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The demand for private housing, especially Executive Condominiums (ECs), has increased steadily in recent years, partly because of the current low-interest rate climate and rising income growth in Singapore. The condos were first introduced by the government in 1999, ECs are a hybrid type of housing, that fall between public and private housing. The ECs usually comes with facilities like private condos, like guarded security, swimming pools, clubhouses, playgrounds and more. Though they are made and designed by the private developer but come under the cheapest price, as the land cost is subsidized by the government. So if you are searching for a condo for purchase in Singapore, then please follow the points mentioned
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What are the eligibility What are the eligibility criteria for criteria for Condos for purchase in Condos for purchase in Singapore? Singapore? applying under the Joint Singles Scheme. Executive Executive The demand for private housing, especially Executive Condominiums (ECs), has increased steadily in recent years, partly because of the current low-interest rate climate and rising income growth in Singapore. The condos were first introduced by the government in 1999, ECs are a hybrid type of housing, that fall between public and private housing. The ECs usually comes with facilities like private condos, like guarded security, swimming pools, clubhouses, playgrounds and more. Though they are made and designed by the private developer but come under the cheapest price, as the land cost is subsidized by the government. So if you are searching for a condo for purchase in Singapore, then please follow the points mentioned below. Property ownership: For purchasing EC you cannot own other property be it locally or overseas, and have not disposed of any within the last 30 months. Also, you cannot receive any CPF housing grant before you purchase an EC. Income ceiling: Income ceiling is also another important measure for purchasing an EC. Generally, ECs are meant to cater to the needs of the “sandwich” class, whose household income exceeds the ceiling for public housing, but falls short of comfortably affording a private property. In order to qualify for an EC, household income cannot exceed the $14,000 limit. Family nucleus: For purchasing an EC your family nucleus must comprise at least two Singapore citizens or one Singapore citizen and one Singapore permanent resident. Eligibility criteria for purchasing EC: The first and most important factor to consider for purchasing Executive Condos in Singapore is the eligibility criteria. As the eligibility requirements set by the government are not that easy to meet, so here we will mention the requirements for purchasing an EC are as follows; Age: You need to be at least 21 years old. But if applying under the Joint Singles Scheme then you must be at least 35 years old. For second timers: If you are an existing owner or ex-owner of a flat, a resale flat with CPF Housing Grant and DBSS flat from developer then you must meet 5 years of minimum occupation period before applying for a new EC flat. Citizenship: The buyer needs to be a citizen of Singapore, and if purchasing jointly then at least one applicant must be a Singapore citizen or Singapore Permanent Resident. Also, all singles must be Singapore citizens if
Conclusion: When you are opting for Executive Condos for purchase in Singapore or any other property for that matter, it is crucial to know what it entails when you are planning to sell your flat. Here you need to consider that it is different from your typical HDB. The biggest advantage of purchasing an EC is that while the property starts out as an HDB unit, it will privatize eventually. After that, the owner will not be restricted by HDB rulings and is able to sell the property to Singaporeans, Permanent Residents or foreigners for investment purpose. Hence the ECs are the most suitable housing option available herein if purchasing this affords your budget.
