Executive Condominiums are not HDB flats they are hybrid of the private and public house. They are sold with certain restrictions so that they are available at affordable prices within the reach of sandwich-class income Singapore families who have aspirations of owning private housing, as ECs become private property after 10 years.
Prospective executive condo buyers are subject to initial eligibility and ownership restrictions, which are similar to those imposed on buyers of subsidized HDB flats. Only a Singapore citizen family has authority to purchase an EC, and buyers have to meet a five-year minimum occupation period before they are allowed to resell or rent out the apartment.
Ministry of National Development recently introduced new measures, so that the EC scheme can continue to remain relevant to Singaporean families. These include:
- The maximum strata floor area of new EC units will be capped at 150 square meters.
- Sales of new dual-key EC units will be restricted to multi-generational families only.
- Private enclosed spaces and private roof terraces will be treated as gross floor area.
- Developers of future EC sale sites from the Government Land Sales programmer will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.
These measures should help to ensure that ECs remain a valuable option for Sandwich-class Singaporean households.
Executive condos are provided with some luxurious amenities like swimming pool, gym, parks, landscaped garden and 24/7 security. All Executive Condominiums fall under the 99-year leasehold. CPF can be used to finance the property with housing grants of up to $30,000. They are usually priced 20-30% lower than private condos, depending on the location.
Choosing between a private condo vs EC is indeed hard. If you want a roof to serve as shelter for your family, then Executive Condominiums are great. They are subsidized by the government and most of them are located in key districts. The restrictions and MOP wouldn’t do any harm since ECs are originally made to be viewed as housing for sandwich class citizens and not for investment purposes.
If you are looking for an EC unit, then Rivercove Residences should be on the top of your list. Here are all the reasons that will show you why you should only choose Rivercove Residences.