Recently, news broke on a $3.059 million Executive Condominium transaction at Hundred Palms Residences in Kovan in March 2025. While this is not a new phenomenon, it is a record for an ordinary EC (i.e. a unit that’s not a penthouse).
The first thing most of us do when we read about a new record, is automatically jump to the conclusion that prices are too expensive. But, is that really the case with this new record EC sale?
We think it may not be so unrealistic a price tag.
Read Also: 8 Current And Upcoming Executive Condominiums in 2025
#1 The Property Is A 5-Bedroom, 1,528 sq ft On A High Floor
From various online sources, we learned that the unit is one of the largest non-penthouse units – a 5-bedroom apartment – on the 13th floor. For reference, the highest floor in the development is the 15th storey.
We also found that there was another similar 5-bedroom unit sold a month before, in February 2025, for $2.72 million. However, this unit was on the 5th floor. We cannot answer whether a unit 8 floors higher is worth over $300,000 more, but, what is clear is that the unit on the higher floor should realistically command a higher price.
Source: PropertyGuru
#2 Other Condominiums In The Area Are Selling At A Similar Price
We can also look at nearby condominiums to compare if the record price is reflected in the overall market. While Hundred Palms Residences is an EC, that TOP-ed in 2019, it will become fully privatised 10 years later – or some time in 2029. This means the buyer is a local, and not a foreigner.
One close-by condominium is Terrasse. While Terrasse TOP-ed in 2015 and is slightly older than Hundred Palms, it is a much better comparison than Regentville, which is directly beside Hundred Palms but TOP-ed in 2000.
Source: Google Maps
According to URA, a recent transaction in February 2025 for a 1,335 sqft unit at Terrasse sold at a PSF of $1,837. This is lower than what the newer 5-bedroom unit at Hundred Palms was sold for – at $2,001 PSF.
Source: PropertyGuru
The unit at Hundred Palms Residences is not only newer, but also larger unit – which may be some reasons for its higher PSF.
Read Also: Why The $16,000 EC Income Ceiling For EC May No Longer Makes Financial Sense
#3 Potentially A Better Layout And Development?
From the Terrasse units that we researched on PropertyGuru, the one we’re using as the example appears to be a 3-bedder on a low floor (as the screenshot above suggests).
In contrast, the Hundred Palm Residences unit is not only on a higher floor and a larger unit, but it also comes with a well-thought-out layout for larger families, including a Junior Master (with attached bathroom) and an extra balcony accessible from the Master Bedroom – all in a single floor.
Source: PropertyGuru
Another point that might be against Terrasse, is that it is an entirely low-rise development, comprising 414 units, that only goes up to 5 floors. In contrast, Hundred Palms is a slightly larger development with 531 units, and goes up to 15 floors.
In terms of amenities, both developments are quite similar, with common facilities such as a tennis court, swimming pool and gym. However, based on what we can find online, it looks like the swimming pool at Hundred Palms might be more luxurious, compared to Terrasse’s “50m lap pool”. Hundred Palms may also have more common facilities, such as BBQ pits.
One other smaller point is that Hundred Palm Residences comprises entirely 3- to 5-bedroom units, while Terrasse has units ranging from 1-bedders to Duplexes.
#4 Potentially Pricing In The New MRT Station At Serangoon North
Perhaps as a smaller point, since this information has been public since 2019, the upcoming Cross Island Line (CRL) will bring an MRT station within 7 minutes walking distance to Hundred Palms Residences.
Source: LTA
While the entire CRL will only be completed by 2030, the official announcement for this line only came after buyers had already purchased their homes in 2017. This may explain the bump in prices that initial buyers are enjoying.
We’ve also seen other projects on the upcoming Cross Island Line gain significant attention, including Parktown Residence and another EC development, Aurelle of Tampines – which are located 3 MRT stops “behind” Hundred Palms Residences.
Aurelle of Tampines sold at an average PSF of $1,766, even though buyers have to wait until 2029 before they can move in.
Read Also: Why It May Be Easier To Afford A Regular Condominium Than An EC Today
Probably Still An “Affordable” Unit
All things considered, Hundred Palms might still be an affordable home compared to nearby condominium units. While it is slightly more expensive, in terms of PSF, than the unit we compared it to at Terrasse, it is younger, larger and arguably in a development with slightly better amenities.
It is also slightly more expensive than Aurelle of Tampines, which sold at an average PSF of $1,766, compared to $2,001 at Hundred Palms. However, buyers of Aurelle of Tampines are not only 3 MRT stops further away, but also have a long wait till they can enjoy their homes – in 2029.
For those of us buying a home today, it can be difficult to swallow the fact that the seller is making more than $1 million on the transaction. However, we have to play within the current property market to own our home, rather than begrudge those making a profit and never buy a home for ourselves.
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