All that you need to know about Buying Executive Condo.
WHERE CAN YOU FIND AND HOW TO BUY AN EXECUTIVE CONDOMINIUM (EC) IN 2022
Have you been planning to get settle down with your special one and are planning to get either EC or BTO or Private condominium?
Is your income too high that you are not eligible for HDB BTO and but has other concern that you are not able to get the unit you want for private condominium as they are too expensive?
Let me share with you some basic understanding of EC. EC is the sandwiches between BTO and Private Condo. EC is build by private developers and has a full range of facilities similar to Condo. The Land that EC is build on are controlled by HDB and buyers need to fulfil the HDB-EC eligibility criteria before owning one.
EC is unique and special as it is a hybrid model of public-private. The first 10 years of EC is consider public housing before it privatized.
Below is the summary of eligibility checks for EC required.
If your combined household income is between $14,001 and $15,999, you belong to the special middle-class category. Household income is the total of salary and employers' CPF contribution. According to Singapore statistics as of Sept 2022, the average household income from work is S$12,276.
Owning an EC is special as it is brand new that comes with a warranty and you get to enjoy the CPF housing grant if you meet the criteria, you also get to enjoy the condominium facilities which HDB BTO does not have.
Of course, you are still free to go for resale public housing, or private condo if you don't mind an older flat with older facilities such as a swimming pool, gym, function room, to name a few, to enjoy for.