Executive Condominiums are 'Government Subsidised' Condos
Congratulations, if you are eligible to buy an Executive Condominium!
Currently There are only 9 ec projects left with available units
Former National Development Minister Khaw Boon Wan said in parliament on 14 Jan 2013:
"If I can give you an analogy, its like offering you a Lexus at the price of a Corolla, but only Singaporeans have this privilege for (buying it at that price). And they know in due course the price will go up above the level of a Lexus, so I think it is a very good scheme."
Executive Condominiums are developed by private developers and designed exactly like condos with full condo facilities
With private property prices going beyond $1,200 psf, Executive Condos have a stronger appeal among upgraders & young couples as they're priced at a "steep discount" with same condo quality facilities & exclusive condo status after 5 / 10 years.
The perks of living in an EC
Whether you are purchasing your first home or upgrading your current one, here’s why you might want to pick an executive condominium. The perennially popular EC, or executive condominium, is a distinctive type of housing in Singapore. While there is usually a clear divide between public and private housing in Singapore, ECs straddle the two categories. They are allotted and regulated by the government, but built by private developers, so their design and facilities are comparable to that of private condominiums.
Similar to buying HDB flats, eligible Singapore citizens can enjoy subsidies and grants, but only under certain circumstances. HDB has a useful guide to frequently asked questions about ECs and eligibility. Like with new HDB flats, a Minimum Occupation Period of five years applies before one can sell the unit to another Singapore citizen or PR. However, after ten years, the restrictions governing public housing no longer apply, so one can sell it to anybody, often at a decent profit.
So, why is this hybrid housing type so popular? Potential capital appreciation aside, here are some compelling reasons for both young couples and growing families to make the move.
Whether you are purchasing your first home or upgrading your current one, here’s why you might want to pick an executive condominium. The perennially popular EC, or executive condominium, is a distinctive type of housing in Singapore. While there is usually a clear divide between public and private housing in Singapore, ECs straddle the two categories. They are allotted and regulated by the government, but built by private developers, so their design and facilities are comparable to that of private condominiums.
Similar to buying HDB flats, eligible Singapore citizens can enjoy subsidies and grants, but only under certain circumstances. HDB has a useful guide to frequently asked questions about ECs and eligibility. Like with new HDB flats, a Minimum Occupation Period of five years applies before one can sell the unit to another Singapore citizen or PR. However, after ten years, the restrictions governing public housing no longer apply, so one can sell it to anybody, often at a decent profit.
So, why is this hybrid housing type so popular? Potential capital appreciation aside, here are some compelling reasons for both young couples and growing families to make the move.
Young couples: The EC as your first home
Newlyweds looking for their first home often go for the ubiquitous BTO, but, if your budget allows it, an EC is worth considering as well.
Unlike a private condominium, which might be too expensive for a young couple, an EC is a feasible entry-level home thanks to CPF grants for first-time housing applicants. Lower-income households are eligible for larger grants. For example, the maximum grant of $30,000 is offered to those with a household income of $10,000 or below.
With such grants on top of the more affordable unit price, ECs can be said to offer a condominium lifestyle at a subsidized price. You can enjoy the perks of living in a condominium, such as exclusive facilities and beautifully landscaped grounds. The upcoming Rivercove Residences EC in Sengkang has not one but three separate swimming pools, two clubhouses, lounges and lawns for just about any kind of entertainment or relaxation, and even a nature zone that seemingly merges with the nearby Sungei Punggol.
For busy young couples, convenience might just be the ultimate luxury. Just picture being able to work out, play your favourite sports, unwind with yoga and gather with friends or family, all without having to leave the home. Many new ECs come outfitted with smart home capabilities, so that household chores can be done almost at the touch of a button (or even remotely!). You can also enjoy instant access to a range of service providers from caterers to plumbers to tennis coaches.
