What are executive condos?

When you buy an executive condo, you’re buying a condo that is subsidised by the government. This means not only are you buying at a slightly cheaper price, but you’ll also get to enjoy facilities typically found in condos such as swimming pools, tennis courts, BBQ pits, function rooms and gyms.

What is the difference between executive condo and condo?

The biggest difference between a regular condo and an EC comes in the first 11 years. During this time, ECs count as HDB properties – they are subject to the Minimum Occupancy Period (MOP) of five years. You can’t sell or rent out your EC during this time.

Are executive condos worth buying?

Executive Condominiums are still the best value buys The reason is simple: they’re a chance to buy private property, while still getting government subsidies. Also, ECs often feature the same range of a facilities offered by private condominiums, but at a fraction of the cost.

How do you qualify for an executive condo?

Basic EC Eligibility Criteria

  1. Main applicant must be a Singapore Citizen.
  2. At least one other member of the family nucleus in the application must be a Singapore citizen or Permanent Resident (applicant or essential occupier)
  3. If applying under the Joint Singles Scheme, all applicants must be Singapore Citizens.

Is EC worth buying?

EC will generally get a higher capital appreciation in future because they are sold like private properties although they are bought as subsidized units with grants. And a larger pool of potential buyers to tap on after the privatization of the EC. Executive Condo also can be rented out like any other private condo.

How much is the down payment for EC?

Downpayment: Unlike a HDB flat, where you only need to make a downpayment (in Cash/CPF) of as little as 10%, you will need to make a downpayment of 25% when buying an EC. Home Loan: You will not be eligible to apply for a HDB loan to buy your EC, so you’ll need to approach a bank for a loan.

What salary can afford EC?

between $14,000 and $16,000 per month
Considering the income ceiling of regular HDB flats and ECs, the target market for ECs are households who earn between $14,000 and $16,000 per month.

Why do people buy EC?

Can single buy executive condo?

Singles can buy new ECs, but only under the Joint Singles Scheme. You will need to form a household of 2, 3 or 4 singles, all of whom must be Singapore citizens and at least 35 years old. Note that ECs are significantly more expensive than HDB flats.

How much is downpayment for EC?

Downpayment: Unlike a HDB flat, where you only need to make a downpayment (in Cash/CPF) of as little as 10%, you will need to make a downpayment of 25% when buying an EC.

Can I rent out my executive condo?

Can you rent out your EC? You 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.

Can I sell my EC after 5 years?

You can sell off your EC after 5 years. But after selling, it does not make sense for you to buy a private condo and a HDB resale flat. If you buy a private condo and then a HDB resale flat, you are required to sell off this condo within 6 months after the completion of your HDB resale flat.