What is an Executive Condominium?
An Executive Condominium (aka EC or Executive Condo) is a property class unique to Singapore. It is a subsidized housing development with facilities like a private condominium built and sold by a private developer. Importantly, the price of an EC is sold at 15-20% lower than that of a private condominium. The lower price is due to subsidized land prices.
Am I eligible to purchase an Executive Condominium?
However, purchasers have to fulfill a set of requirement before they are allowed to purchase the Executive Condo. The basic requirements are:
- The purchasers must form a family nucleus with a least one Singaporean and the other applicant must be Singaporean or Singapore PR.
- The combined household income should not exceed SGD 14,000 per month
- You do not have ownership of a private property locally or overseas in the past 30 months
- You have not purchased a subsidized housing more than twice.
The full set of criteria can be found at HDB EC Eligibility Page.
Can I sell an Executive Condo right after I purchase it?
The short answer is ‘No’. You can only sell it to Singaporean or Singapore PR after you have occupied the premises for 5 years. After 10 years of occupation, you can then sell to foreigners.
Can I rent out my Executive Condo before the minimum occupation period of 5 years?
You are not allowed to rent out the entire unit during the minimum occupation period of 5 years. However, you are allowed to rent out your room.
Can I use HDB loan to finance an Executive Condo?
No. You have to finance your Executive Condominium through a bank or approved financial institution. It is recommended that you submit your loan approval-in-principal before booking your unit.
Can I afford an Executive Condo?
You can use this online property budget calculator to assess your budget to purchase an EC.
Can’t find an answer to your question?
You can write to us at [email protected] We will be happy to find an answer to your question.