Executive condominiums (ECs) have risen in popularity, say property agents.
ECs are the next best thing for those who are priced out of the private condo market, where prices have hit new highs recently.
According to real estate agents, the price of each square foot has increased by about 70 percent in the last two to three years.
In Q1 2010, the resale value of each square foot reached about S$570.
Mr. David Poh, senior group district director of PropNex, said that prices usually ranged from S$300 psf to S$400 psf more than three years ago.
This puts the price per square foot of ECs at around 15 percent lower than that of private condos.
The price for a new EC is about 25 percent lower than that of a new private condominium.
Property agents said that the prices of ECs have not reached its peaked yet.
Two ECs in Yishun and Sengkang were launched in January. A second EC is set to be launched in Sengkang this week.