Guide to Purchasing Executive Condominium
Executive Condominium (EC) was introduced in 1997 to cater to Singaporeans, especially young graduates and professionals who can afford more than a HDB flat but find private property to be out of their reach.
Executive Condominium are developed and sold by the private developers. They are comparable in design and facilities to private condominium but are sold at more competitive prices, at about 15-30% discount compared to nearby new private condominiums.
Similar to private condominium, Executive Condominium is sold with strata titles. This allows buyers to own common property like car parks and recreational facilities such as a clubhouse, swimming pool, tennis court, etc.When a management corporation is formed by the resident owners, all of them will be able to manage and maintain the estate independently in the manner that best meets their interests and requirements.
First Timers of Executive Condominium are eligible to certain grants. During the 6th to 10th year after completion, units can be sold to Singaporeans or Singapore PRs ( Partially Privatised Executive Condominium). After 10 years, all restrictions are lifted ( Fully Privatised Executive Condominium).
While an Executive Condominium might be a good option, new units come with ownership and resale restrictions.All interested Executive Condominium buyers are advised to check if they meet the various eligibility conditions to buy an Executive Condominium. The main eligibility conditions are as follows: