*This article was written in April 2023 and does not reflect data and market conditions beyond.
Ecopolitan is a 99-year leasehold executive condominium located in District 19, Punggol. The development is set amidst a lush green landscape, providing residents with a serene and tranquil living environment.
Developed by Qingjian Realty, one of Singapore’s renowned developers, Ecopolitan offers a range of elegant and spacious units, from 3 to 5 bedrooms, that cater towards the family and investor demographics of buyers. The availability of larger dual-key and CoSpace units is the standout feature of Ecopolitan. These units offer a greater degree of privacy and flexibility for its owners in terms of usage, making it an attractive option for those seeking versatility in their living arrangements.
Location Analysis
Ecopolitan is located in the vibrant and growing town of Punggol, in the northeastern region of Singapore. Punggol is a modern and family-friendly town that has undergone significant development in recent years, making it an increasingly popular location for young families and professionals.
For those who need to commute to other parts of Singapore, Ecopolitan’s location is also highly convenient. The development is just a 4-minute drive to the TPE expressway and an 11-minute walk to Punggol MRT station, providing easy access to the rest of the island.
One of the key advantages of Ecopolitan’s location is its proximity to a range of amenities and facilities. The development is located just a short walk from Punggol Waterway Park, a picturesque and family-friendly destination that offers a range of recreational activities, including cycling and jogging.
In addition, the development is also within easy reach of a range of shopping, dining, and entertainment options. The nearby Waterway Point Mall offers a wide range of retail and dining options, while the Punggol Town Hub is home to a range of community facilities, including a library and a community club.
Families with school-going children will have several options to choose from. The nearest primary school, Punggol Green Primary, is less than 300m away. As Ecopolitan lies on the outskirts of Punggol towards the Sengkang side, the primary schools in Sengkang such as Compassvale Primary are possible options as well since they are still within the 1km radius. Punggol and Sengkang are closely connected by bus services as well, making it a short 10 to 15-minute commute.
Site Plan & Unit Distribution
The site of Ecopolitan is surrounded by lush greenery, with the residential blocks taking two linear profiles parallel to the cul-de-sac at Punggol Walk. The residential blocks are lined up in two rows of four, with the lap pool right in the middle of the development, maximising the number of units with a pool view. The point block design is also a great touch by the developers to allow each floor to only have four units, offering residents privacy and a serene living experience.
The theme that the developers have established here is ‘7 nature in 1 home’, which is quite apt as they have classified 7 different zones for its facilities around the estate. The zones include Blue Harmony, The Blue Lagoon, Moon Island, Water Gardens, Forest of Mist, Adventure Forest, and The Trail of Rainforest. Each zone has its own theme, and it certainly makes the development live up to its name of being an eco-friendly living environment.
Ecopolitan is made up of 3-Bedroom to 5-Bedroom units spread across 8 residential blocks standing at 16 storeys each. As mentioned previously, the unit mix favours the family demographics who are buying for own stay purposes because of the larger units. However, the availability of dual-key units could be a strategy to cater to the needs of property investors as well or to offer owners the flexibility of a part-stay part-investment strategy. The appeal of the dual-key concept cannot be understated as it offers owners the flexibility to rent out the studio portion while living in the bigger portion (or vice versa), or rent out both sides to maximise rental yield. This will increase the accessibility to own and invest in real estate without having to own 2 separate units.
Price Analysis
As an executive condominium, the Minimum Occupation Period (MOP) applies for the first five years upon TOP. That is the reason why there were no resale transactions between 2016 when Ecopolitan achieved TOP and 2019. The few resale transactions in 2020 were likely exceptions granted to sell ahead of the 2021 MOP. One thing to also note for executive condominiums is that owners who purchase it as a resale property will not have to serve another MOP. The MOP only applies to the first owners who bought it as a new launch project.
Ecopolitan has already recorded a 57% growth since it was launched in 2013. Just looking at the growth since resale transactions started, the average price has grown by 23%. With upcoming developments in the Punggol area such as the Cross Island Line (CRL) and the Punggol Digital District, which will bring more commercial activity to the northeastern district, this trend will likely continue.
