Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property to be out of their reach. ECs are comparable in design and facilities to private condominiums as they are developed and sold by the private developers. Essentially, an EC has most if not all the facilities of most condos and is 99-year leasehold.
What incentive is there to purchase an EC?
If both applicants areSingapore citizens they are eligible to receive a $30,000 housing grant. If the applicants are a Singapore citizen and a PR, they are eligible to receive $20,000.
What are the advantages of purchasing an EC?
An Executive Condominium is much more similar to a private condominium, where there are facilities for owners to enjoy, which are usually restricted to residents’ usage. In addition, purchasers of EC are able to apply and use the Housing Grant for the purchase of the EC unit, if they are eligible and have not not apply for it previously.
Can you rent out your EC?
You cannot rent out the EC during the minimum occupation period (MOP) of the first five years. You can, however, rent out rooms within the EC during this period. In developments whereby there’s Dual Key units, you may stay in one private adjoining unit while renting out the other private adjoining unit, e.g. a studio unit.
What are the rules and regulations governing selling an EC?
Owners would have to fulfil a MOP of five years. No transaction is permitted before this period is fulfilled. After five years, owners can sell their units toSingapore Citizen and/or Singapore Permanent Resident, and after 10 years they can sell to foreigners. Upon selling an EC you must wait 30 months before buying any flat direct from HDB.