Apartment buyers have picked up a good number of EC houses.
There is an increase in the number of Executive condos sold as compared to units sold in 2016-2017. Strong interest from buyers indicates that executive condominiums are back in vogue in spite of the property market. Developers sold many units of EC houses every day, according to the Urban Redevelopment Authority.
Consultants agree that Executive condos, which are privatized after 10 years, continue to attract buyers as these public-private hybrid homes offer facilities similar to those in condominiums but at a lower price. Executive condos are introduced in 1995 with luxurious facilities at the low purchase price. They are provided with gym, swimming pool, security and near schools so that parents do not need to worry about their child’s schooling. These houses are especially beneficial for sandwich class people especially for young professionals who want to buy their own house but not able to buy their private property.
People prefer Executive condo instead of the private condo because the buyers who cannot have an average gross monthly household income exceeding $1400, Government provide them a grant to make ECs more accessible to a wider pool of people.
They should be first-time flat owners or have bought only one property under HDB or received one CPF Housing Grant previously. They should not also own property overseas or locally or have sold any in the past 30 months. If they want to buy an executive condo as a couple, one participant must be Singaporean or Singapore permanent residence. After 5 years they can use the Executive condo as private property means they can be sold their EC house to others. But for a foreigner, they can continue this process after 10 years of purchase.
Executive Condominiums are indeed a healthy investment for the home buyers.