Executive condominiums (ECs) are typically built in less-centrally located areas with lower land costs, which is why you will find a lot of ECs in the Outside Central Region (OCR) such as Punggol and Sengkang. Looking at the comparable ECs in the area, we have Prive (TOP 2013), Twin Waterfalls (TOP 2015), and the new launch OLA (estimated TOP 2023).
Starting with Prive, it is the oldest EC in the vicinity, obtaining its TOP in 2013. It is one of the first ECs that the government launched in 2010 after a 5-year hiatus. Between 2014 to 2022, Prive recorded a fantastic growth rate of 44% and is currently transacting at just over $1,000 PSF. As it enters its 10th year, it will soon become a fully privatised EC, which will open up another buyer pool for future appreciation (although foreign buyers may now be deterred from investing in residential properties with the recent ABSD increment).
Next, Twin Waterfalls is a slightly older EC that obtained its TOP in 2015. Despite being two years younger than Prive, the performance of the two is awfully similar. It has also recorded a 44% growth rate and is transacting at around $1,100 to $1,200 PSF. We might start to see some disparity in terms of the average prices as Prive becomes fully privatised this year.
Lastly, within a 1km radius, you can also find the new launch OLA. It technically belongs to the Sengkang area rather than Punggol, but because Ecopolitan sits on the outskirts, OLA falls within 1km. Looking at its performance at the launch, the average price was between $1,100 to 1,250 PSF. At the time of writing, OLA has already been fully sold. With the price trend of the older ECs in the area, it is unlikely that future buyers will be able to get the same kind of pricing that OLA was transacting at its launch.
MOAT Analysis
PLB’s MOAT Analysis is a meticulous and comprehensive tool to evaluate the value of a property, taking into account various factors that may influence its value. The approach includes a comparison of the property with others, using ten essential factors to give an unbiased assessment of its attractiveness to the larger Singaporean market. For a more in-depth understanding of how the tool operates, please refer to this article which provides a thorough explanation of the MOAT Analysis.
Almost all of the condos in this area perform exceptionally well in Quantum Effect and Exit Audience. This is likely due to their status as ECs, a more affordable entry into the private property market, as well as the large HDB residential clusters in the northeast region.
The following are the final MOAT scores of the developments we highlighted in the previous section: Ecopolitan (64%), Prive (74%), Twin Waterfalls (68%), OLA (70%).
According to the MOAT Analysis, Ecopolitan receives the highest scores for Quantum Effect and Exit Audience. As mentioned earlier, its status as an EC offers an affordable entry into the private property market compared to condominium and apartments in the area. Punggol has been developing over the past decade and many new BTO projects have sprouted up over the years to transform the area into a sizeable township. Despite its medium size of 512 units, Ecopolitan has been able to maintain a strong performance in the Volume Effect, even 7 years after its TOP.
Floor Plan Analysis
We will be offering our pick for each unit type available at Ecopolitan in this section, providing insights that will hopefully help you select the best unit that suits your needs. For further clarity, the uniquely named CoSpace layout for each bedroom type would have an additional inclusion of a Study space.3-Bedroom Dual-Key
The 3-Bedroom units here have several layout variations, ranging from the standard ones to premium, CoSpace, and dual-key layouts. It is a tough choice between the CoSpace and dual-key units, because both offer excellent flexibility in terms of living arrangement. However, we would go for the dual-key units because of its potential for rental play as well as its rarity in the market.
Coming to the unit, it opens up into a foyer area with dual entrances. The right leads to the studio portion, which has a good segregation of spaces. The bathroom is right in front of the entrance, a strategic placement to have some distance between the bedroom and bathroom. We like that the fridge is placed on the opposite side of the kitchen, which means the main kitchen will have more space to install cabinetries. For the bedroom space, we also like that there is some spacing between the bed and the wall to have some distance for the TV.
The bigger 2-Bedder portion to the left of the foyer opens up into the kitchen, which has a yard and utility room at the back. The living and dining hall are positioned back to back, with a large balcony spanning the length of both halls. The master bedroom and common bedroom are decently sized, both able to fit at least a queen sized bed and a night table by the side with ample walking space.
