Singapore Condo & Apartment For Sale & Rent

Eligibility to Buy Singapore EC (Singapore Executive Condo)

SINGAPORE EC! ELIGIBILITY TO BUY EXECUTIVE CONDO

First of all, please reead this for The Eligibility to buy Executive Condo (EC) in Singapore. One of the Best choices for private housing scheme. Today, best long terms investment.

General Knowledge & History

Generally, Singapore EC or Executive Condominium is an innovative ideas of Singapore Government to create new form of residential property to fill the gaps. What does it mean?

Filling Need Of The Higher Middle Income Class.

In case, you planned to have your own home to be & you decided to have private home with facilities for your family. Definitely, HDB(Housing Development Board) home is not matched your plan. Hera might be be your useful guides.

Firstly is to evaluate your income. Secondly is to planned your progress of income. And then, you realised that with the full forecast of your income it is hard to catch up with the prices of private.

For this reason, the government’s innovative idea came in play! “Executive Condominium”, in short called “EC” is a form budget private housing with full condo facilities in existing HDB Land.

Why buy Singapore EC?

Bukit Canberra birds eye view near The Watergardens At Canberra Condo
Bukit Canberra birds eye view near The Watergardens At Canberra Condo

Firstly, its prime & convenience locations. And then also its affordable prices while comparing with private condo or apartment in the market. I am referring to the similar types of districts, locations & facilities. Being that most of them either in town near MRT station, shopping centres or amenities.

In today context, you will find that Singapore Executive Condominium (EC) offer a very competitive facilities to private condos. The actual fact, some EC Estate’s facilities are even better in term of variety. In contrast while comparing it with a small development with limited small site.

For the reason that EC have a vast good size of land, enable developers to create a good and abundance of facilities & landscaping. In term of price, EC land price is much lower than private condo or apartment at lest 20%. Therefore, Developers will be able to sell Singapore EC at lower price.

Pros & Cons of Singapore EC

After all, there are advantages & disadvantages, buyers should notice before buying Executive Condominium in Singapore. This is to say “not one better than the other” but which is more suitable for you in the current situations. Therefore we put the said comparison between “Singapore EC” v.s. “Private Condo” as shown in the next topic.

PROS
CONS
No ABSD for upgraders
Available only in some districts
Deferred Payment available
Complication in forming family applicants
Full facilities due to large land
Higher number of units in the development
Gain in long term due to MOP
Minimum Occupation (MOP) period of 5 Years
Lower maintenance fee
Only can sell to foreign buyers after 10 years
Housing Grant available (T&C)
Near MRT & essential amenities

Price & Features Comparison | Singapore EC - Private Condo

Comparison Basis

(On equal basis, we will start-off with some recent launch of Singapore EC. While comparing to the recent launches in the same district. In this case is D22-28 New Launch). For this purpose, price per square foot below taken from average 3 bedrooms units in launching at the same period (Jan 2021). In my oppinion, “StarBuy” units should not include in this test. 

Remarks:

^ referring to 1st & 2nd timer for HDB purchase.
* Additional Buyers’ Stamp Duty(ABSD) available for home upgrader
** Deferred Payment Scheme available in most new launch but not always

Highly Recommended

EXECUTIVE CONDOMINIUM (EC)

S$1,1xx
Price per square foot (approx.)

Features

  • Minimum Occupation Period 5 years (by Law)
  • Lower Entry Prices due to lower land cost
  • Higher historical gain
  • Full Facilities because of large land
  • Limited in some districts only
  • Only eligible for 1st & 2nd timers^
  • No Additional Buyer Stamp Duty*
  • Deferred Payment Schemes are likely available**
  • Mostly near MRT & assential amenities

Provence Residence
Recommended

PRIVATE CONDOMINIUM & Apartment

S$1,5xx
Price per square foot (approx.)

Features

  • Seller Stamp Duty 3 years
  • Higher Entry Prices
  • Lower gain but still profitable
  • Full condo facilities for only larger developments
  • Available in most districts
  • Eligible to all buyers
  • Additional Stamp Duty applied*
  • No more Deferred Payment Schemes available
  • Only some are near MRT & essential amenities
MIDWOOD (D23)
Recommended

PRIVATE CONDOMINIUM & Apartment

S$1,5xx
Price per square foot (approx.)

