HDB is essentially a livelihood product and HDB is the Singapore government's effort to implement the Home Ownership Scheme. With about 80% of Singaporeans living in government HDB flats, fluctuating prices mean fluctuating vote banks, so government officials keep a tight rein on the prices of HDB flats.

If you can get a first-hand BTO (Build-to-Order) for a HDB flat, it is possible to wait 4 years for construction and 5 years for minimum occupancy, for a total of 9 years, and double the rooms, but the time cost is high.

If bought second-hand, the historical increase over the 15 years from 2008 to 2023 is a total increase of 75.62% and a compound annual return of 3.82% over the 15 years.

Unlike HDB flats, condominiums are built by private developers and priced in line with market economy mechanisms, with an average price increase of 118.39% over the past 15 years and a compound annual return of 5.35% over the 15-year period.

Further down, the private residential market is divided into Central CCR, Central Fringe RCR and Suburban OCR, which can be simply understood as Ring 1, Ring 2 and Ring 3. These three major areas have increased by 71.98%, 119.27% and 128.05% respectively over the past 15 years, with compound returns of 3.68%, 5.37% and 5.65% respectively.

This shows that Ring 2 and Ring 3 have actually seen a higher overall increase over the past 15 years due to their low price base. However, with the influx of wealthy people into Singapore, the demand for rental and sales in Ring 1 is on the rise and the trend may change in the future.

The scientific name for EC is Executive Condominium, but it can be thought of as an upgraded version of HDB + improved housing, with doorman, pool, gym and other facilities. Like HDB flats, EC is managed by HDB for the first 10 years and is a government property, but after 10 years it can be privatised and turned into a private property and traded freely.

As it is also a government housing estate, the price of EC is very favourable compared to condominiums and has increased by 166.17% over the past 15 years, with a compound annual return of 6.74%.

However, there are many restrictions on EC purchases and loans are limited to a 30% MSR, so if you want to buy a large EC, you will need to have a lot of cash on hand.

In terms of overall market growth over the past 15 years, EC > condominiums > HDB flats. However, with the exception of condominiums, both EC and HDB flats are subject to strict eligibility requirements.