Executive Condominium - Estate.Sg
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📄 Additional details
Executive Condominium
What are Executive Condominiums?
Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property to be out of their reach. ECs are comparable in design and facilities to private condominiums as they are developed and sold by the private developers. Essentially, an EC has most, if not all, the facilities of most private condos.
Who is eligible to buy an Executive Condominium?
There are a number of criteria purchasers must meet. Some basic criteria is that applicants need to consist of at least one Singaporean. They must form a family nucleus, and their household incomes should not exceed S$12,000 per month.
What incentive is there to purchase an EC?
If both first-timer applicants are Singapore citizens they are eligible to receive up to $30,000 in CPF housing grant. If only one applicant is a Singapore citizen, they are eligible to receive half grant.
What documentation do applicants need to bring with them to the Application process?
Generally, the documents required would be their NRICs, marriage certificates, and latest income statements.
What are the advantages of purchasing an EC?
An Executive Condominium is very similar to a private condominium, where there are facilities for owners to enjoy, which are usually restricted to residents’ usage. In addition, other than purchasing it at a subsidized rate, purchasers of EC are able to apply and use the Housing Grant for the purchase of the EC unit, if they are eligible.
What are the rules and regulations governing selling an EC?
Owners would have to fulfil a MOP of five years. No transaction is permitted before this period is fulfilled. After five years, owners can sell their units to Singapore Citizen and/or Singapore Permanent Resident, and after 10 years they can sell to foreigners.
What are Executive Condominiums?
Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property to be out of their reach. ECs are comparable in design and facilities to private condominiums as they are developed and sold by the private developers. Essentially, an EC has most, if not all, the facilities of most private condos.
Who is eligible to buy an Executive Condominium?
There are a number of criteria purchasers must meet. Some basic criteria is that applicants need to consist of at least one Singaporean. They must form a family nucleus, and their household incomes should not exceed S$12,000 per month.
What incentive is there to purchase an EC?
If both first-timer applicants are Singapore citizens they are eligible to receive up to $30,000 in CPF housing grant. If only one applicant is a Singapore citizen, they are eligible to receive half grant.
What documentation do applicants need to bring with them to the Application process?
Generally, the documents required would be their NRICs, marriage certificates, and latest income statements.
What are the advantages of purchasing an EC?
An Executive Condominium is very similar to a private condominium, where there are facilities for owners to enjoy, which are usually restricted to residents’ usage. In addition, other than purchasing it at a subsidized rate, purchasers of EC are able to apply and use the Housing Grant for the purchase of the EC unit, if they are eligible.
What are the rules and regulations governing selling an EC?
Owners would have to fulfil a MOP of five years. No transaction is permitted before this period is fulfilled. After five years, owners can sell their units to Singapore Citizen and/or Singapore Permanent Resident, and after 10 years they can sell to foreigners.