Executive condominiums (EC) could be your solution if you want a luxurious apartment complete with gym and swimming pool without paying private condo prices. But before making the leap, be sure to research all aspects such as eligibility criteria, required salary levels, CPF housing grants available as well as any potential other disadvantages that might come into play before taking the plunge.
ECs are an attractive solution for Singapore’s “sandwich class”, comprising those whose income exceeds HDB’s ceiling yet are unable to afford private condominiums. Offering both affordability and amenities, ECs make an attractive living solution.
1. Lower Upfront Costs
If you’re searching for an Executive Condominium (EC) in Mandai Singapore, it’s essential to first determine your eligibility. There will be specific income requirements and minimum down payments which must be fulfilled before purchasing an EC unit. For more information about eligibility criteria please speak with either your bank or real estate agent.
ECs are an increasingly popular housing choice in Singapore, providing an intermediate choice between public housing and private condos. They’re often situated in prime areas near amenities like schools and shopping malls; furthermore they may provide long-term capital appreciation potential.
Buyers purchasing new ECs from developers must meet certain eligibility conditions and restrictions during the initial five years; however, resale ECs can be purchased by any Singaporean or Permanent Resident.
Copen Grand EC in Tengah Estate is the first EC located within walking distance of an MRT station and close to both town centers, being developed by an established developer with proven success.
Nature enthusiasts will adore a new Mandai eco-resort overlooking Upper Seletar Reservoir designed by WOW Architects and comprising hotel rooms and elevated treehouses that mimic flooded forests. Guests can stay in one and assist keepers with feeding elephants and other animals as well as working together in a playroom to teach animal behaviours.
On July 10 and 20, ECs are available for preview e-Application and Sale to Singapore Citizens or combinations of Singapore Citizens + Permanent Residents who meet minimum income requirements to buy them – they could qualify for up to $30,000. In return, Singapore grants these applicants with housing grants of up to $30,000.
3. Potential for Appreciation
One of the primary draws to purchasing real estate is its potential for capital appreciation. This term refers to how much a property increases in value over time – much like investing in blue chip stocks which may see their values quadruple within several years.
ECs have grown increasingly popular due to their affordability and accessibility. Before shopping for an EC, however, it’s crucial that you determine your eligibility and household income before starting the search process – DBS MyHome Planner provides an effective method for doing just this.
District 10, 11, and 13 boast the highest median capital gains for Executive Condominiums (ECs). District 10 is especially appealing to families as its proximity to Bukit Timah Nature Reserve, Singapore Botanic Gardens, CBD and Hwa Chong Institution and Nanyang Girls’ High School make it attractive.
ECs are popular among first-time homebuyers and upgraders looking for affordable housing, offering many of the benefits associated with private condominiums at a lower price point. Before making their purchase decision, buyers should first determine their eligibility to make such purchases.
Eligibility criteria for Executive Condos (ECs) is much stricter than for HDB flats; applicants must either be Singapore Citizens or be both citizens and permanent residents with combined income that does not exceed the salary ceiling for public housing.
Owners are forbidden from selling or renting out their EC during its initial minimum occupancy period of five years, after which time it can only be sold or rented out to Singapore citizens and Permanent Residents; after 10 years it becomes open for foreigners. This conforms with government plans to gradually transform ECs into fully private properties.
5. Minimum Occupancy Period
Resale executive condos (ECs), unlike Sale of Balance Flats units (BTO or SOBFs), don’t require you to complete an MOP in order to purchase. This is because ECs are considered semi-private properties similar to private condominiums.
ECs are designed to serve those in the “sandwich class”, who fall above public housing income limits but can’t afford private condominiums. They typically come equipped with facilities like guarded security, clubhouses and swimming pools.
However, you cannot rent out or resell an EC until its Minimum Occupancy Period (MOP) has lapsed, or pay an resale levy of up to $20,000. This rule ensures ECs remain used as housing. MOP periods depend on various aspects such as mode of purchase and type of flat; for example DBSS flats typically have five years before MOP expires.