Does executive condo provide an arbitrage opportunity?

Will it pay to buy an executive condo at a discount today in the hope of selling it in the secondary market 10 years after completion as a private condo? Some see it as an arbitrage opportunity, albeit a long-term one.
The battle of the executive condominiums (ECs) has begun. JBE Holdings will open its 525-unit EC project, Signature at Yishun, for e-application from Sept 11, with bookings to start from Sept 26. JBE is believed to be pricing Signature at Yishun, located on Yishun Street 51/Yishun Avenue 1, at an average of $750 psf, making it “the most affordable EC in 2015”.
Meanwhile, City Developments Ltd will conduct private previews of its 505-unit EC project, The Criterion, next door on Sept 13, according to sources. CDL declined to comment on the pricing except to say that it would be announced “in due course” and that it would be competitive and affordable.
Nicholas Mak, executive director of research and consultancy at SLP International, says the median transacted price of ECs launched over the past three months ranged from $767 to $820 psf. As the land price of The Criterion is slightly lower than that of Signature at Yishun, the project has “a slight pricing advantage”, reckons Mak.
On July 27, CDL announced that it sold 185 units at the launch weekend of The Brownstone, its EC located near Canberra MRT station in Sembawang. Prices at the 638-unit EC ranged from $596,000 for a 732 sq ft, two-bedroom unit to $1.316 million for a five-bedroom penthouse. The average price translated into $810 psf.
Showflat of a three-bedroom unit at Signature at Yishun designed by renowned interior designer Peter Tay
Best-sellers The Brownstone was billed as the best-selling EC in 2015 until it was overtaken by the launch of Sol Acres over the weekend of Aug 22 and 23, when 248 units were sold at an average price of $780 psf. As at Sept 8, 267 units of a total of 707 released had been sold. With 1,327 units, Sol Acres is also the largest EC project launched so...