Executive condominiums are types of housing and apartments, which were introduced in 1996 when prices of private houses were very high in Singapore. In Singapore, housing fall under 2 categories, public housing or private housing which includes Apartments, Condominiums, Landed properties etc. EC houses are similar to private condos in terms of facilities and luxury.
These apartments are beneficial for middle-income home buyers especially for young professionals who can afford more than an HDB flat but find a private condo to be out of their reach. Executive Condominiums are considered as a hybrid of the private and public housing. Purchase prices of Executive Condos are significantly lower than private condominiums. These developments are meant for the sandwiched class people.
Executive condos give lots of facilities like people do not have to go to the gym to another place. It provides the gym, swimming pool, playgrounds, and schools near it, and these are under security and CCTV cameras no one can harm another person so it is safe for owners. And houses are affordable with high-quality furniture and facilities same as private houses.
Maintenance fees are very low which includes car park space no one has to pay any additional season parking fees. Executive condos owner can sell their house after 5 years if a person is the citizen of Singapore and other owners like foreigners can follow this process after 10 years. If you want to buy an EC house then you must be a Singapore citizen and your age should be at least 21 years old and if you are an applicant of Joint Singles Scheme so your age should be at least 35 years old.
- At least 1 other applicant must be a Singapore Permanent Resident.
- All singles must be Singapore Citizens if applying under the Joint Singles Scheme.
- Your average gross monthly household income must not exceed $14,000.
This kind of information can help you to buy an Executive condominium in an easy way.