Background and Project Overview
Signature at Yishun and The Criterion are both 99-year leasehold executive condominiums (ECs) launched in 2015 in Singapore’s District 27 (Yishun). As ECs, they were sold at subsidised prices to eligible buyers, but come with a Minimum Occupation Period (MOP) of 5 years during which owners must occupy the unit and cannot sell or rent out the entire unit. After the 5-year Minimum Occupation Period (approximately 2022–2023 for these projects), ECs may be sold on the open market, initially to PRs and Singapore citizens, and to foreigners after 10 years, and may also be rented out. In contrast, Skies Miltonia is a private 99-year leasehold condominium (also in District 27), completed in 2016 (lease commenced in 2012), with no MOP restrictions.
All three projects are comparable in scale and location: Signature at Yishun sits on ~197,614 sqft of land, The Criterion ~193,104 sqft, and Skies Miltonia ~181,900 sqft (all mid-size condo developments with a full suite of facilities). Signature at Yishun has 525 units, The Criterion 505 units, and Skies Miltonia 420 units, indicating similar project density and offerings. This makes for a useful like-for-like comparison of how initial pricing and condo type (EC vs private) influence capital appreciation and rental performance over 10 years.
In the analysis below, we examine sale price and rental trends for 2-, 3-, and 4-bedroom (and larger) units at Signature at Yishun and The Criterion, using Skies Miltonia as a nearby resale benchmark over the period from 2015 to 2025. We also assess the impact of the COVID-19 pandemic (approximately 2020–2022) on the market and explain the observed trends.
2-Bedroom Unit Trends
2 Bedroom Sale Prices: Signature At Yishun & The Criterion Vs Skies Miltonia
In 2015, at launch, both ECs offered very affordable pricing for 2-bedroom units relative to private condos. Signature at Yishun’s 2BR units launched around S$775 psf, and The Criterion around S$820 psf. In contrast, resale 2-bedroom units at Skies Miltonia transacted at approximately S$1,130 psf in 2015, reflecting prices that are typically higher than those of executive condominiums. Over the next 10 years, Signature at Yishun’s 2BR prices soared to about S$1,297 psf by 2025, and The Criterion’s 2BR reached around S$1,400 psf in 2025. This represents roughly a 70% increase in price per square foot (psf) for the 2BR units in both ECs over the decade. In fact, by 2025, these ECs’ 2-bedroom units were selling at equal or higher psf than Skies Miltonia’s, effectively “catching up” once the ECs became eligible for open-market sale. Skies Miltonia’s 2BR units appreciated only modestly – from about $1,130 to $1,280 psf (+~13%) over the same period. The more modest price growth at Skies Miltonia suggests it was already closer to its fair market value at launch, leaving limited scope for outsized appreciation absent additional area-specific catalysts. In contrast, the ECs, which started from a lower price base, had greater upside potential once market forces and post-MOP factors—such as changes in affordability calculations and the transition from MSR to TDSR—came into effect.
2 Bedroom Rental Prices: Signature At Yishun & The Criterion Vs Skies Miltonia
During the first five years, owners of Signature at Yishun and The Criterion were not permitted to rent out their entire 2-bedroom units due to the Minimum Occupation Period (MOP). Any recorded “rentals” before 2020–2022 were therefore likely limited to room rentals or cases with special HDB approval (e.g. overseas work postings), and were negligible in the overall dataset. Consequently, meaningful rental evidence for 2-bedroom units at these ECs only emerged after they fulfilled their MOP—2022 for Signature at Yishun and 2023/24 for The Criterion.
In 2022, just as Signature at Yishun reached MOP amid a robust post-COVID rental market, some of its earliest 2-bedroom leases achieved very high rents of approximately S$4.67 psf per month (equivalent to around S$3,500 per month for a ~750 sq ft unit). These initial figures were likely outliers, driven by the acute rental surge and the units’ brand-new condition. By 2025, as the overall market rental supply increased, Signature’s 2-bedroom rents moderated to about S$3.69 psf (roughly S$3,000 per month).
