Why these 4 Sengkang ECs may be the ones to watch
This year, a unit in The Vales fetched a record-high profit of $1.289 million; the highest among the four ECs in Sengkang. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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There are four executive condos (ECs) located along Anchorvale Crescent in District 19, namely Bellewaters, The Vales, Treasure Crest and Ola. These four developments are not only within walking distance of one another, but are also the only non-HDB residential developments in the vicinity (see Map 1).
They are also conveniently located near Sengkang Riverside Park, Sungei Punggol, Anchorvale Village Hawker Centre and Sengkang Sports Complex. In addition, they are within walking distance of Farmway or Cheng Lim LRT Stations and the Tampines Expressway is a short drive away. Nearby schools include Compassvale Primary School, Nan Chiau Primary School, Punggol Green Primary School and Springdale Primary School.
Source: EdgeProp LandLens (as at 29 July 2025)
Notably, three of these ECs will be privatised in 2027 or 2028, after which they will be accorded the same status as private condos. This means that units in these ECs can then be sold to foreigners, thus widening the pool of potential buyers.
Bellewaters and The Vales obtained their temporary occupation permit (TOP) in 2017 (see Table 1) and will therefore be privatised in 2027. Meanwhile, Treasure Crest will be privatised in 2028, as it obtained TOP in 2018. Ola, however, still has some way to go before reaching this milestone, as it only obtained TOP last year.
Savvy buyers keen to own a private property in Sengkang might want to snap up a unit in Bellewaters, The Vales or Treasure Crest before they are privatised, as EC prices typically increase sharply upon privatisation.
No unprofitable transactions
Thus far, no resale transactions have been recorded for Ola, as the EC only obtained its TOP last year and owners are subjected to a five-year minimum occupation period (MOP). In contrast, numerous resale transactions have been recorded for the other three ECs, all of which have proven profitable for their sellers (see Table 2).
Interestingly, the transactions that yielded the highest profits for all three ECs were concluded this year, with The Vales achieving the highest profit of $1.289 million. However, Bellewaters recorded the largest number of profitable transactions.
It is unsurprising that The Vales ($1,560 psf) achieved the highest profit, as it also recorded the highest average price (see Chart 1), followed by Treasure Crest ($1,525 psf) and Bellewaters ($1,473 psf). Notably, Bellewaters is the only development with an average price below $1,500 psf.
Source: EdgeProp Market Trends (as at 31 July 2025)
However, the highest price growth since launch was achieved by Treasure Crest (104.7%), followed by The Vales (99.7%) and Bellewaters (80.3%) (see Table 3). Unsurprisingly, Treasure Crest also had the lowest average launch price, while Bellewaters had the highest.
That said, price growth for Treasure Crest appears to have slowed recently, as it recorded the weakest growth of 6.3% y-o-y since last year. In comparison, The Vales (7.4% y-o-y) posted the strongest growth, followed by Bellewaters (6.9% y-o-y). The stronger growth observed for The Vales and Bellewaters could be attributed to their upcoming privatisation in 2027, whereas Treasure Crest will only be privatised a year later in 2028.
Bellewaters: Most profitable transactions
Among the four ECs, Bellewaters recorded the highest number of profitable transactions, likely because it has the largest number of units (see Table 1). Its close proximity to Sengkang Riverside Park may have supported its price growth, resulting in more profitable transactions.
Having obtained its TOP in 2017, the majority of its owners would have fulfilled the five-year MOP by 2022, which could explain the surge in sales volume to 144 units that year (see Chart 2). Sales volume has since eased, falling to 62 units in 2023 and 43 units last year. So far this year, 26 units have changed hands. Despite the lower sales volume, the average price of Bellewaters has continued to increase steadily, rising by 23.9% since 2022.
Source: EdgeProp Market Trends (as at 31 July 2025)
Of the 280 profitable transactions recorded by Bellewaters, only two have yielded million-dollar profits. Interestingly, both transactions involved five-bedroom units in Stack 32, which were purchased by the sellers in July 2015 (see Table 4).
Source: EdgeProp Buddy (as at 29 July 2025)
The eye-watering profits resulted from the sellers purchasing the units at below-average prices and selling them at above-average prices.
The first seller bought the five-bedroom unit in July 2015 for $1.16 million ($775 psf), which was lower than Bellewaters’ average price of $786 psf that year. The 1,496-sq ft unit was sold in July for $2.25 million ($1,504 psf), higher than the current average price of $1,473 psf (see Chart 2). This resulted in a record-high profit of $1.09 million.
The second-highest profit of $1.079 million came from a sale in August 2024, when the seller sold a five-bedroom unit for $2.2 million ($1,439 psf), above the average price of $1,378 psf at that time. The seller had bought the 1,528-sq ft unit in July 2015 for $1.121 million ($734 psf), which was also below the average price of $786 psf then.
The Vales: Highest price and profit
Bellewaters may have recorded the highest number of profitable transactions, but the highest profit was achieved by The Vales. This could be because the average price of The Vales ($1,560 psf) is higher than that of Bellewaters ($1,473 psf) and Treasure Crest ($1,525 psf) (see Table 3).
