What is Executive Condominium?
Executive Condominium is semi-privatized - a hybrid of private residential property with HDB regulations.
Facilities are restricted to residents’ usage only. With 24-hours security system, residents are assured of more privacy and security.
With the EC priced lower than the neighbouring private properties, the HDB first Timer or an Upgrader will be encouraged to own a Private Property at a concession rate.
Who is eligible to buy an Executive Condominium?
Singapore citizens, at least 21 years of age, forming a family nucleus (in line with HDB regulations) with at least another Singapore Citizen or PR and household income not exceeding $12,000.
Applicants must not own or have disposed of any private property within the last 30 months.
Buyers should not have bought any of these twice:
· a flat from the HDB – BTO;
· a resale flat with the CPF Housing Grant*;
· a DBSS flat from developer;
· an EC unit from developer.
If you belong to any of the above categories, you may apply to buy an EC on condition that a 5-year Minimum Occupation Period (MOP) has been fulfilled.
In addition, if you an ex-owner of an EC, you need to wait out a 30-month period from the date of disposal before you can apply to buy another EC from the developer.
If you book a flat from March 2012 BTO and Sale of Balance Flats exercises onwards and subsequently cancel the flat booking, you will have to wait out a 1-year period from date of cancellation, before you can apply to buy a flat in the above categories.
Condition to follow after buying an Executive Condominium
Rules governing selling an Executive Condominium
An EC owner can sell your apartment:
No transaction is permitted before the MOP of 5 years is fulfilled.
The sub-sale of booked ECs is not allowed.
Upon selling an EC, you must wait out 30 months before buying any flat direct from HDB.