What is an Executive Condominium (EC)?
ECs are a hybrid of public and private housing and have grown popular in recent years. The scheme was introduced in 1996 when private home prices were at their peak, to cater to the needs of the “sandwiched class”. This group of buyers cannot afford private properties, and also do not qualify for BTO flats, as their incomes have exceeded the previous $8,000 income ceiling. Like any other condos, ECs are designed and built by private developers—but come with restrictions. EC buyers have to form a family nucleus comprising at least 2 Singapore citizens (SC), or 1 SC and 1 permanent resident (PR). A minimum occupation period (MOP) of 5 years is applicable before it can be sold in the open market. ECs can only be sold to foreigners after 10 years.
EC come under the purview of HDB, the buyer must comply with HDB rules and meet the following criterias below:
1) Citizenship / Age
- SC + SC or SC + Singapore Permanent Resident (SPR)
- 21 years old and above. Or age 35 years old and above if applying under Joint Singles Scheme
2) Family Nucleus / Income Ceiling
To qualify for the EC under one of these eligibility schemes:
- Public Scheme
- Fiance/Fiancee Scheme
- Orphan Scheme
- Joint Singles Scheme
- Gross monthly combined income not exceeding SGD$14,000
3) Property Ownership
- Do not own other property overseas or locally, or have not disposed of any within the last 30 months
- You have not bought a new HDB/ DBSS flat or EC, or received a CPF Housing Grant before; or, have only bought 1 of these properties/ received 1 CPF Housing Grant thus far
Note: If you have already bought two public housing units before, you will not be eligible to apply or be listed as an essential occupier in an application.
4) Mortgage Service Ratio (MSR) < 30%
- A maximum of 30% of your gross monthly income can be used towards repayment of your monthly mortgage installments.
CPF Housing Grant (CHG) for EC
These are the CPF Housing Grants available for Executive Condominium (EC) purchases from developers:
- Family Grant
- Half-Housing Grant
You and any co-applicants must be eligible for the grant at the point of booking the EC.