How to buy Executive Condominium?
Executive condo gaining popularity
Recently Executive Condominium (EC) has been very popular with Singaporeans. The recent launch at Copen Grand in Tengah and in Tampines achieved extremely robust sales.
Copen Grand had fully sold all their 639 units within 2 months of their launch. And Tenet having sold 73% of their units to 1st timers.
Some might be asking, what is actually and EC and how is it different to a private condominium.
In this article we will be answering those questions that will clarify any doubts.
What is an Executive Condominium?
An executive condominium is a strata titled apartments which are built and sold by property developers. There are certain conditions and eligibility to be met before one can proceed to apply for purchase.
The location for EC are usually in the outskirts of Singapore such as in Punggol, Sengkang, Tampines, Tengah, Jurong.
Who can buy an Executive Condominium?
Firstly, for brand new Executive Condominium it is restricted to eligible Singaporean households. There is no ethnic restriction imposed for purchase. You must also not have owned any private property or have disposed one in the in the last 30months before the application.
Subsequently after the initial 5 years minimum occupation period, you have to be a Singaporeans and/or Permanent Residents.
Once an Executive Condominium reaches the 10th year mark, it will then become a private condominium. Thus, foreigners will be eligible for purchase in the resale market.
Monthly household income
The monthly household income of the purchasers of a brand new Executive Condominium, must not exceed $16,000. As the Executive Condominium is a subsidised private housing by the Housing Development Board, CPF Grants are also able to be utilised for the purchase.
A maximum of $30,000 in CPF grants are available for first timer Singaporeans. These grants are in the form of
- family grant
- half-housing grant
The amount of CPF housing grants is dependent on the income of the Singaporean household. See the chart below to identify the CPF grant available.
For an Executive Condominium in the resale market, there is no need to meet the income threshold.
How do you proceed to buy a brand new EC?
In order for you to proceed further, you need to meet the conditions for purchase.
The eligibility schemes are as follows.
1. Public Scheme.
In the public scheme, 1 applicant must be a Singaporean and 1 other applicant must be a Singaporean or a Permanent Resident.
Examples of purchase under the public scheme: spouse and children , you and siblings together with parents and also if you are a divorced person who has the legal custody care and control of your child/children.
2. Fiance/Fiancee Scheme
You need to produce your marriage cert within 3months upon receiving the keys to of the house.
3. Orphan Scheme
In this scheme, you and your siblings must be single or divorced or has been widowed. And your deceases parents must be Singaporean or PR.
4. Joint Singles Scheme.
All the applicants in this schemes have to be a Singaporean citizen and be above 35year old in order to be eligible to purchase.
If you are currently now living in a HDB and have the interest to book a brand new EC, you must already met your 5 year minimum occupation period (MOP) You must not own more than 1 subsidised flat from HDB or have utilised the CPF Housing Grants.
There are similar Executive Condominium that you might be interested in would be North Gaia and the new plot of land in Bukit Batok.
