The executive condo was first introduced by the Government in 1999; these are hybrid of a private and public housing. Executive condos resemble private apartments with its guarded security and other amenities like swimming pools, clubhouses, playgrounds and more. They are built and managed by private developers but come at a cheaper price, as the land cost is subsidized by the government. People are considering Buying an Executive Condo as ECs are located away from the city center and MRT stations where land is more affordable. According to data from the Urban Redevelopment Authority, the number of Executive Condominium units sold by developers went up from 492 in March 2016, to 572 in March 2017, indicating a 16.2% increase.
The demand for private housing, especially Executive Condominiums, has increased steadily, partly because of the current low-interest rate climate and rising income growth in Singapore. More new ECs have been launched in recent years to cater to the demand.
Eligibility is the most important aspect of buying an executive condo. Due to high demand for EC houses in Singapore, the government has set up eligibility requirements to buy executive condominiums.
Consider these points before buying an
- Applicant should be at least 21 years old.
- Applicant should be at least 35 years old if applying under the Joint Singles Scheme.
- At least 1 other applicant must be a Singapore Citizen or Singapore Permanent Resident.
- All singles must be Singapore Citizens if applying under the Joint Singles Scheme.
- Public Scheme
- Fiancé/Fiancée Scheme
- Orphans Scheme
- Joint Singles Scheme
Else, you have not bought a new HDB/ DBSS flat or EC, or received a CPF Housing Grant before; or, have only bought 1 of these properties/ received 1 CPF Housing Grant thus far.
ECs are meant to cater to the needs of the “sandwich” class, whose household income exceeds the ceiling for public housing, but falls short of comfortably affording a private property. Most first-time EC buyers have a combined income of around S$10,000 and are looking to maximize the CPF grant amount.
For more information on buying an executive condo keep visiting rivercoveresidence-ec.com.