If you’ve been keeping tabs on our recent articles concerning record property prices, you’d understandably associate such news with HDB resale flats. After all, in the first quarter of 2025 alone, we’ve already seen the likes of a newly MOP-ed Bidadari flat being sold for $1.25M, and a 5-room flat in Toa Payoh for $1.6M.
Well, we’re back with more news of a record price being set for a property—but instead of a resale HDB flat, this time it’s an executive condo unit!
1,528 sqft Hundred Palms Residences unit sold for $3,058,888
Image credit: New Launch Condo
According to 99.co, the unit in the spotlight is a 5-bedroom, 1,528 sqft unit located on the 13th floor, which is pretty high considering the highest floor is the 15th floor. Hundred Palms Residences recently crossed its Minimum Occupation Period (MOP) in mid-December 2024, and so it can be considered a relatively fresh condo project with many years left on its lease.
The story behind its eventual settled price is pretty interesting. From what we know, the initial asking price by its seller was $2.88M, which attracted eight offers between $2.4M to $2.7M, where it remained stagnant for some time. We don’t know what happened thereafter, but the unit was eventually transacted at S$3,058,888, which is 12.54% higher than the previous record transaction of $2.72M for another unit at the condo. The price also resulted in several records being broken—but more on that later!
We tracked down the profile of one of the property agents who brokered the deal and found that it is highly likely to be this listing:
Image credit: 99.co
According to the listing, the unit is inward-facing with no West sun, and is the only layout with a Junior Suite.
Image credit: 99.co
Although the transaction is still pending completion, the Option to Purchase (OTP) has already been granted, which more or less makes it a done deal.
Overwhelming popularity right from the start
To understand the rationale for such a high price tag for a unit, we first have to go all the way back to 2017, when the project was first launched. If you caught our earlier article on the four top-selling condos that sold over 80% of their units in their opening weekend and thought that was amazing, then prepare to be blown away.
Image credit: EdgeProp
On 22 July 2017, Hundred Palms Residences was launched with 531 of its units put up for sale. Prior to that, it had already attracted over 2,700 e-applications, which more or less gave an indication of how highly popular the units were. What is truly remarkable is that all of its units were sold within seven hours, at an average price of $836 psf. According to marketing agents ERA Realty Network and Huttons Asia, this made Hundred Palms Residences the most oversubscribed EC in history.
In fact, we don’t think there has ever been any condo project that completely sold out all its units on the first day of its launch. The closest might probably be Emerald of Katong, which sold 99% of its units on its opening weekend in November 2024. But with all things considered, Hundred Palms Residences certainly knocked it out of the park—and for good reason.
Hundred Palms Residences at a glance
Image credit: Bala Bala (via Google)
Launched in 2017, Hundred Palms Residences is a 99-year leasehold EC with a total of 531 units across 3-bedroom, 4-bedroom, and 5-bedroom unit types. All things considered, its starting prices were considered pretty decent, with $715K for a 3-bedder unit, $1.03M for a 4-bedder, and $1.288M for a 5-bedder.
Located in the Serangoon-Hougang region and along Yio Chu Kang Road, the condo is not actually next to an MRT station, but enjoys close proximity to a few, such as Hougang, Buangkok, and Kovan, which are a short drive or bus ride away. The three stations sit along the North-East Line, giving you access to places like Chinatown, Dhoby Ghaut, and HarbourFront. If you drive, then the CTE highway is also conveniently just a short drive away.
One key highlight that probably contributed to a big part of its popularity is the wide range of schools in close proximity. For example, you have the likes of Rosyth Primary, Hougang Primary, Xinmin Primary, and Bowen Secondary, as well as many childcare centres peppered around the region.
3 price records broken with its $3.06M price tag
Image credit: 8Prop
What makes its $3.06M price so remarkable is that it actually broke three records in one go.
First non-penthouse EC unit to cross $3 million mark
Up till this point, only penthouse units in ECs had crossed the $3 million threshold. The current record holder belongs to a 3,864 sqft penthouse unit at Citylife@Tampines, sold back in 2021 for $3.288M ($851 psf). In second place is another 2,379 sqft penthouse unit in the same development, sold earlier in January this year for $3.05M.
With this transaction, the unit in question is now the first “regular” EC unit to cross the $3 million mark. In fact, it is even more expensive than the $3.05M penthouse unit at Citylife@Tampines, which is pretty crazy.
Highest capital gain for an EC
Another record that this unit broke was the highest capital return clocked by an EC.
According to the news, the original owners had purchased the unit for $1,321,000. This means that the total potential profit (before miscellaneous costs such as agent commission fees and admin fees) that they gained was an eye-watering $1,737,888 in just over five years, which is indeed a very substantial gain considering it’s a 131% return on investment!
How significant is this? Well, the previous record holder was EC Bishan Loft, which attained $859,000 in profit over 11 years. In second place was another unit at the same development, which clocked in $833,112 in profit in 5 years.
With this $1.7M profit, it’s clear that the current record is far surpassed, and indeed a very outstanding achievement.
First EC to cross $2,000 psf mark
The third record that this transaction broke was that it made Hundred Palms Residences the first EC to cross the $2,000 psf threshold, surpassing the previous high of $1,899 psf which it set last year.
This is significant, because it is not only the market leader for ECs, but also outperforming some private condos as well. According to Edmund, one of the three agents who brokered the $3.06M deal, the unit managed to sell at a higher price than Affinity at Serangoon, which is a new private condo with larger landscaped grounds. Recently, a 1,712 sqft, 4-bedroom unit there was sold for $2.9M, equating to S$1,694 psf—less than the $2,001 psf that our $3.06M unit sold at.
Record-breaking executive condo prices
It’s certainly not every day that ECs make the news for having record sales transactions, and that’s because their private counterparts tend to cost much more in the resale market. However, as we can see from this instance, gems such as Hundred Palms Residences come every now and then, setting new benchmarks and possibly even starting new price trends.
To be honest, it will likely be a while before we see the next record-breaking transaction concerning ECs. But as they say, records are meant to be broken—and it’s definitely a case of when, not if, until we see the next EC transaction make the headlines.
Cover image adapted from:
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