When the time comes to consider starting a family, an EC home offers a safe and conducive environment for children to grow up in. Its gated grounds and security system provide exclusivity and protection, with patrolling guards casting a watchful eye on children as they play freely in the compound. Since residents with children frequent the dedicated kids’ play zones, chances are, you and your kids can become part of a tight-knit community - we would recommend buying at least a 3 bedroom apartment.
Growing families: The EC as an upgrade from HDB
The EC is exceptionally popular among HDB upgraders, typically growing and/or multi-generational families. In fact, many developers build ECs with such families in mind. As children get older, the confines of a HDB flat may become apparent. Once content to share a room with their siblings, bigger kids start wanting their own space, particularly as they hit adolescence.
ECs like Rivercove Residences are cleverly designed to maximise usable space, with generously sized rooms. Some units even allow buyers to merge rooms at the point of purchase, an option not available with typical HDB flats. Units are thoughtfully designed to suit the needs of family life. For example, the four- and five-bedroom units at Rivercove Residences feature both wet and dry kitchens, some of which even face the balcony. With plentiful working space and a breathtaking view, preparing family meals becomes a pleasant activity rather than a chore.
It is not just nuclear families who benefit. Those with multi-generation families will also appreciate the added space, privacy and flexibility of EC living. We would recommend a 4 bedroom or 5 bedroom apartment for your needs.
Newlyweds looking for their first home often go for the ubiquitous BTO, but, if your budget allows it, an EC is worth considering as well.
Unlike a private condominium, which might be too expensive for a young couple, an EC is a feasible entry-level home thanks to CPF grants for first-time housing applicants. Lower-income households are eligible for larger grants. For example, the maximum grant of $30,000 is offered to those with a household income of $10,000 or below.
With such grants on top of the more affordable unit price, ECs can be said to offer a condominium lifestyle at a subsidized price. You can enjoy the perks of living in a condominium, such as exclusive facilities and beautifully landscaped grounds. The upcoming Rivercove Residences EC in Sengkang has not one but three separate swimming pools, two clubhouses, lounges and lawns for just about any kind of entertainment or relaxation, and even a nature zone that seemingly merges with the nearby Sungei Punggol.
For busy young couples, convenience might just be the ultimate luxury. Just picture being able to work out, play your favourite sports, unwind with yoga and gather with friends or family, all without having to leave the home. Many new ECs come outfitted with smart home capabilities, so that household chores can be done almost at the touch of a button (or even remotely!). You can also enjoy instant access to a range of service providers from caterers to plumbers to tennis coaches.
When the time comes to consider starting a family, an EC home offers a safe and conducive environment for children to grow up in. Its gated grounds and security system provide exclusivity and protection, with patrolling guards casting a watchful eye on children as they play freely in the compound. Since residents with children frequent the dedicated kids’ play zones, chances are, you and your kids can become part of a tight-knit community - we would recommend buying at least a 3 bedroom apartment.
Growing families: The EC as an upgrade from HDB
The EC is exceptionally popular among HDB upgraders, typically growing and/or multi-generational families. In fact, many developers build ECs with such families in mind. As children get older, the confines of a HDB flat may become apparent. Once content to share a room with their siblings, bigger kids start wanting their own space, particularly as they hit adolescence.
ECs like Rivercove Residences are cleverly designed to maximise usable space, with generously sized rooms. Some units even allow buyers to merge rooms at the point of purchase, an option not available with typical HDB flats. Units are thoughtfully designed to suit the needs of family life. For example, the four- and five-bedroom units at Rivercove Residences feature both wet and dry kitchens, some of which even face the balcony. With plentiful working space and a breathtaking view, preparing family meals becomes a pleasant activity rather than a chore.
It is not just nuclear families who benefit. Those with multi-generation families will also appreciate the added space, privacy and flexibility of EC living. We would recommend a 4 bedroom or 5 bedroom apartment for your needs.
Executive condominiums (ECs), a hybrid of public and private housing are selling fast in the resurgent property market. Demand for ECs was brisk in the 2nd quarter of 2017 as 954 new units were sold even though no fresh project went on sale, and that was before Hundred Palms Residences in Hougang sold all 531 units in just seven hours on July 22 2017.
