Who can buy executive condo after 5 years?

After the 5-year MOP, from 6th to 10th year, EC can only be sold in the open market to those who can meet the following eligibility conditions. You must be a Singapore Citizens (SC) or Singapore Permanent Residents (SPR) in order to buy a EC from 6th year occupation period.

What is the difference between executive condo and condo?

The biggest difference between a regular condo and an EC comes in the first 11 years. During this time, ECs count as HDB properties – they are subject to the Minimum Occupancy Period (MOP) of five years. You can’t sell or rent out your EC during this time. If you purchase an EC, it’s a bit cheaper than a regular condo.

Can you apply for EC before mop?

If CPF Housing Grant was taken, you have to wait till your MOP is met before you can apply for an EC. If no CPF housing grant was taken and the purchase of the HDB resale flat was completed before 12 Feb 2019, you can apply for an EC whose estimated TOP will fall after your MOP period.

Is executive condominium worth buying?

Executive Condominiums are still the best value buys The reason is simple: they’re a chance to buy private property, while still getting government subsidies. Also, ECs often feature the same range of a facilities offered by private condominiums, but at a fraction of the cost.

Can 2 singles buy EC?

An EC is hybrid of high end public housing and private property. Since a new EC can only be purchased by two singles under the JSS (but not a sole single person), both of you will be registered as owners and will not have issues where only one person is reflected as the owner.

What is the income ceiling for executive condo?

The combined average monthly household income must not exceed $16,000. For Option to purchases (OTP) granted before 11 September 2019, the income ceiling is $14,000.

Is executive condo considered private property?

Important Note: While Executive Condominiums (EC) are treated as public housing, after the 10th year, they’re considered private properties. Public housing on the other hand can be purchased with no cash down payment with an HDB loan.

Is EC cheaper than private condo?

EC is price relatively cheaper than private condo because of the many criteria imposed by HDB on EC purchases. Price could be as much as 20% lower. And to add to this, EC Buyers can get a grant from HDB, if they are first time applicants to EC, this makes buying EC more affordable.

Can a single buy EC?

Unfortunately, a single citizen can’t buy a new EC unit alone. However, he or she can opt to purchase a resale EC or even a private condo if it’s within the budget. As a single, you may purchase a resale EC or private condo.

Can a divorcee buy EC?

Divorcees are able to purchase an Executive Condominium under the “public scheme” with children under legal custody, care and control.

Can I buy resale executive condominium?

You are eligible to purchase resale EC even though you own a private property. After attaining its MOP, SC or SPR are eligible to purchase resale EC as they considered “private property” (foreigners are only eligible after privatisation).

Is EC considered private property?

Important Note: While Executive Condominiums (EC) are treated as public housing, after the 10th year, they’re considered private properties. Public housing on the other hand can be purchased with no cash down payment with an HDB loan. Banks don’t offer continuous fixed-rate loan packages.