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February 01, 2023

Newly MOP-ed Units To Add To Resale EC And HDB Flat Supply In 2023

By Wong Siew Ying

Every year, a fresh stock of homes that have exited the 5-year minimum occupation period (MOP) presents themselves on the resale market. Owners of these HDB flats and Executive Condos (ECs) are now free to put them up for sale or lease after attaining the MOP.

In 2023, over 15,000 HDB flats and more than 4,100 ECs could make their resale debut. Here’s a list of the estimated 2023 MOP residential units that buyers can watch out for.

HDB flats
First-timer flat buyers who do not wish to wait for new BTO (Build to Order) flats to be completed can seek potential resale units in these projects (see Table 1). In addition, eligible first-time buyers can tap up to $160,000 in housing grants to help to finance the resale flat purchase. Being newly MOP-ed, these flats are almost good as new and still have a lengthy remaining lease balance. Meanwhile, HDB upgraders who are seeking to move to a different location or to a larger flat may also be keen on them.

Table 1: HDB flats reach MOP in 2023

Town
Project NameNumber of FlatsEstimated Distance to MRT station / Primary schools (1-km)
Ang Mo Kio
Cheng San Court
712
Ang Mo Kio (500m) /
Jing Shan Primary, Teck Ghee Primary
BedokFengshan GreenVille
1,058
Tanah Merah (760m) /
Bedok Green Primary, Red Swastika School, St. Antony’s Canossian Primary, Yu Neng Primary

Bukit Batok


West Rock @ Bukit Batok
448
Bukit Batok (1.2km) /
Dazhong Primary, Jurong Primary, Princess Elizabeth Primary
West Terra @ Bukit Batok
1,793
Bukit Batok (730m) /
Dazhong Primary, Princess Elizabeth Primary
West Valley @ Bukit Batok
924
Bukit Batok (1km) /
Dazhong Primary, Jurong Primary, Princess Elizabeth Primary, Yuhua Primary
West Ridges @ Bukit Batok
1,578
Bukit Batok (1.5km) /
Dazhong Primary, Jurong Primary, Princess Elizabeth Primary
Hougang
Buangkok Parkvista485Tongkang LRT (830m) /
Anchor Green Primary, Fernvale Primary, Hougang Primary, Yio Chu Kang Primary
Buangkok Tropica718Tongkang LRT (530m) /
Anchor Green Primary, Fernvale Primary, Hougang Primary, Yio Chu Kang Primary, Palm View Primary, Sengkang Green Primary
Buangkok Square725Tongkang LRT (730m) /
Anchor Green Primary, Fernvale Primary, Hougang Primary, Yio Chu Kang Primary, Palm View Primary
Jurong WestYung Ho Spring I641Lakeside (2km) / *Boon Lay Garden Primary, Fuhua Primary, Lakeside Primary
Yung Ho Spring II266Lakeside (1.9km) /
*Boon Lay Garden Primary, Fuhua Primary, Lakeside Primary
PunggolPunggol Bayview1,096Nibong LRT (370m) /
Punggol Cove Primary, Punggol Green Primary, Valour Primary
SembawangSun Breeze700Sembawang (710m) /
Canberra Primary, Sembawang Primary
SembawangSun Natura848Sembawang (730m) /
Canberra Primary, Sembawang Primary, Endeavour Primary
SengkangAnchorvale Fields511Farmway LRT (490m) /
Anchor Green Primary, Fern Green Primary, Nan Chiau Primary, Springdale Primary
Toa PayohToa Payoh Apex557Toa Payoh (890m) /
First Toa Payoh Primary, Kheng Cheng School, Pei Chun Public School, St. Andrew’s Junior School
WoodlandsMarsiling Greenview1,304Marsiling (440m) /
Marsiling Primary, Fuchun Primary
YishunBlossom Spring @ Yishun650Yishun (1.7km) /
Huamin Primary, North View Primary
YishunMeadow Spring @ Yishun469Yishun (1.9km) /
Huamin Primary, North View Primary


Source: PropNex Research, Onemap (*schools are between 1km and 2km)

Of the list of flats that could reach MOP in 2023, Cheng San Court in Ang Mo Kio and Toa Payoh Apex will likely be among the more sought-after projects given their relatively central locations within mature towns. However, resale flats in these towns are usually pricier (see Table 2) – the average price for 4-room resale flats in Ang Mo Kio was more than $593,000, while that of 5-room flats was over $808,000 in 2022 (till 15 December).