The Criterion’s 2-bedroom units, which became rentable slightly later, showed a similar pattern. Initial rents of about S$4.62 psf softened to approximately S$4.17 psf by 2025 (around S$3,000+ per month), in line with the broader rental market correction observed between 2023 and 2025. In comparison, Skies Miltonia’s 2-bedroom units—which have been freely rentable throughout—saw rents rise from roughly S$3.70 psf in 2022 to about S$4.10 psf in 2025, reflecting overall market growth.
By the mid-2020s, all three developments were achieving broadly comparable 2-bedroom rental levels, ranging from approximately S$3.70 to above S$4.00 psf per month. This indicates that once ECs enter the rental market post-MOP, their newer stock can match the rental performance of older private condominiums. It is also worth noting that smaller units such as 2-bedroom apartments typically command higher rents on a per-square-foot basis, as tenants pay a premium for lower absolute rents and greater space efficiency. Accordingly, in 2025, The Criterion’s 2-bedroom units recorded among the highest rents psf (around S$4.17), similar to Signature at Yishun’s initial post-MOP leases.
That said, rental transaction volumes differ markedly between the two ECs. At Signature at Yishun, rental activity has been exceptionally low, with only eight 2-bedroom units rented out to date out of a total supply of 70 units. By contrast, The Criterion has just 26 two-bedroom units but has recorded 52 rental transactions. When viewed alongside the higher volume of resale transactions at Signature at Yishun, this pattern suggests that many initial owners have sold their units, with secondary buyers purchasing primarily for owner-occupation. Conversely, the relatively high rental activity at The Criterion suggests that a larger proportion of secondary buyers may have acquired units for investment, or that some initial owners have since purchased additional properties and subsequently rented out their EC units.
Capital Appreciation: Signature At Yishun & The Criterion Vs Skies Miltonia
The 2BR data highlights a classic EC phenomenon – deep capital appreciation. An original buyer of a 2BR unit at Signature at Yishun in 2015 would have seen a roughly 70% increase in value by 2025. Meanwhile, a buyer of a Skies Miltonia 2BR in 2015 would only see around a 13% gain by 2025. The EC owners essentially “unlocked” the subsidy value as profit after MOP. By 2025, a 2-bedroom EC unit bought for ~S$600k in 2015 could resell for around S$1.0–1.1 million, whereas a comparable Skies Miltonia unit that cost ~$760k in 2015 might resell for ~$900k in 2025. For homebuyers, this demonstrates how ECs can offer significant capital upside (if one is willing to meet eligibility and wait through the MOP), whereas buying a private condo at full price yields more modest appreciation but immediate rental flexibility.
3-Bedroom Unit Trends
3 Bedroom Sale Prices: Signature At Yishun & The Criterion Vs Skies Miltonia
3-bedroom units are the typical family homes and were plentiful in all three projects. In 2015, Signature at Yishun’s 3BR units averaged around S$760–$770 psf, and The Criterion’s about S$780 psf at launch. Skies Miltonia’s 3BR units transacted at around S$1,020 psf in 2015. Fast forward to 2025: Signature at Yishun’s 3BR climbed to roughly S$1,270 psf, The Criterion’s to about S$1,330 psf, and Skies Miltonia’s to around S$1,217 psf. In percentage terms, both ECs’ 3BR units appreciated by roughly 65–70% over the decade, whereas Skies Miltonia’s 3BR rose only about 19% in the same period. By 2025, the EC units (at ~$1.3k psf) had slightly overtaken the older private condos’ price ( ~$1.2k psf) for 3-bedrooms. This is a striking observation: despite starting far cheaper, the ECs caught up, such that a resale buyer in 2025 values a 3BR at Signature/Criterion similarly, or even more, than one at Skies Miltonia. Part of the reason is the age and design – by 2025, Signature and The Criterion (completed ~2017–2018) are newer than Skies Miltonia (completed 2016) and may be perceived as offering newer facilities or design, thereby commanding similar prices once they’re fully privatised.