Features

  • Seller Stamp Duty 3 years
  • Higher Entry Prices
  • Lower gain but still profitable
  • Full condo facilities for only larger developments
  • Available in most districts
  • Eligible to all buyers
  • Additional Stamp Duty applied*
  • No more Deferred Payment Schemes available
  • Only some are near MRT & essential amenities
MIDWOOD (D23)

Historical evidences of Capital Gain in Singapore EC

Lastly, we want to present the historical transaction prices of Singapore EC in the last 10 years. Unquestionably, to date most EC buyers enjoy the good capital gain from price upside. Unfortunately, it is some sort of “once for the life time”. So decide wisely..

FAQ - Qualification of Singapore EC

What are the criteria to buy Singapore EC?

▪ Essentially (first buyer must be a Singapore Citizen)
▪ At least 1 other applicant must be a Singapore Citizen or Singapore Permanent Resident
▪ Most important that all singles must be Singapore Citizens if applying under the Joint Singles Scheme

Age for Singapore EC applicants
▪ 21 years old and above
▪ 35 years old and above, if applying under the Joint Singles Scheme
Income ceiling
▪ Explicitly, buyers’ household income must not exceed $16,000 income ceiling.

Property ownership
▪ Moreover buyers do not own other property overseas or locally, or have not disposed of any within the last 30 months
▪ In case, buyers 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

How many Schemes are available for buyers?

There are 4 Schemes are available as following:-

1) Public Scheme
2) Fiancé/Fiancée Scheme
3) Orphans Scheme
4) Joint Singles Scheme

What is Public Scheme?

Certainly, buyer of Singapore EC must be with one of following to form of family nucleus. For instance:

a) with Spouse &/or Children (if any) or
b) buy with Parents &/or Siblings or
c) buy with own legal Custody-Care Children# (in case of widows& divorcees)

What is Fiancé/Fiancée Scheme?

Buying with your spouse-to-be will be treated in a family nucleus manner.

Solemnisation of Marriage
According to this scheme, Buyer need to support documents as following:
1) Solemnise of Marriage
2) To submit a photocopy of your marriage certificate to the developer within 3 months* of collecting your keys to the EC unit.

Remarks:
will written in application & be specify in Option To Purchase (OTP)
Write consent is needed for spouse-to-be above 18 but below 21 years old. For this special Marriage, Licence from the Ministry of Social and Family Development and submit it to us during the EC selection appointment.

What is Orphans Scheme?

Buyer of Singapore EC may apply with own siblings. In case of buyers are orphans and single, such as; unmarried, divorced, or widowed:

a) Siblings that are single must be listed in the same application
b) At least 1 of the deceased parents was a SC or SPR

Can non-related buyers buy Singapore EC?

Yes, can buy under “Joint Single Scheme“. Buyer and up to 3 other co-applicants can apply and must comply to this rules:

a) In this case, Single referring to unmarried, divorced, or widowed.
Singapore Citizens (SC)
b) Age 35 years old and above
c) Applying jointly as co-applicants
d) No CPF Housing Grant for singles when buying an EC.

Can I buy If I own other property?

In regard to, buyer who still own following can buy Singapore EC:
1) HDB house purchase directly from HDB or
2) HDB bought from resale market using CPF Housing Grant (only applies to first-timer applicants) or
3) EC/DBSS house purchase directly from HDB

Overall, buyer who purchase above property twice already are not eligible to buy EC

Any restriction to choose type or size of unit?

No restriction on size or number of bedroom types.
However buying Dual-key units are design for mute-generation buyers. Buying Dual-Key units, buyers must comply with this rules:-
1) Married/engaged couple and parent(s)/grandparent(s) or
2) Widowed/divorced with own legal Custody-Care Children# and parent(s)/ grandparent(s).

Remarks:
If the care and control under age 21 is shared with ex-spouse must get written agreements for submission.

Singapore EC - 2021 -

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