Executive Condominium (EC), are a type of housing in Singapore. First built in 1994, EC is a hybrid of public and private housing. They resemble private condominiums and are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds and so forth. They are also built and sold by private developers, but at a price lower than private homes because their land prices are subsidised by the Government. Additionally, buyers can take Central Provident Fund (CPF) grants to pay for an EC bought from a developer.
Hence an EC is subject to some regulations that apply to HDB flats.
For direct purchases from a developer, there is a minimum occupancy period of five years; during which the EC cannot be sold or rented out whole. After five years, the EC can only be sold to Singaporeans or Singapore Permanent Residents (PRs). Only when the development reaches ten years old can it be sold to foreigners.
Why buy Executive Condominium (EC)?
- There is No Additional Buyers Stamp Duty (ABSD) applicable.
- Possible Grant for CPF Housing Grant for 1st Timer (up to $30,000).
- Affordable Price (probable 20% lower than similar private property).
- Strong Potential Capital Appreciation in future.
- Great Design (Comparable to private condominiums or sometime better).
- Great Lifestyle (Enjoy similar lifestyle and facilities as private condominium).