Executive Condominium
Condominium, or EC, are a type of housing in Singapore. First built in 1994, EC is a hybrid of public and private housing. They resemble private condominiums and are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds and so forth. They are also built and sold by private developers, but at a price lower than private homes because their land prices are subsidised by the Government. Additionally, buyers can take Central Provident Fund (CPF) grants to pay for an EC bought from a developer.
Hence an EC is subject to some regulations that apply to HDB flats.
Buyers' household income must not exceed $14,000, in order to qualify for an EC. This limit was raised from the previous $12,000 in August 2015.[1]
For direct purchases from a developer, there is a minimum occupancy period of five years; during which the EC cannot be sold or rented out whole. After five years, the EC can only be sold to Singaporeans or Singaporean Permanent Residents (PRs). Only when the development reaches ten years old can it be sold to foreigners. Vales ec floor plan
In December 2013, HDB announced that Executive Condos will now be subjected to the Resale Levy. This is a lumpsum payment made to HDB when you purchase a second subsidized home. However, this only applies to ECs whose land sales were launched on or after 9 December 2013. At present there are still a few ECs available that are not subjected to the Resale Levy.
See also
- Housing and Development Board
- Public housing in Singapore
- New towns of Singapore
- Cash-Over-Valuation
- Housing and Urban Development Company (HUDC) Flats