First owners of executive condominiums make average gains of S$322,220 when selling: Huttons Asia
GROSS profits for selling executive condominiums (ECs) appear to favour first owners, as they stand to make an average profit of S$322,220, according to Huttons Asia.
In a report published on Tuesday (Jul 11), the property agency noted that first purchasers of an EC unit make larger profit gains compared to second owners, who stand to gain S$261,948 on average.
Upon reaching the minimum occupation period (MOP) of five years, first owners are able to achieve average gross gains of more than S$300,000 “consistently every year”, said Huttons Asia.
The windfall increases for first owners who are willing to wait. Average gross gains are more than S$500,000 when the project is approaching the 10-year mark.
Huttons Asia found that second owners had to wait for at least four years to see an average gross profit of nearly S$300,000.
The report analysed 5,033 related EC transactions for projects launched from 2010.