3 Bedroom Rental Prices: Signature At Yishun & The Criterion Vs Skies Miltonia
Skies Miltonia, being completed in 2016, had a head start in the rental market. In the late 2010s (pre-Covid), a typical Skies Miltonia 3-bedroom rented for around S$2.3–$2.5 psf per month (for example, around 2017 it was ~$2.39 psf, so a 1,100 sq ft 3BR might rent for ~$2,600/month). During the COVID-19 pandemic and the following years, rents climbed significantly. By 2025, Skies Miltonia’s 3BR units averaged about S$3.6 psf per month (roughly $3,800–$4,200/month). That’s about a 50% increase in rent per square foot from the late 2010s to 2025, reflecting the island-wide surge in rents (indeed, Singapore’s housing rents jumped nearly 30% in 2022 alone.
For Signature at Yishun and The Criterion, meaningful 3-bedroom rental data only emerged after each development fulfilled its Minimum Occupation Period (MOP). Signature at Yishun reached MOP in mid-2022, after which its 3-bedroom units began entering the rental market. Before MOP (around 2018–2019), any recorded 3-bedroom rentals at Signature were minimal and not statistically meaningful.
Post-MOP, Signature at Yishun’s 3-bedroom units were achieving rents of approximately S$4.10 psf by 2025 (for example, about S$4,100 per month for a ~1,000 sq ft unit). The Criterion, which reached MOP around 2023, showed a similar outcome, with 3-bedroom rents reaching roughly S$4.17 psf by 2025. Consistent with broader market conditions, both projects experienced a mild rental correction between 2023 and 2025.
For context, newly rentable 3-bedroom EC units entering the market between 2023 and 2025 generally commanded monthly rents above S$4,000, supported by their relatively new condition and the residual effects of the peak rental cycle. Notably, by 2025, the rent per square foot for 3-bedroom units at Signature at Yishun and The Criterion (around S$4.10 psf) exceeded that of Skies Miltonia (approximately S$3.60 psf). This premium likely reflects the newer age and more efficient layouts of the ECs, which enhanced their attractiveness to tenants despite their proximity to an older private
Key Takeaways
Like the 2BR case, 3-bedroom EC units saw far higher capital gains (~68% vs ~19% for Skies), and once they entered the rental market, they achieved rents on par or above the older condo. For an investor or upgrader, an EC purchased in 2015 delivered strong price appreciation but required waiting ~7-8 years (until after MOP) to realise rental income. Skies Miltonia’s 3BR provided steady (but lower) appreciation and the ability to rent out immediately, which, over the years, yielded improving rental returns but not much capital gain. By the mid-2020s, a resale buyer would pay roughly the same ~$1.2–1.3M for any of these 3-bedroom units, and rent them out for roughly $4k/month – showing how ultimately the market equilibrated their value despite different starting points.
4-Bedroom and Larger Unit Trends
4 Bedroom Sale Prices: Signature At Yishun & The Criterion Vs Skies Miltonia
Larger units (4-bedroom and above) tend to exhibit different market dynamics due to a narrower buyer pool, typically comprising larger families or multi-generational households. Signature at Yishun does not offer 5-bedroom units, while Skies Miltonia includes a limited number of 4-bedroom duplex penthouses. Only The Criterion has 5-bedroom units, which are available in very limited supply (13 units). For this analysis, 4- and 5-bedroom units are grouped.
At launch in 2015, 4-bedroom units at Signature at Yishun transacted at around S$780 psf, while comparable units at The Criterion were priced at approximately S$800 psf. In absolute terms, this translated to roughly S$900,000 to S$1.0 million for a spacious 4-bedroom unit at the time. In comparison, Skies Miltonia’s 4-bedroom units that transacted between 2015 and 2016 averaged about S$1,026 psf.
Notably, Skies Miltonia’s larger units experienced a period of price softness following launch. Transaction data indicates that the average price for its 4-bedroom units dipped to around S$889 psf at one point, mainly due to the sale of two duplex penthouses with open terraces, which depressed the overall average. By 2025, prices had recovered, with 4-bedroom units averaging approximately S$1,144 psf. This reflects an increase of about 11% from the initial average of roughly S$1,026 psf a decade earlier, though still below the earlier peak of around S$1,268 psf. Given the relatively low transaction volume and the presence of units with unique attributes, these figures should be interpreted with caution.
