Although more new ECs have been launched in recent years to cater to the demand, the supply of executive condos in 2018 and 2019 are extremely low with only one project to be launched in 2018 called Rivercove Residences EC in Seng Kang area and only one EC project to be launched in 2019 in Punggol area.
The greatest draw of ECs is surely the fact that while they start out as HDB property, in 10 years' time they will be officially recognised as private property.
For applicants whose combined household income is $12,001 or $13,999, the only ways you can get your hands on a new home are to purchase an EC or buy a unit in a private development which is much more expensive, therefore making ECs look attractive in comparison, since both ECs and condos all have condo facilities.
As with public housing, EC applicants must either form a family nucleus or join up with other singles if they are at least 35 years old. They must also not exceed the household income ceiling of S$14,000. Only Singaporean couples and Singaporean/permanent resident couples can buy an EC unit. Also, buyers have to fulfil a mandatory five-year minimum occupation period (MOP) before they are can rent out or sell the EC unit. Despite these restrictions, ECs come with a full suite of condominium facilities and are generally comparable to private developments in design.