Executive Condominium, often know as EC is a type of housing that is governed by HDB yet is enclosed with private condo facilities. It balance out public and private housing by providing a cheaper form of housing as compared to private housing, yet is equipped with condo facilities. EC is often sold at a subsidise rate from private developer.
Being a hybrid of public housing, executive condominium will be subjected to hdb regulations such as income ceiling of $14,000, buyers forming a family neclues etc.
Purchaser of the Executive Condominium have to keep the unit for 5 years after TOP. During this 5 years, the unit cannot be rented out whole unit or sold. After 5 years from TOP then it can be sold to Singapore Permanent Residents (PRs) or Singaporean. Only once it reach 10 years before it reach a condo status that can be sold to foreigners.
Executive Condominium (EC) Eligibility Conditions
– Joint Singles Scheme
– Orphans Scheme
– Public Scheme
– Fiance / Finacee Scheme
– At least 35 years old if under Joint Singles Scheme
– at least 21 years old
– not most than $14,000 household income
– Singaporean Citizen
– All Singles must be Singapore Citizen when applying under joint singles
– At least 1 applicant must be Singapore Citizen or Singapore Permanent Resident
– No property locally or oversea or have not disposed any properties within last 30 months
– Have not received CPF Housing Grant before
– Have not bought new HDB / DBSS / EC