FAQ: What Is Executive Condominium Singapore?

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. If you purchase an EC, it’s a bit cheaper than a regular condo.

Is executive condominium 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 can I get executive condominium in Singapore?

How to Buy an EC in Singapore: A Step-by-Step Guide

  1. Step 1: Check Your Eligibility.
  2. Step 2: Sort Out Your Finances.
  3. Step 3: Pick an EC Project.
  4. Step 4: Submit Your Application.
  5. Step 5: Book Your Flat.
  6. Step 6: Hire a Conveyancing Lawyer, Secure Your Loan and the Letter of Offer.
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Is executive condo considered private property?

Important Note: While Executive Condominiums (EC) are treated as public housing, after the 10th year, they’re considered private properties. Public housing on the other hand can be purchased with no cash down payment with an HDB loan.

How much does executive condo cost?

Executive Condominium ranges from $700- 900psf. This translates to a price of around $650k for a 2-bedroom unit to $800k for a 3 bedder.

Is EC cheaper than private condo?

EC is price relatively cheaper than private condo because of the many criteria imposed by HDB on EC purchases. Price could be as much as 20% lower. And to add to this, EC Buyers can get a grant from HDB, if they are first time applicants to EC, this makes buying EC more affordable.

Why do Singaporeans buy condo?

Let’s face it, many Singaporeans choose to buy condos over HDB flats because of perceived prestige and in pursuit of the hallowed five Cs. Singaporeans have some of the highest debt levels in Asia relative to household income, as well as the highest level of property debt.

Are executive condos Freehold?

What are Executive Condominiums? ECs are comparable in design and facilities to private condominiums as they are developed and sold by the private developers.” Essentially, an EC has most if not all the facilities of most condos but is a 99-year leasehold rather than a freehold.

Can PR Buy executive condo?

2. New Executive Condominiums (ECs) Aside from new BTO flats, single PRs are also not eligible to buy new executive condominiums (ECs). However, like BTO flats, you can buy a new EC if you’re buying with a Singaporean spouse.

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Can 2 singles buy EC?

An EC is hybrid of high end public housing and private property. Since a new EC can only be purchased by two singles under the JSS (but not a sole single person), both of you will be registered as owners and will not have issues where only one person is reflected as the owner.

Can I own HDB and EC?

You can own a HDB and still buy an EC or HDB as long as you dispose of the it within 6 months of possession of the new unit though. In short, as long as you have the moolah, you can buy as many condo units as you want, whether to live in, rent out, or just leave empty.

Can I buy 2 EC?

In essence, an eligible Singapore Citizen is allowed to buy the above properties twice in total, not twice per type of property. If you have already bought 2 such properties, you will not be eligible to apply for an EC or be listed as an essential occupier in an application.

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 buy private property if I own EC?

Yes, you will be eligible to purchase a private property once you met your Minimum Occupation Period (MOP) of 5 years. For your next property, the loan quantum will be dependent on whether you still have an outstanding housing loan. If you are still servicing the EC, the max loan amount is 50%.

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How do I apply for executive condo?

99.co guides: The Steps to Buy an Executive Condominium

  1. STEP 1: CHECK YOUR ELIGIBILITY.
  2. STEP 2: GET YOUR FINANCES IN ORDER.
  3. STEP 3: SHOP AROUND.
  4. STEP 4: SUBMIT YOUR APPLICATION.
  5. STEP 5: BOOK YOUR FLAT.
  6. STEP 6: HIRE SOLICITORS AND FINALISE LOAN.
  7. STEP 7: SALE & PURCHASE AGREEMENT.
  8. STEP 8: MAKE YOUR PAYMENTS FOR THE EXECUTIVE CONDOMINIUM …

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