In contrast, the ECs saw their 4BR prices jump dramatically post-MOP. By 2025, Signature at Yishun’s 4BR units were around S$1,314 psf, and The Criterion’s about S$1,355 psf. These represent roughly +68% (Signature) and +70% (Criterion) appreciation from launch prices – very similar to the growth seen in the smaller units. In absolute terms, a 4-bedroom EC that might have cost ~$1.0M in 2015 could be worth ~$1.7M by 2025. Meanwhile, a Skies Miltonia 4BR that might have cost ~$1.3M in 2015 might be worth only ~$1.45M in 2025. Clearly, the ECs provided a large windfall to those who bought large units at subsidised prices – even the high-end units saw market pricing catch up significantly after a decade.
4 Bedroom Rental Prices: Signature At Yishun & The Criterion Vs Skies Miltonia
Before the ECs reached MOP, only Skies Miltonia’s 4BR units were available for rent. Around 2016–2022, a large 4-bedroom at Skies Miltonia rented for roughly S$2.2 psf per month (e.g. a 1,300 sq ft unit might rent for ~$3,000/month). Like the rest of the market, big-unit rents then surged in the pandemic’s aftermath: by 2022–2023, Skies Miltonia’s 4BR rents peaked around S$3.7 psf (perhaps S$4,800+/month for a large unit), and by 2025 they were around S$3.39 psf (a slight dip from the peak, equating to maybe S$5,000/month). This is about a 50% jump in rent psf from 2020 to 2025 for Skies’ big units, which is notable – it outpaced the percentage increase of smaller units’ rents. One reason might be that during the COVID rental crunch, even large units saw huge demand (e.g. families needing more space), pushing up rents. In contrast, previously large units had been relatively undervalued in the rental market.
For Signature at Yishun and The Criterion, 4BR rentals only started to appear after MOP (circa 2022–2024). In 2025, Signature’s 4BR units were renting for about S$3.90 psf per month and The Criterion’s at about S$3.65 psf. In absolute terms, that’s roughly S$4,500–$5,500/month rents for these EC 4-bedroom homes. By the end of the decade, tenants could rent 4-bedroom units across all three developments—whether EC or private—at broadly similar levels, around the mid-S$3 psf range (or approximately S$5,000+ per month depending on unit size). Notably, despite being the second newest development, Signature at Yishun achieved the highest rent per square foot among the three by 2025.
5-Bedroom note: The Criterion and Skies Miltonia each have a small number of 5-bedroom or townhouse units. Data on these is sparse, but generally such units follow the trend of 4BRs — limited supply, potentially slightly lower psf prices (but very high absolute prices), and rental demand mostly from niche tenants.
Key Takeaways
For large units, the EC vs private gap in appreciation remains huge: ~70% gains for Signature/Criterion 4BR vs ~10% for Skies 4BR over 10 years. Skies Miltonia even saw some depreciation, then recovery in its large unit prices (initially soft, then rising later but net small gain). On rentals, larger units in Skies Miltonia showed surprisingly robust growth post-2020 (reflecting how rental demand became broad-based in the pandemic aftermath), while the ECs, once eligible, rented at strong rates, comparable to or exceeding those of the older condos.
Rental Yields Over Time and Investment Patterns
What is Rental Yield? Simply put, rental yield is the annual rental income divided by the property’s value, expressed as a percentage. For example, if a condo is worth S$1 million and can rent for S$40,000 a year, its yield is 4%. Yields help investors gauge the cash flow return versus the asset price.
