The price advantage and deferred payment options of ECs have made them a highly sought-after property choice this year. The market is expected to maintain robust demand for new EC projects next year, especially with only one new project scheduled for launch.

Altura, the only EC project this year, achieved over 60% unit sales on the opening day in August. By the end of November, sales had reached nearly 90%, with an average selling price of SGD 1,475 per square foot, setting a new high for EC prices. Among the three projects launched last year, Copen Grand and Tenet have been fully sold, while North Gaia has sold 60% of its units.

The price advantage of ECs has attracted numerous homebuyers. In October this year, the price gap between new ECs and private homes widened from 29% in 2019 to 46%. Additionally, buyers can opt for deferred payment options, which are particularly attractive in a high-interest-rate environment.

Eligible first-time homebuyers can also receive a maximum CPF Housing Grant of SGD 30,000. With the limited supply of new ECs and rising prices of private homes, EC projects have become a focal point in the market and are highly sought after.

Altura is the first EC project launched in the Bukit Batok area since 2001. Located near Tengah Town, it enjoys convenient transportation. With the relocation of Anglo-Chinese School Primary, the area has become popular among young families.

EC sales performance has surpassed that of private homes this year. In the first 10 months of this year, EC sales increased by 109.4% compared to the same period in 2019, far exceeding the 6% and 0.5% growth in non-landed private homes and landed homes, respectively. Compared to the same period last year, EC sales decreased by 10.1%, but the decline was smaller than that of non-landed and landed homes, which were 16% and 31.8%, respectively.

Next year, only one new EC project is expected, Lumina Grand, located at 5 Bukit Batok West. It will be the second EC project launched by City Developments Limited (CDL) in the area since 2001, featuring 512 units. Given that it is the only new EC project next year, it is expected to generate strong market demand.

For buyers intending to move to Tengah Town but missed out on Altura, Lumina Grand is likely to be attractive. Additionally, there are many upgrading projects in the area, providing potential appreciation for future resale buyers.

Bidding prices for EC sites have repeatedly reached new highs, with developers considering ECs as a safe haven in the market. Compared to purchasing private residential land, investing in EC land carries lower risks for developers. However, developers need to carefully consider the Monthly Instalment to Income Ratio (MSR) when pricing, ensuring it does not exceed 30% of buyers' monthly income.