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Executive Condominium (EC) is a new launch condo that is specially designed for Singaporeans. It might be your choice if you are looking for your first home or upgrading from your HDB unit.
The always popular EC is a type of housing in Singapore which many consider as a hybrid of private and public housing. Although ECs are built by private developers, they are normally priced at around 20% to 25% lower than surrounding private condominiums due to lower land prices. However, they are subject to Housing and Development Board regulations during the initial ten years. After ten years from the TOP date, ECs will be considered as private condominium status. This will open up a great opportunity for capital appreciation as foreigners are included in the buyer pool.
Just like buying an HDB unit, you can also qualify for CPF Housing Grants of up to $30,000 (depend on the income). There is a five years Minimum Occupation Period (MOP) restriction on EC before you can sell it to another Singaporean or Singapore Permanent Residents. However, as we mentioned above, an executive condominium will achieve private condo status after ten years. Foreigners will also be able to purchase your unit now and this is one of the reasons for great capital appreciation potential besides the lower entry price compared to surrounding private condominiums.
Besides huge monetary gain after ten years, there are more reasons to stay in an EC.
Build-to-Order (BTO) is often the first choice for newlywed’s couples; however, EC will be a better choice if you have the budget. With a lower entry price and CPF Housing Grant, a young couple has a better chance to enjoy a condominium lifestyle at an earlier stage of their life. Beautifully decorate landscaping and exclusive facilities like swimming pools, Kids pools, clubhouses, and tennis courts are just some of the great facilities that you can enjoy at the comfort of your home compound.
The convenience of being able to work out, play your favorite sports, and gathering with family and friends all within your home compound might be the best luxury for busy couples in today’s era.
With the gated compound and security system in a condo, EC will be able to provide a safe and close-knit community for your children to grow up in. They will be able to enjoy the fun facilities like kids pools and wet playgrounds in a much safer environment.
At the time of this writing, Parc Canberra, Piermont Grand, and Ola are three executive condominiums in the market now. Parc Central Residences will be previewing on 7 Jan 2021 and Provence Residence EC will be expected to launch in later 2021.
If you want to understand more about EC, just WhatsApp us and we will share more information with you on a non-obligatory discussion.