How to buy an executive condo
Executive condominiums (EC) are the bridge between HDB flats and private properties. They cater mainly to young graduates and professionals who are able to afford more than HDB flats but find private properties out of their reach.
As they are designed by private developers, ECs mimic private condominiums in design and facilities.
Before you purchase an EC, take note of these things;
• ECs have a 99-year leasehold. ECs cannot be rented out until the five year Minimum Occupation Period (MOP) has been fulfilled.
• After five years, the EC can be rented or sold to Singaporeans or Singapore Permanent Residents.
• ECs can only be sold to foreigners after 10 years have passed from the date of completion.
• Those who sell their EC must wait 30 months before they are permitted to buy a HDB flat from HDB. They can however purchase one without waiting from the resale market.
• In order to purchase a new EC, you must be a Singapore citizen with a family nucleus consisting of another Singapore citizen or a Singapore Permanent Resident.
• The applicant must be at least 21 years old at the time of the application or 35 years old if applying under the Joint Singles Scheme.
• The average (combined) gross monthly income must not exceed $12,000 and you and all other occupiers as listed in the application must not own or dispose of any estate or land within 30 months of the application or between the date of the application and the date of taking possession of the EC.
• The applicant can take the CPF housing grant to pay for the newly developed EC or a resale EC if he is a first time applicant.
• If the applicant has already purchased two housing units in the past, they cannot be listed as an essential occupier in the