New EC
| New EC | Location | Average Profit | Average Holding Duration |
| Northwave (EC) | Woodlands | 379,683 | 7 |
| The Criterion (EC) | Yishun | 455,265 | 6 |
| The Terrace (EC) | Punggol | 537,928 | 7 |
| INZ Residences | Chua Chu Kang | 548,595 | 7 |
Average profitability of Resale condo is areas without competing ECs
| Project Name | Location | Tenure | Completion | No of units | Average Profit | Average holding period (years) |
| THE SEA VIEW | East Coast | Freehold | 2008 | 546 | 1,199,409 | 11 |
| THE ESTA | East Coast | Freehold | 2008 | 400 | 1,024,284 | 10 |
| THE CALROSE | Lentor | Freehold | 2007 | 421 | 446,367 | 6 |
| THE RAINTREE | Bukit Panjang | 99 yrs FROM 2003 | 2008 | 315 | 375,393 | 5 |
| CASPIAN | Jurong West | 99 yrs FROM 2008 | 2012 | 712 | 465,305 | 10 |
| KOVAN MELODY | Kovan | 99 yrs FROM 2004 | 2006 | 778 | 594,642 | 12 |
Referencing the table above, you can see that buying into the right resale condo development in an area free from the competition of a lower priced EC can also bring in equally healthy average profits.
Average Profit – New EC vs New Launch Condo
For the sake of those considering the purchase of EC vs a new launch condo, let’s compare the average holding duration and average profitability of both property types.
Average profitability of New EC
| New EC | Location | Average Profit | Average Holding Duration |
| Northwave (EC) | Woodlands | 379,683 | 7 |
| The Criterion (EC) | Yishun | 455,265 | 6 |
| The Terrace (EC) | Punggol | 537,928 | 7 |
| INZ Residences | Chua Chu Kang | 548,595 | 7 |
Average profitability of New Launch Condo
| New Launch Condo | Location | Average Profit | Average Holding Duration |
| Whistler Grand | Clementi | 313,413 | 4 |
| Parc Esta | Eunos | 324,071 | 4 |
| Stirling Residences | QueensTown | 305,993 | 4 |
| Jadescape | Thomson / Marymount | 359,175 | 4 |
Referencing the table above, you can see that even though the new EC brings in a higher average profitability of $400k to $500k. New Launch condo offers an equally healthy profit of over $300k over a shorter 4 year holding duration. This meant that you could potentially make 2 cycles of gains flipping new launches as compared to flipping one EC.
Who is EC suitable for ?
EC is suitable for you if you …
- Meet the EC eligibility criteria
- Is open to consider living in a less centralised location where EC is launched.
- Is open to sacrifice location and proximity to transportation for affordability.
- Is willing to commit to the long minimum holding duration comprising 3 years construction and 5 year MOP.
Resale Condo is suitable for you if you …
- Are looking to live in a more central location.
- Do not meet the EC eligibility criteria.
- Need a place ready for immediate occupancy.
- Is unwilling to endure the inflexibility during the 5 year MOP period.
Next Steps – 2nd Opinion for your plan ?
Having spent the last 10 mins reading this article, hopefully, it has helped you crystalise some of the thoughts you have in mind.
Take the next step by seeking a 2nd opinion for your ideas and furthering it by having us shortlist some potential property for consideration.
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