Time to time you will encounter this housing type called Executive Condominium or exec condo in Singapore. What is it? Where are they? Who can buy them? If you want know the answers to these questions, you are at the right place!
Definition of Executive Condominium:
Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property out of their reach. ECs are comparable in design and facilities to private condominiums as they are developed and sold by private developers.
– HDB Glossary
Although these are condominiums, they are still considered as public housing flats and at the higher end of the group. Criteria to owning an EC:
you need to be either Singapore Citizen or your nucleus family has at least one Singapore Citizen or Singapore Permanent Resident
the minimum occupation period (MOP) is 5 years
after MOP is up, you can only sell to a Singapore Citizen or Singapore Permanent Resident if EC is less than 10 years old
it can be sold to a foreigner if the EC is more than 10 years old
household income should not exceed SGD $14,000 per month
Depending on the total household income, you may be eligible to receive a maximum of $30,000 CPF Housing Grant if both applicants are Singapore citizens. If one of the applicants is a Singapore Permanent Resident, you are still entitled for a $20,000 Grant.
As mentioned above, owners would have to fulfill a MOP of five years. No transaction is permitted before this period is fulfilled. After five years, owners can sell their units to Singapore Citizen and/or Singapore Permanent Resident, and after 10 years they can sell to foreigners.
Upon selling an EC you must wait 30 months before buying any flat direct from HDB. You also cannot rent out the EC during the minimum occupation period (MOP) of the first five years. You can, however, rent out rooms within the EC during this period.
How did Executive Condominium Performed?
EC has staged a strong comeback after the last launch in 2004. Since then, supply is set to double and more. Base on the chart below shows what is the projected price after it reaches 5 years to 10 years after TOP.
Most of the ECs in have gain at least 70% in value after the 10 years mark!
Squarefoot Research has put together a statistics report regarding many executive condominiums in Singapore. Please click to read more about it!
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