Over 2015–2025, rental yields for these projects have evolved significantly, often inversely to their price movements:
- Early Years (2015–2020): For Signature at Yishun and The Criterion, rental yield was effectively 0% during the MOP period – owners couldn’t rent out the whole unit at all for five years. This is an important consideration: EC buyers trade off initial rental income for the chance at capital gain. In contrast, Skies Miltonia owners could rent out from day one. However, because Skies was bought at full market price, its initial yields were fairly low (roughly 2.5%–3% in the late 2010s). For instance, a Skies Miltonia 3BR bought for around S$1.1M in 2015 might rent for ~S$30k/year, yielding ~2.7%. An EC 3BR bought for S$750k couldn’t be rented initially (yield 0% until after MOP), but had it been permissible, the market rent might also have been around S$30k (which would have been a notional ~4% yield on the EC’s much lower purchase price). This illustrates the “subsidy benefit” of ECs: they’re bought cheaply, so their implied yield at purchase is high – but owners cannot realise that yield immediately due to MOP.
- Post-MOP Period (~2021–2025): Once the ECs reach the 5-year mark, their owners can start renting them out. By this time, both the property values and rents had changed. Take Signature at Yishun’s 3-bedroom as an example: purchased ~S$750k in 2015, by 2022 it might be worth ~$1.2M and renting for ~$40k/year. The original owner’s yield on cost is very high (~5.3% on the $750k), but the market yield on the current value is about ~3.3% (40k on $1.2M). This pattern – yield compressing as capital values rise – is typical. For The Criterion, hitting MOP in a blazing 2023 rental market, some initial rentals achieved yields around 4% on the then-market value (since rents spiked so much). But by 2025, prices had caught up, and yields normalised.
- Skies Miltonia’s yield trajectory: Initially ~2.5–3%, but by 2025, thanks to significant rent increases, its yields improved to around 3.5–4%. For example, a Skies 3BR worth $1.25M in 2025 renting for ~$45k/year yields ~3.6%. This is an improvement from a decade earlier, where the same unit might have been $1.05M with $30k rent (2.9%). So Skies Miltonia owners saw their rental incomes rise faster (in % terms) than property value, boosting yields over time. Part of this was the COVID-era rent surge outpacing price growth for such older units.
- Convergence of Yields: By 2025, whether it’s a former-EC or a private condo, a resale buyer paying the full market price would get a yield in the ballpark of 3% plus. The market tends toward an equilibrium: high capital gains for ECs effectively lower their yields to align with market norms after a few years. Meanwhile, stagnating capital values for an older condo like Skies helped raise its yield to similar levels. In essence, rental yield and capital appreciation are two sides of the coin – if you gain a lot from price appreciation (as EC owners did), you typically end up with a lower yield on the new value; if price growth is slow (as with Skies), the relative rental return improves.
- Yield vs. Capital Play: Investors often choose between high growth (EC strategy) and steady yield (buying established condos). In our 10-year new-launch analysis case, EC buyers reaped substantial capital gains but had to forgo rental income for 5+ years. By 2025, a new investor buying any of these properties would see similar rental returns, but those who bought ECs at launch already pocketed substantial capital profits. Skies Miltonia owners, on the other hand, got to collect rent from day one, and by 2025, their unit’s yield actually became quite attractive (around 4%) because the price didn’t balloon as much.
To illustrate, here’s a simplified comparison of rental yield patterns over time:
- 2015: ECs – no rental allowed (yield 0%); Skies Miltonia – yield ~2.5–3%.
- 2020: ECs – still no rental (yield 0%); Skies – yield ~3% (rent grew slightly, price stable).
- 2023: Signature at Yishun (MOP just reached) – market value up, first rentals give ~3.5% yield on new value (original buyer’s cost-yield ~5%); The Criterion (MOP just reached) – similar ~3.5–4% yield on value; Skies – price up a bit, rents up a lot, yield ~4% on value.
- 2025: All three condos’ yields ~3–4% on their market values, converging to typical levels for suburban condos.
In short, rental yields over time showed an inverse correlation with capital appreciation: the ECs started with hypothetical high yields which then dropped to normal as their values jumped, whereas Skies Miltonia started with low yields that rose somewhat as rent growth outpaced price growth. Anyone evaluating an investment should consider this trade-off: ECs can be a great capital growth play if you don’t need rental income early, whereas existing private condos might offer immediate rental income but less upside in price.
