What are Executive Condominiums? The HDB website describes them as being “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. Executive Condominiums are comparable in design and facilities to private condominiums as they are developed and sold by the private developers.” Essentially, an Executive Condominium has most if not all the facilities of most condos but is a 99-year leasehold rather than a freehold.
What incentive is there to purchase an Executive Condominium? If both applicants are Singapore 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 documentation do applicants need to bring with them to the Application process? Generally, the documents required would be their NRICs, birth certificates, marriage certificates, and latest income statements. Check with your HR at work to ensure that the income statements are what is required by HDB.
What are the advantages of purchasing an Executive Condominium ? 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 Executive Condominium? You cannot rent out the EC during the minimum occupation period (MOP) of the first five years. YHou can, however, rent out rooms within the EC during this period.
What are the rules and regulations governing selling an Executive Condominium? 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 to Singapore 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.