The premium price enjoyed by The Vales may be attributed to its location, which offers closer proximity to an LRT station compared to the other two ECs. The Vales is adjacent to Cheng Lim LRT Station, while Treasure Crest is further away (see Map 2). Furthermore, Cheng Lim LRT Station is only one stop away from Sengkang MRT Station, which serves as an interchange station for the North-East Line and the LRT Line. Bellewaters is approximately 300m from Farmway LRT Station, which is two stops away from Sengkang MRT Station.
Source: EdgeProp LandLens (as at 31 July 2025)
The record-high profit of $1.289 million came from the sale of a unit on the fifth storey. The seller bought the 1,593-sq ft unit in December 2015 for $1.161 million ($729 psf) and sold it in January for $2.45 million ($1,538 psf). The seller benefited from a long holding period of approximately 10 years. The average price of The Vales doubled from $781 psf in 2015 to $1,560 psf this year (see Chart 3).
Source: EdgeProp Market Trends (as at 1 August 2025)
The unit involved in the record-high profit is a five-bedder comprising an en-suite master bedroom with a private balcony, a second en-suite bedroom, three additional bedrooms and a common bathroom. The unit also features a yard, a utility room and a washroom within the kitchen. Additionally, there is a spacious balcony that spans the width of the living and dining areas (see Floor Plan 1).
Source: EdgeProp Research
Treasure Crest: Most million-dollar profits
Meanwhile, Treasure Crest ($745 psf) had the lowest average price during its launch year compared to Bellewaters ($817 psf), The Vales ($781 psf), and Ola ($1,135 psf). The low launch price likely gave Treasure Crest more room for price growth, resulting in the EC achieving the strongest price growth of 104.7% since launch, compared to Bellewaters (80.3%) and The Vales (99.7%) (see Table 3).
Furthermore, Treasure Crest experienced a sharp increase in price from $1,119 psf in 2022 to $1,392 psf in 2023, when it reached its five-year mark (see Chart 4). Since 2023, the average price of Treasure Crest has grown by 9.6%.
Source: EdgeProp Market Trends (as at 1 August 2025)
The high price growth experienced by Treasure Crest may have contributed to its five transactions that resulted in million-dollar profits (see Table 5). In comparison, Bellewaters and The Vales each have only two transactions with million-dollar profits.
Source: EdgeProp Buddy (as at 1 August 2025)
The transaction that yielded the highest profit of $1.11 million for Treasure Crest was concluded in March, when the seller sold the unit for $2.16 million ($1,605 psf). The seller had purchased the 1,346-sq ft unit in July 2016 for $1.05 million ($780 psf).
The unit involved is a four-bedder with a simple layout and squarish rooms that would appeal to most families. It comprises an en-suite master bedroom, three additional bedrooms, and a common bathroom. The unit also features a wet and dry kitchen adjacent to a yard, a utility room, and a washroom. Additionally, there is a long balcony that spans the width of the living and dining areas (see Floor Plan 2).
Source: EdgeProp Research
Ola: New kid on the block
Ola was launched in March 2020 during COVID-19, which may have affected its initial take-up rate. During its launch weekend, the EC achieved a take-up rate of only 30%, but has since improved. At the time of writing, 543 new sales caveats have been lodged for the 548-unit development. Furthermore, the average new sale price for Ola increased from $1,135 psf in 2020 to $1,243 psf in 2022 (see Chart 5).
Source: EdgeProp Market Trends (as at 1 August 2025)
Based on Ola’s improved sales performance after the pandemic and its similar locational attributes to the three neighbouring ECs, unit owners of Ola can expect similar price performance for their properties. However, the price gap between ECs and 99-year leasehold condos in District 19 is narrowing, which could lead to some buyers choosing condos over ECs.
The average resale price for ECs in District 19 ($1,515 psf) has consistently trended below that of 99-year leasehold condos ($1,615 psf) in the same district. However, the price difference has narrowed from $229 psf in 2015 to $184 psf in 2020, and further to $100 psf this year (see Chart 6).
This narrowing price gap can be attributed to ECs outperforming condos in terms of price growth. The average resale price for ECs in District 19 has grown by 107.8% since 2015 and 67.2% since 2020. In contrast, the average resale price for leasehold condos in the same district has increased by 68.6% since 2015 and 48.2% since 2020.
Source: EdgeProp Market Trends (as at 1 August 2025)
Conclusion
Bellewaters, The Vales, Treasure Crest, and Ola are ECs located in Sengkang and within walking distance of each other. Notably, Bellewaters and The Vales will be privatised in 2027, followed by Treasure Crest a year later. Prices for ECs tend to increase sharply upon privatisation, so savvy buyers should seize the opportunity to snap up a unit before these developments reach that milestone.
Despite being in the same neighbourhood, each of the four ECs offers something different to homebuyers. Bellewaters has the highest number of units, which could explain its large number of profitable transactions. It might appeal to homebuyers who prefer larger developments, as such projects tend to offer a wider range of facilities. Meanwhile, Treasure Crest’s strong price growth may attract buyers looking for a home with strong capital appreciation potential. The close proximity of The Vales to Cheng Lim LRT Station is likely to appeal to buyers who value connectivity and are willing to pay a premium for it.
First owners of Ola have yet to fulfil their MOP requirement, but the past price performance of the other three ECs could offer them a glimpse into the future price performance of their properties.
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