4-Bedroom Dual-key
Since we have already established the perks of a dual-key concept, naturally the 4-Bedroom dual-key would be our pick as well. Larger dual-key units are hard to come by, which makes the units here a rarity.
For the studio portion of the unit, everything is the same as the 3-Bedroom dual-key one. For the bigger 3-Bedder portion, the main difference from the previous floor plan we highlighted would be the kitchen configuration and the additional common bedroom. For the kitchen, there is a demarcation between a dry kitchen and wet kitchen. The fridge is placed in the dry kitchen area to free up space in the main wet kitchen. The yard and utility room can be found at the back of the kitchen area, together with an additional WC. The additional common bedroom is the same size, and can also fit a queen sized bed.
The 4-Bedroom dual-key layout offers a standard 3-Bedder living experience on top of having the studio portion that can be rented out to offset the monthly mortgage. For multi-generational families, the studio portion can also be used to house the older couple for additional privacy. Such is the flexibility of the dual-key concept.
5-Bedroom CoSpace
For the 5-Bedroom units, there are two variations of CoSpace layouts. We favour the E1 layout, because of the configuration of the kitchen, which is also the only difference between the E1 and E2 layout.
For the E1 layout, the dry kitchen is an open concept – a stand-alone kitchen island right beside the foyer area. This offers owners the flexibility of completely removing it to expand the foyer area, potentially fitting in more shoe or storage cabinets in that space. However, the main kitchen is smaller for E1 as compared to E2, but we think it’s a good trade-off unless there is a need for bigger kitchens due to lifestyle preferences.
One of the bathrooms is placed in between common bedrooms, with a jack-and-jill concept. This is a nice touch to maximise the space without compromising the size of the bedrooms. The common bathroom, which will likely be shared between the occupants of bedroom 3 and bedroom 5, can be fitted with a dual entrance as well – one from within bedroom 3 and the other from the corridor.
We also like the dumbbell layout, which has bedroom 5 placed beside the living room while the rest of the bedrooms are segregated on the opposite end. This kind of layout is always welcomed for bigger units as multi-generational families can take advantage of the additional privacy. However, this common bedroom that is beside the living room is slightly smaller than the other two common bedrooms. The floor plan has that bedroom fitted with a single sized bed, but we think it can fit a queen sized bed as well though it would be a little tight.
Growth Potential
The development of the Punggol Digital District is one of the most significant redevelopments in Punggol, in line with the government’s goal of transforming into a Smart Nation. The area will also have a new MRT station called Punggol Coast, which will be the final stop along the NEL and is slated to be completed by 2024. The development will blend industrial and academic facilities, with a JTC site and a school campus site for the Singapore Institute of Technology.
This development will create more job opportunities for both residents and students pursuing studies in technology. Consequently, there will likely be an increase in demand for residential housing in the Punggol region to accommodate the project. This can be observed in the URA’s Master Plan 2019, where most of the empty plots of land have been designated as residential sites.
Furthermore, the Cross Island Line (CRL), one of the most exciting developments in the coming years, will greatly improve connectivity from the eastern and northeastern regions to the central and western regions. With Punggol being one of the interchanges for the CRL, the MRT Effect will likely cause the properties in the area to appreciate in tandem.
The Punggol Extension is estimated to be completed by 2032, which is still a couple of years away. However, as we have pointed out in the price analysis of the ECs in the area, most, if not all, of them are already on an upward trend in terms of their average PSF. When we approach the completion of the network, we will be able to see the full appreciation potential of the developments here.
In Summary
Ecopolitan is a 99-year leasehold executive condominium located in Punggol of District 19, which is the district with the highest volume of transactions. One of the standout features is the availability of dual-key and CoSpace units, which are designed to provide residents with flexibility and versatility in their living arrangements, making them perfect for multi-generational families or individuals who require a separate space for work or study.
With the exciting upcoming developments in the Punggol area, we think that most of the projects here have potential for price appreciation. And with its intrinsic attributes, Ecopolitan could be the one to look into. Especially those who are looking for a part-stay part investment strategy to manage the monthly mortgage.