Those with tighter budget may want to look at potential buying options in the suburbs such as Jurong West, Sembawang, Woodlands and Yishun, where resale prices are generally more affordable than the popular estates in more central locations. For instance, the average transacted prices of 4- and 5-room flats in Jurong West was about $480,000 and $563,000 respectively in 2022 (see Table 2).

Table 2: Average HDB Resale Prices Transacted in 2022 (till 15 December)

Town
4-room
5-room
ANG MO KIO
$593,985
$808,771
BEDOK
$507,982
$666,519
BUKIT BATOK
$522,180
$709,883
HOUGANG
$520,273
$648,254
JURONG WEST
$480,139
$563,042
PUNGGOL
$549,220
$629,055
SEMBAWANG
$502,388
$583,871
SENGKANG
$527,283
$603,216
TOA PAYOH
$700,286
$865,901
WOODLANDS
$471,148
$562,565
YISHUN
$467,844
$610,296


Source: PropNex Research, data.gov.sg

Executive Condos
HDB upgraders who are put off by the higher prices in the private condo new launches can explore the private resale market, including executive condos. More than 4,100 EC units (see Table 3) are due to meet their 5-year MOP in 2023, making them eligible to be resold to Singaporeans and Singapore PRs on the resale market.

Resale ECs are among the more affordable private homes in the market. In 2022 (till 9 December), the average price of resale ECs was $1,096 psf – lower than $1,329 psf for new ECs - according to URA Realis caveat data. It is also lower than the average transacted resale price for OCR private condos (ex. EC) which came up to $1,266 psf and new OCR non-landed private home sales (ex. EC) at $1,934 psf in 2022 (till 9/11 December).

Table 3: Executive Condo Projects reaching MOP in 2023

Project
Location
Number of Units
Estimated Distance to MRT station / Primary schools (1-km)
The CriterionYishun Street 51
505
Yishun (1.9km) /
Huamin Primary, Naval Base Primary, Northland Primary
Parc LifeSembawang Crescent
628
Sembawang (610m) /
Canberra Primary, Sembawang Primary, Wellington Primary
WandervaleChoa Chu Kang Avenue 3
534
Keat Hong LRT (520m) /
Chua Chu Kang Primary, South View Primary, Teck Whye Primary
Sol AcresChoa Chu Kang Grove
1,327
Keat Hong LRT (280m) /
Chua Chu Kang Primary, South View Primary, Teck Whye Primary
The VisionaireCanberra Drive
632
Canberra (550m) /
Sembawang Primary, Wellington Primary
Treasure CrestAnchorvale Crescent
504
Cheng Lim LRT (270m) /
Anchor Green Primary, Compassvale Primary, Nan Chiau Primary, Punggol Green Primary, Springdale Primary


Source: PropNex Research, URA Realis, Onemap

Buying freshly MOP-ed ECs ensures that the property is almost brand-new being just 5 years old. In addition, there is also a good potential for capital gains in the future when the projects can be sold to foreigners (after 10 years from TOP date). Speak to a PropNex agent today to find out more about resale opportunities and which properties best suit your budget and needs.

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While every reasonable care is taken to ensure the accuracy of information printed or presented here, no responsibility can be accepted for any loss or inconvenience caused by any error or omission. The ideas, suggestions, general principles, examples and other information presented here are for reference and educational purposes only.

This information contained herein is not in any way intended to provide investment, regulatory or legal advice or recommendations to buy, sell or lease properties or any form of property investment. PropNex shall have no liability for any loss or expense whatsoever, relating to any decisions made by the audience.

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