Executive Condominium in Singapore - Attractive Option for Higher Income Singaporeans

Aspire to Own a Condominium?
Read on if your household income does not exceed S$16k income ceiling

 

North Gaia at Yishun Ave 9

Click Here for more info

 



What is Executive Condominium (EC)?

  • In terms of design and facilities, EC is comparable to Private Condo
  • EC is a public-private hybrid residential property
  • ECs are developed and sold by private developers but are subsidised by the government
  • ECs are considered HDB properties for the first 10 years. Hence HDB rules apply such as Eligibility Conditions, Restriction Conditions after purchase,  & resale levy
  • EC is privatised when it hits its 11th year

After You Buy:

  • Must dispose of your existing flat within 6 months of taking possession of the EC unit
  • Need to pay Resale Levy if you are disposing your subsidised flat to buy EC from Developer
  • Will be considered to have taken  a housing subsidy when you buy an EC from developers
During MOP
  • Essential Occupiers forming a family nucleus with you in the EC application must continue to be listed in the application, and stay in the EC during the 5-year MOP
  • Can I rent out?  Renting out the whole EC unit is NOT allowed.  You are however allowed to rent out bedrooms and you do not need prior approval from HDB. Just register with HDB within 7 days of renting out the bedrooms
After 5-year MOP (from TOP date)
  • Allowed to  rent out the whole EC unit
  • Able to invest in private residential property
  • Can sell the EC unit in the open market  to SCs, PRs ( from 5th year onwards) or foreign buyers (from 11th year onwards)
  •  After selling, what if I want to buy a new flat from HDB, a new DBSS or another EC from Developers? You must wait 30 months before you can submit an application to buy
  • Also liable to pay Resale Levy of S$55K  1i) When you sell the EC you bought with CPF housing grant to buy a second subsidised flat from HDB or take over ownership of another subsidised HDB Flat or 2) Buy an EC from Developer
 


How is the EC Market?

executive condominium sales volume 2017 to 2023
executive condominium price per sqft 2017 to 2023

Price of resale ECs has hit record highs at an average price of $1272 psf while price of new ECs reached an all-time high in Q3 2023 before falling back to close at an average price of $1346 psf in 4Q2023.  The gap between new and resale ECs prices has also begun to narrow from 3Q2019  at 30%  to 4Q2023 at 5.8% due to strong demand in resale ECs in the recent 3 years.

resale executive condominium psf by district




EC vs Private Condo Price Trend

  • Pte Condo – OCR in Districts of EC
new EC vs PTE Condo psf
*Pte Condo - OCR in Districts of EC
resale EC vs PTE Condo psf
*Pte Condo - OCR in Districts of EC




New ECs a good alternative to buying Private Condo?

epropway-market-for-new-ECs-a-bright-spot_BT31Mar22
The Business Times Property 2022 (March Issue)
epropway-resale-ec-gaining-popularity_BT23Feb23
The Business Times Property 2023 (Feb Issue)

Current EC Project Status

executive condominium project status
epropway-upcoming-ec-feb24



Benefits of Buying New ECs

  • First Timers enjoy priority in apartment allocation -70% of flat supply is  set aside for first-timer families during the initial launch period (1 month)
  •  New ECs are eligible for CPF Housing Grant, where applicable
  • Cheaper than Pte Condo as ECs are subsidised by Government
 

 

North Gaia at Yishun Ave 9

Click Here for more info

 

 Uncertain if can upgrade and/or own an EC? Call us for a deeper market insight