Introduction
Integrated developments in Singapore — combining residential towers with MRT stations, retail malls, and community amenities — are often priced at a premium for their branding and connectivity. However, just steps away from these premium condos, some older resale Executive Condominiums (ECs) offer similar locational benefits at significantly lower prices.
This article investigates whether an EC can still deliver strong capital appreciation and resale value despite being located adjacent to — and in direct competition with — a newer, integrated private development.
We apply this analysis to Esparina Residences, a resale EC near Buangkok MRT, and Sengkang Grand Residences, a private integrated development completed in 2023. The goal: to assess if ECs in such proximity can coexist, compete, or even outperform.
Project Overview
These two projects are nearly identical in location but differ sharply in property class, integrated versus non-integrated, and pricing — making them ideal for applying PLB’s Disparity Effect® to understand relative performance.
2025 PSF Comparison by Unit Type
Across all unit types, Esparina Residences are priced at a 20–40% discount versus Sengkang Grand Residences. The largest gap exists in 3-bedrooms, suggesting a strong value opportunity for family-sized units.
Capital Appreciation by Unit Type (2018–2025)
To understand if Esparina’s affordability translated into outperformance, we analyse how each unit type appreciated since MOP in 2018, benchmarked against Sengkang Grand’s performance since launch.
Esparina’s 4-bedroom units significantly outperformed, delivering more than 10% annualised returns — despite being older and non-integrated.
Interpretation: Why the EC Still Outperformed
- Relative Affordability Drives Demand
When buyers see a 25–40% discount for comparable size and location, ECs like Esparina become the natural fallback — especially for price-sensitive HDB upgraders. - Spillover Effects from Sengkang Grand
Rather than suppress Esparina’s value, the mall, childcare, and MRT access of Sengkang Grand improved the perceived liveability of the entire area — indirectly benefiting the EC. - Efficient Layouts & Larger Internal Sizes
Esparina’s larger unit sizes (especially for 4-bedrooms) appealed to multi-generational households, supporting resale demand. - Compression of Price Gap Over Time
As price PSF for Esparina appreciated and Sengkang Grand slowed post-TOP, the PSF price gap shrank.
Strategic Implications
Conclusion
This case study answers the question: Can a resale EC thrive next to an integrated private condo? — and the data says yes.
Despite its older age and lack of branding, Esparina Residences outperformed Sengkang Grand Residences across all unit types in annualised capital appreciation. The 4-bedroom category, in particular, delivered exceptional returns — a testament to layout efficiency, value pricing, and market positioning.
When the Disparity Effect® is at play — with resale ECs trading at a 20–40% discount — and the fundamentals are strong (layout, location, MRT access), investors can achieve both capital upside and downside protection.
In Buangkok, the integrated development didn’t suppress the EC — it lifted it.
Appendix:
Average Price PSF for Esparina Residences and Sengkang Grand Residences:
Stay Updated and Let’s Get In Touch
Questions? Do not hesitate to reach out to us!
Disclaimer: Information provided on this website is general in nature and does not constitute financial advice
PropertyLimBrothers will endeavour to update the website as needed. However, information may change without notice and we do not guarantee the accuracy of information on the website, including information provided by third parties, at any particular time. While every effort has been made that the information provided is accurate, individuals must not rely on this information to make a financial or investment decision. Before making any, we recommend you consult a financial planner or your bank to take into account your particular financial situation and individual needs. PropertyLimBrothers does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be executed, PropertyLimBrothers, its employees do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person.
