District 25 – Twin Fountains (TOP Project!) Balance: Sold Out! District 18 – Sea Horizon (TOP ~Nov 2016) Balance: Sold Out!
Click on the Project Name Links to find out more on each of the projects.
Below are ECs launched with land sales before Dec 2013 and are NOT Subjected to Resale Levy for 2nd Timer applicants:
District 25 – Twin Fountains (TOP Project!)
Balance: Sold Out!
District 18 – Sea Horizon (TOP ~Nov 2016)
Balance: Sold Out!
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. 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 but is a 99-year leasehold rather than a freehold.
Who is eligible to buy an Executive Condominium? There are a number of criteria purchasers must meet, but first and foremost, applicants would need to be at least Singapore Citizens or Singapore Citizen + Singapore Permanent Resident combo. They must form a family nucleus, in line with those expected of Public Housing Scheme and their household incomes should not exceed S$14,000 per month.
What incentive is there to purchase an EC? If both applicants are Singapore citizens they are eligible to receive up to $30,000 housing grant. If the applicants are a Singapore citizen and a PR, they are eligible to receive up to $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.
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 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.