Over the past year, some resale EC units were sold at average prices exceeding SGD 1,600 per square foot, including a unit at Esparina Residences sold for SGD 2.4 million, reaching a price of SGD 1,756 per square foot, setting a new record for EC resale prices. Additionally, at least four units at Esparina Residences and Hundred Palms Residences were sold at average prices exceeding SGD 1,600 per square foot, indicating that there are still some high-priced transactions in the EC market, albeit with a relatively slow overall pace of increase.

A research report indicates that the gap between resale EC prices and mass-market private condominium prices is gradually narrowing, making purchasing ECs a more attractive option. As more ECs reach the 10-year mark and transition to private properties, eligible for sale to foreign buyers, the quality and specifications of ECs are increasingly comparable to private condominiums, further enhancing their attractiveness.

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Although EC prices are gradually approaching those of mass-market private condominiums, analysts believe that ECs still offer many advantages that will continue to attract buyers. Firstly, one of the advantages of resale ECs is their relatively lower prices.

For example, a unit of approximately 1,300 square feet at Esparina Residences was sold for SGD 2.4 million last year, whereas similar-sized units in mass-market private condominiums typically have launch prices ranging from SGD 2.5 million to SGD 2.9 million. Secondly, EC units typically have larger floor areas, with units exceeding 800 square feet and below 1,200 square feet being the most popular, accounting for 59.7% of last year's resale volume. Additionally, buyers can move in quickly after purchasing an EC, which is also a selling point.

However, purchasing resale ECs also comes with some risks and uncertainties. For example, buying older EC units may require renovations, and buyers may need to contribute to the accumulated maintenance fund for the condominium.

Furthermore, the uncertainty regarding future appreciation due to the shortened leasehold period of ECs suggests that purchasing new ECs or condominiums may be more advisable. Additionally, while ECs can be sold to foreign buyers like regular private properties after reaching the 10-year mark, the increased Additional Buyer's Stamp Duty poses a significant obstacle for foreign buyers.