Executive Condominium in Singapore
An Informational site on Executive Condominiums in Singapore
Executive Condominium FAQ
In Singapore there are chiefly 2 types of housing. Housing Development Board (HDB) houses, which are designed, built and sold by the government, in which approximately 80% of the resident population lives and private housing, which covers apartments, condominiums and landed housing.
Government housing in Singapore is excellent and safe, however it generally lacks amenities such as a gym, swimming pools, clubhouses within the housing area, which is available in many apartment and condominiums. Private housing can cost many times the amount that government housing costs, and is sometimes unaffordable for families looking to upgrade from government housing.
An Executive Condominium (EC) is a hybrid of public and private housing which has all the benefits of living in an apartment or condominium such as a gated compound with security, gym, swimming pool, and is sold at a price lower than private homes as the land price is subsidised by the Government. ECs are designed and built by private developers.
As Executive Condominiums (EC) are Government subsidised housing, there are eligibility conditions that have to be met in order to buy an EC directly from the developer. The 5 conditions that need to be met are:
Eligibility Condition | Eligibility Condition explained |
Family Nucleus | One of four Family Nucleus Conditions must be met: 1. Public Scheme 2. Fiancé/Fiancée Scheme 3. Orphans Scheme 4. Joint Singles Scheme These are explained here: Family Nucleus Conditions for Executive Condominium purchase explained |
Citizenship | · If applying under the Public Scheme, Fiancé/Fiancée Scheme or Orphans Scheme, the main applicant must be a Singapore Citizen and at least one other applicant must be a Singapore Citizen or Singapore Permanent resident · If applying under the Joint Singles Scheme, all applicants must be Singapore Citizens |
Age | · If applying under the Public Scheme, Fiancé/Fiancée Scheme or Orphans Scheme, the main applicant must be at least 21 years old · If applying under the Joint Singles Scheme, all applicants must be at least 35 years |
Income ceiling | Household income must not exceed $16,000 (increased from $14,000 in September 2019) |
Property ownership | · Applicants must have enjoyed government subsidised housing (either through a buying a HDB/DBSS/EC directly from the government or receiving a CPF Housing Grant for a resale flat) a maximum of one time · Excluding a HDB property, you do not own any property locally or overseas and have not disposed of any property (excluding a HDB property, but including ECs, which are not considered as HDB properties) within the last 30 months Do note that once you receive the keys of your EC, you will have to dispose of your HDB property within 6 months |
Executive Condominiums (EC) bought directly from the government are subjected to a Minimum Occupation Period of 5 years, similar to Housing Development Board (HDB) Units. Once the 5 year MOP is met, the EC may be sold to Singapore Citizens and Singapore Permanent Residents (PRs). After a subsequent 5 years (10 years in total), the unit is fully privatised and may be sold to foreigners.
Yes, for an Executive Condominium bought directly from the government, household income must not exceed $16,000 (increased from $14,000 in September 2019)
An Executive Condominium (EC) is suitable for families who aspire for a condominium lifestyle, however at this point are unable to afford the condominium price tag. As EC land prices are subsidised by the government, they come with slightly lower price tags than Condominiums. In addition, EC buyers can apply for CPF grants, which can further defray the cost of buying the unit.
However, when it comes to buying an EC, you will need to satisfy both MSR and TDSR requirements for the housing loan. In most cases, adding the MSR requirement will reduce the loan amount that can be taken for the unit.
Before buying an EC, it is important to check your finances as the EC downpayment and monthly payment (loan repayment, maintenance fees), can be a sizeable amount.
There have been at least 70 Executive Condominium (EC) launches in Singapore to date. Of these, over 20 have passed the 10 year mark and are now fully privatised. A list of ECs is below. Of the ECs, Parc Central Residences, OLA, Rivercove Residences, Piermont Grand and Parc Canberra are available for sale from the developer.
For a full list of ECs, click here: Full list of Executive Condominiums in Singapore with details