Impact of the COVID-19 Pandemic (2020–2022)
The COVID-19 period had a significant impact on both sale prices and rentals for these properties:
- Sale Prices: In early 2020, as the pandemic began, the property market saw a brief pause. Buyer sentiment was cautious during the circuit-breaker (lockdown) period. However, Singapore’s property prices proved resilient – by late 2020 and into 2021, pent-up demand and low interest rates led to a surge in home buying. In 2021 and 2022, private home prices across Singapore rose by about 10% and 8.6% respectively. For our three condos, the timing coincided with the ECs approaching MOP. Signature at Yishun reached its 5-year mark around Q3 2022, just as prices were peaking; many original owners took the opportunity to sell at hefty profits. There was a jump in transacted prices for Signature at Yishun around 2021–2022 as savvy buyers anticipated the MOP and general market uptick. The Criterion hit MOP in 2023, by which time the post-COVID price boom was in full swing – its first resale transactions were reportedly at very high prices compared to its launch (indeed, The Criterion’s average 4BR psf went from ~$800+ at launch to ~$1,300+ by 2023–25). Skies Miltonia, being older, also enjoyed some price recovery after 2020 – e.g., its 4BR units, which had dipped in value in 2017–2019, climbed back up during 2021–2022 (with one even transacting at ~$1,268 psf at the peak). But overall, Skies Miltonia’s gains were modest compared to the ECs. The pandemic era essentially amplified the ECs’ value unlock: a perfect storm of limited housing supply, rising HDB/upgrade demand, and ECs finally entering the market led to big price jumps around 2021–2023.
- Rentals: The rental market saw two phases during COVID. In 2020, when borders closed and some expatriates left, there was a momentary softening of rents. However, by late 2021 and through 2022, rents began skyrocketing due to factors like construction delays (fewer new homes ready, so rental demand increased), returning foreign professionals, and locals renting due to construction delays in BTOs/upgrading. Nationwide, 2022 saw record-high rental growth (~+30% year-on-year). In our data, we see that Skies Miltonia’s rents jumped sharply around 2021–2022. For example, Skies’ 3BR went from ~$2.60 psf in 2019 to over $3.50 psf by 2022/23 – a huge rise. Its 4BR rent jumped ~50% from 2020 to 2023. The ECs weren’t in the rental market during the early part of this surge, but by the time they could rent out (2022+), they effectively entered a very high-rent environment. That’s why Signature’s first recorded 2BR rents in 2022 were an unprecedented ~$4.6+ psf – timing was on their side, as the rental crunch meant even newly MOP ECs could ask top dollar. As pandemic effects normalise by 2024–2025, we expect rents to stabilise or dip slightly from the 2022–23 peak. For instance, Signature’s average 2BR rent psf fell from $4.67 in 2022 to $3.69 in 2025 as more supply and normalised conditions returned. Similarly, Skies Miltonia’s peak rents around 2022 (e.g. 4BR at $3.7 psf) eased to ~$3.3–3.4 by 2025. The volume of rentals also increased post-Covid as more owners took advantage of high rents.
In summary, COVID-19 initially caused a hiccup, but ultimately turbocharged real estate trends: Sale prices, especially for sought-after mass-market homes, climbed steeply in 2021–2022, and rentals hit all-time highs by 2022–2023. These forces benefited our EC projects tremendously (boosting their value when they became sellable) and also lifted the rental prospects for all projects (though only post-MOP for ECs). It’s a reminder that macro events can significantly influence real estate – those who held on through the uncertainty of 2020 reaped rewards by 2022.
Conclusion: What This Tells Us About Buying New-Launch ECs Like Signature and The Criterion
The decade-long performance of Signature at Yishun and The Criterion, benchmarked against Skies Miltonia, offers a clear framework for understanding why new-launch executive condominiums can be compelling purchases when evaluated correctly.