New EC supply is set to be limited with only one site offered under the government land sales programme for this half of the year, in Sumang Walk - yielding up to 815 units.
Another factor that could support EC demand is the little changed resale prices of HDB flats, which will restrict the amount upgraders can pay for their next home. With HDB resale prices staying flat and prices of new condos inching up, HDB upgraders will look at ECs as they are more affordable than condos.
New EC supply is set to be limited with only one site offered under the government land sales programme for this half of the year, in Sumang Walk - yielding up to 815 units.
Another factor that could support EC demand is the little changed resale prices of HDB flats, which will restrict the amount upgraders can pay for their next home. With HDB resale prices staying flat and prices of new condos inching up, HDB upgraders will look at ECs as they are more affordable than condos.
Frequently Asked Questions Regarding ECs:
What is an Executive Condominium?
An Executive Condominium (aka EC or Executive Condo) is a property class unique to Singapore. It is a subsidized housing development with facilities like a private condominium built and sold by a private developer. Importantly, the price of an EC is sold at 20% to 30% lower than that of a private condominium surrounding the EC. The lower price is due to subsidized land prices.
Am I eligible to purchase an Executive Condominium?
You (purchaser) have to fulfill a set of requirements below:
Can I sell an Executive Condo right after I purchase it?
The short answer is ‘No’. You can only sell it to Singaporean or Singapore PR after you have occupied the premises for 5 years. After 10 years of occupation, you can then sell to foreigners.
Can I rent out my Executive Condo before the minimum occupation period of 5 years?
You are not allowed to rent out the entire unit during the minimum occupation period of 5 years. However, you are allowed to rent out bedrooms.
Can I use HDB loan to finance an Executive Condo?
No. You have to finance your Executive Condominium through a bank or approved financial institution. It is recommended that you submit your loan approval-in-principal before booking your unit. We can advice you on getting your loan approval-in-principal done. Call us at 9386 4036.
Can I afford an Executive Condo?
We can meet you for a chat at your convenient time to help assist you to assess your budget to purchase an EC. Call us at 9386 4036.
Can’t find an answer to your question?
Simply write to us at sgpropertykiwi@gmail.com. We look forward to assist you.
What is an Executive Condominium?
An Executive Condominium (aka EC or Executive Condo) is a property class unique to Singapore. It is a subsidized housing development with facilities like a private condominium built and sold by a private developer. Importantly, the price of an EC is sold at 20% to 30% lower than that of a private condominium surrounding the EC. The lower price is due to subsidized land prices.
Am I eligible to purchase an Executive Condominium?
You (purchaser) have to fulfill a set of requirements below:
- You must form a family nucleus with a least one Singaporean and the other applicant must be Singaporean or Singapore PR.
- Your combined household income should not exceed SGD 14,000 per month
- You do not have ownership of a private property locally or overseas in the past 30 months
- You have not purchased a subsidized housing more than twice.
Can I sell an Executive Condo right after I purchase it?
The short answer is ‘No’. You can only sell it to Singaporean or Singapore PR after you have occupied the premises for 5 years. After 10 years of occupation, you can then sell to foreigners.
Can I rent out my Executive Condo before the minimum occupation period of 5 years?
You are not allowed to rent out the entire unit during the minimum occupation period of 5 years. However, you are allowed to rent out bedrooms.
Can I use HDB loan to finance an Executive Condo?
No. You have to finance your Executive Condominium through a bank or approved financial institution. It is recommended that you submit your loan approval-in-principal before booking your unit. We can advice you on getting your loan approval-in-principal done. Call us at 9386 4036.
Can I afford an Executive Condo?
We can meet you for a chat at your convenient time to help assist you to assess your budget to purchase an EC. Call us at 9386 4036.
Can’t find an answer to your question?
Simply write to us at sgpropertykiwi@gmail.com. We look forward to assist you.
many singaporean couples are choosing Executive Condos over btos
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