title image

Executive condos are hybrid of HDB flats and apartment. They are common in Singapore and sold with some restrictions so that they are available at reasonable prices within the reach of sandwich class people who have the aspiration of owning private apartment or house. For them, an Executive condo is the best option that becomes private property after 10 years. EC houses are introduced in 1996 which are beneficial for young professionals. Executive condos are hybrid of HDB flats and apartment. They are common in Singapore and sold with some restrictions so that they are available at reasonable prices within the reach of sandwich class people who have an aspiration of owning private apartment or house. For them, the Executive condo is the best option that becomes private property after 10 years. EC houses are introduced in 1996 which are beneficial for young professionals.

But the buyer should be Singaporean and buyers have to meet a five-year minimum occupation period before they are allowed to sell or rent out the EC. Prospective EC buyers are subject to initial eligibility and ownership restrictions, which are similar to those imposed on buyers of subsidized HDB flats.

Why does HDB continue to allow Executive Condominiums

To address such excesses, the Ministry of National Development recently introduced new measures, so that the EC scheme can continue to remain relevant to Singaporean families.

Executive condo developer decided that the maximum strata floor area of new EC house will be at 165 square meters. Sales of new dual key EC houses will be restricted to multi-generation families.

Private enclosed spaces and private roof terraces will be treated as gross floor area The GFA of such spaces in non-landed residential developments, including Executive condos will be counted as part of the ‘bonus’ GFA of a residential development and subject to payment of charges. This is in line with the treatment of balconies under URA’s current guidelines.  Developers of future EC sale sites from the Government Land Sales programme 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.

Buyer must be 21 years old and one participant should be Singapore citizen or permanent residence. These measures should help to ensure that ECs remain a viable option for middle-class Singaporean households.

No Comments

Post A Comment