1. New-Launch ECs Are Primarily a Capital Growth Strategy
The defining takeaway is that ECs derive their investment appeal from front-loaded capital appreciation, not early rental yield. Signature at Yishun and The Criterion delivered approximately 65–70% price growth across unit types over ten years—far exceeding the 10–20% appreciation seen at Skies Miltonia. This outperformance stems from the initial pricing discount built into EC launches, rather than superior locations or long-term rental advantages.
For buyers who qualify and are prepared to commit to the MOP, purchasing an EC at launch effectively allows one to buy below long-term market value, with appreciation largely “locked in” once the development reaches full privatisation.
2. The MOP Is a Constraint—but Also the Mechanism That Creates Value
The five-year MOP limits flexibility, but it is precisely this restriction that enables EC pricing to be set below comparable private condominiums at launch. Once the MOP is fulfilled, the data shows an apparent price catch-up effect, with Signature and The Criterion eventually trading at similar or even higher psf levels than Skies Miltonia by 2025.
From a new-launch buyer’s perspective, this reinforces an important principle:
The EC advantage is fully captured only by the first owner.
Subsequent buyers of ex-ECs are purchasing at market value, with the original pricing arbitrage already realised.
3. Rental Performance Normalises After Privatisation
Rental trends across all three developments converged meaningfully once the ECs entered the rental market. By 2025, 2-, 3-, and 4-bedroom units across ECs and private condos were commanding similar rents on a psf basis, with differences explained mainly by unit size, age, and layout efficiency rather than project type.
This illustrates that new-launch ECs should not be evaluated on rental yield during the first five years, but instead on their ability to:
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Transition into competitive rental assets post-MOP, and
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offer owners the option (not obligation) to rent or sell once restrictions lift.
4. Exit Optionality Is a Key Advantage of EC Ownership
The data suggests divergent owner behaviour between Signature at Yishun and The Criterion, highlighting a practical benefit of EC ownership: choice at MOP. Many Signature owners appear to have sold upon MOP, crystallising substantial gains, while others—particularly at The Criterion—retained their units and rented them out, benefiting from the post-COVID rental surge.
For new-launch buyers, this underscores the importance of viewing an EC as a flexible long-term asset:
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Sell after MOP to realise capital gains, or
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Hold and rent with a now-privatised asset that performs similarly to private condos.
5. Unit Type Matters Less Than Entry Price
Across both ECs, appreciation was broadly consistent across 2-, 3-, and 4-bedroom units, reinforcing that entry price and launch discount mattered more than unit configuration for capital growth. This suggests that new-launch EC buyers should prioritise:
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value relative to nearby private comparables, and
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absolute affordability aligned with holding power, rather than over-optimising for a specific unit size based on appreciation alone.
6. Location Sets the Ceiling; Product Type Drives the Upside
Yishun (District 27) did not experience a dramatic transformation over the decade, and yet ECs in the area still delivered outsized gains. This confirms that the strong performance of Signature and The Criterion was not location-driven, but asset-class-driven. In contrast, Skies Miltonia’s modest growth reflects the reality that older 99-year private condos without a catalyst tend to appreciate slowly, even in stable rental markets.
For new-launch EC buyers, this implies that similar outcomes can occur across different OCR locations, provided:
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The launch pricing is compelling relative to private alternatives, and
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the buyer is positioned to hold through the full EC lifecycle.
Final Takeaway for New-Launch EC Buyers
Purchasing a new-launch EC like Signature at Yishun or The Criterion is best understood as a structured, long-term capital strategy rather than a short-term investment or yield play. The real advantage lies in buying at a discount, enduring the MOP, and allowing market forces to normalise the asset’s value post-privatisation.
In short:
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ECs reward patience and eligibility,
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the first owner captures most of the upside, and
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by the end of the holding period, the market no longer distinguishes between EC and private—it only prices the condo.
For buyers who can commit to the holding period and align their lifestyle needs accordingly, the experience of Signature at Yishun and The Criterion demonstrates that new-launch ECs remain one of the most reliable pathways to meaningful long-term property gains in Singapore.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
