What Is An Executive Condo In Singapore?

How much is a downpayment on a condo in Singapore?

You’re legally required to pay at least 20 percent of the property price (the downpayment) in a mixture of cash of CPF – this consists of the 5 percent Option Fee and a 15 percent Exercise Fee..

When can I sell my EC?

You can sell off your EC after 5 years. But after selling, it does not make sense for you to buy a private condo and a HDB resale flat. If you buy a private condo and then a HDB resale flat, you are required to sell off this condo within 6 months after the completion of your HDB resale flat.

Is EC considered HDB?

An EC is a cross between public and private housing. … An EC is considered HDB property for 10 years. As such, it is subject to the same restrictions like a minimum occupancy period of five years, and restrictions on who can buy it. From the 11th year onward, an EC is fully privatised.

Is it better to buy HDB or condo?

And when it comes down to it, HDBs can have far better rental yield compared to their condo counterparts, simply by virtue of how affordable they are. (Note: This depends on the rental income generated as well. Condos do tend to generate higher rental income than flats, which can sometimes offset their higher costs.)

How do I buy an executive condo in Singapore?

99.co guides: The Steps to Buy an Executive CondominiumSTEP 1: CHECK YOUR ELIGIBILITY. … STEP 2: GET YOUR FINANCES IN ORDER. … STEP 3: SHOP AROUND. … STEP 4: SUBMIT YOUR APPLICATION. … STEP 5: BOOK YOUR FLAT. … STEP 6: HIRE SOLICITORS AND FINALISE LOAN. … STEP 7: SALE & PURCHASE AGREEMENT. … STEP 8: MAKE YOUR PAYMENTS FOR THE EXECUTIVE CONDOMINIUM…More items…

Can I buy private property if I own EC?

Yes, you will be eligible to purchase a private property once you met your Minimum Occupation Period (MOP) of 5 years. For your next property, the loan quantum will be dependent on whether you still have an outstanding housing loan. If you are still servicing the EC, the max loan amount is 50%.

Can you afford an EC?

Based on the above chart, the minimum income required is actually more than $14k, which is above the maximum income eligibility of $14k for EC. … This means that other than earning a minimum income of $14,000 per month, you will need to also have a savings of at least $342,470.

Is Condo private property?

A condo is a form of private housing whereby individual portions of this land is owned by different owners. Aside from individually owned apartment units, there are common facilities shared by all unit owners such as the hallway, elevator, lobby and exterior areas like swimming pool, garden and gym.

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.

How much money do I need to buy EC?

Most first-time EC buyers have a combined income of around S$10,000 and are looking to maximize the CPF grant amount. In order to qualify for an EC, household income cannot exceed the $14,000 limit.

Can I own both HDB and EC?

HDBs and ECs have a minimum occupancy period (MOP) of 5 years during which you need to live in the property and cannot rent it out. … You can own a HDB and still buy an EC or HDB as long as you dispose of the it within 6 months of possession of the new unit though.

Is executive condo a good investment?

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 single Singaporean buy resale EC?

As a Single Singapore Citizen, you are allowed to purchase any resale HDB, DBSS and EC. … A resale EC is no longer consider HDB flat, it is treated as a private property, thus no longer eligible to any grants. There are no income limits to make the purchase.

Can single buy EC in Singapore?

Purchasing an Executive Condominium (EC) together Under the HDB rules, two single persons who are Singapore Citizens and above 35 years old can also buy a new EC together under the JSS.

Do I need to sell HDB to buy EC?

Upgrading to an Executive Condominium is the most “seamless” route as you can collect the keys for your EC, then sell your HDB. Furthermore, at the point of booking, you do not have to pay ABSD and can secure loan up to 75%. Browse all new and resale executive condos listed on PropertyGuru.

Who can buy EC in SG?

Only Singaporean couples and Singaporean/permanent resident couples can buy an EC unit. Also, buyers have to fulfil a mandatory five-year minimum occupation period (MOP) before they are can rent out or sell the EC unit.

Can I buy HDB if I own a condo?

If you’re a HDB owner and want to own a Private Condo, you can purchase one after the 5-year Minimum Occupation Period (MOP). If you are a Private Condo owner and want to buy a HDB, you will need to sell any private properties that you own.

How much is an executive condo in Singapore?

Cost of BTO and EC And a 3-Bedroom Premium (1,001 – 1,098 SQFT) Executive Condo in the same estate, The Criterion EC, is selling between $740,800 and $836,000. By comparison, the price of an Executive Condo is easily 2 to 3 times that of a BTO.