Executive Condominiums (ECs) have always been popular since its launch, for first-time homeowners, ECs are a good option for those who want to stay in private housing but at a subsidised rate. This is especially so for those who exceed the income ceiling for BTO flats ($12,000 vs $14,000 for ECs) but find the price point of non-EC condos out of their reach.
Further, we see that the government have in the past decade been controlling the supply of ECs, to ensure that the pricing of ECs maintain a gradual appreciation over time.
Advantages of Buying an EC
– Up to $30,000 CPF Housing Grant for 1st Timers
– EC owners can sell unit to SC / SPR (5 years after MOP); and to foreigners (10 years after MOP) with no ethnic quota restrictions.
– Affordable condominium housing (usually at 10-20% discount from similar nearby condominium)
Eligibility Criteria for ECs
You will need to qualify for the EC under one of these eligibility schemes:
Your household income must not exceed the $14,000 income ceiling.