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Frequently Asked Questions
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.
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