EXECUTIVE CONDOMINIUM (EC)

What is an Executive Condo ?

Executive Condominium (EC) are strata-titled apartments which are built and sold by property developers to eligible Singaporean households.

Executive Condominium (EC) were introduced in Q2 1996, when private home prices were very high, it is to cater to the needs of the middle income home buyers. EC is a hybrid form of public housing especially catered for young graduates and professionals who are above the income ceiling for HDB but find private property to be out of their reach.

An EC is similar to private condominiums, it has similar facilities and amenities as a condo.

Advantages of Buying an EC

1. Affordability : EC are designed and constructed by private developers and are sold at a lower price than private condominiums.

2. Value for money : EC has a full suite of condo facilities that are comparable with private condominiums in both design or types of facilities.

3. Return on Investment: EC are bought at lower prices, yet they offer the same condo lifestyle. And after MOP they are sold as pte property, thus able to get a good profit based on resale private condo prices.

4. Enjoy Government Grants of Up to $30,000 CPF Housing Grant for 1st Timers

You must meet the eligibility conditions to buy an Executive Condominium (EC) unit from a property developer

CORE FAMILY NUCLEUS

A household’s eligibility for housing subsidies is assessed based on the core family nucleus, which is formed by the core member(s). All core members must remain in the EC application, and physically occupy the EC unit during the minimum occupation period (MOP) after the EC unit purchase. Their names cannot be removed.

Your household must comprise 1 of the following groups:

You and your fiancé or fiancée , Be a Singaporean and Include at least 1 other SC or SPR
You and your spouse, and child(ren)
You, your parents and siblings , at least 1 of your parents must be a SC or Singapore Permanent Resident (SPR).
You and your child(ren) under your legal custody, care and control
You and your siblings who are orphans and single,
You and up to 3 other singles as applicants

Age

At least 21 years old
At least 35 years old, if two or more singles are applying jointly

Monthly household income ceiling

The total income of all persons listed in the EC application must not exceed $16,000.
You will be guided by the property developer on the submission of documents, such as income documents, when you book an EC unit.

Interest or ownership in a property

You are considered to own or have an interest in a property if you have acquired a property through purchase or when it is Acquired by gift or Inherited as a beneficiary

Private residential property

All applicants and occupiers listed in the EC application:

Must not own or have an interest in any local or overseas private residential property; and
Must not have disposed of any private residential property in the last 30 months, from the legal completion date[4], before EC application.

Non-residential property

All persons listed in the EC application can, as a household, own or have an interest in not more than 1 non-residential property at EC application and up to 30 months before EC application.

Payment of premium or resale levy

If you and/ or any core member(s) have previously taken a housing subsidy, you are considered a second-timer. All second-timer core member(s) will need to pay their respective resale levies, if applicable, when buying an EC unit from the property developer.

Ownership/ Interest in HDB flat

If you or any person listed in the application owns or has an interest in any HDB flat, you must dispose of the interest in the flat, within 6 months of completing your EC unit purchase. This shall be based on the legal completion date of the disposal.

Cancellation of application after booking a flat from HDB

If you have paid and booked a flat from HDB and subsequently cancel your flat booking, you must wait out a 1-year period from the date of the cancellation before you may apply or be listed as a core occupier to buy an EC unit from a property developer.

Owners/ Ex-owners of an EC unit bought from a property developer

If you currently own or have recently disposed of your ownership in an EC unit, you must wait out a 30-month period from the date of disposal of the EC unit before you may apply or be listed as a core occupier in an application to buy another EC unit from a property developer, subject to other eligibility conditions.

Undischarged bankrupt

Prior consent must be obtained from the Official Assignee (OA) or the private trustee for the purchase of an EC unit.
You do not need to seek prior consent from the OA or the private trustee if you are listed as an occupier of the EC unit.

CPF Housing Grant for Executive Condominiums (ECs)

Under the CPF Housing Grant Scheme, you may be eligible to receive a housing subsidy of up to $30,000 when you buy an Executive Condominium (EC) unit from a property developer.

Core family nucleus

Eligibility conditions

Couples, families or orphaned siblings who are first-timer applicants buying an EC unit from a property developer
You must Be an SC and Include at least 1 other SC or SPR
Age must be At least 21 years old
At least 1 core member is a first-timer to receive the housing grant. First-timer core member(s) must not have taken any housing subsidy before.

Citizen Top-Up (for SC/ SPR households)

You may apply for the Citizen Top-Upof $10,000 when a qualifying member of your SC/ SPR household obtains Singapore citizenship. You must submit your application to HDB within 6 months of being eligible for it.

Distribution and usage of housing grant

If your household is eligible for the CPF Housing Grant, first-timer SC members of the core family nucleus will receive the grant based on their eligible share. It will be credited into their CPF Ordinary Accounts.

The CPF Housing Grant received by core applicants can be used to:
- Offset the purchase price of the EC unit
- Reduce the housing loan required for the EC unit purchase

There are currently 4 ECs that are worth looking into