Property How Much © 2023
This is a complete list of Executive condos (EC) in Singapore and the projects' TOP year (Temporary Occupation Permit), MOP (whether the project has achieved Minimum Occupation Period), PSF (the average, min and max $ per square foot based on its transactions), prices, and the nearest MRT station from each Executive Condo.
An Executive Condominium (EC) is a hybrid between a private property and a HDB flat, and it comes with ownership and resale restrictions. During the 6th to 10th year after completion, units can only be sold to Singaporeans or PRs without family nucleus requirements (Partially Privatised). After 10 years, all restrictions are lifted (Privatised).
Generally speaking, because of the concessions, a lot of the same rules and restrictions for HDBs apply to ECs.
Under the CPF Housing Grant Scheme, eligible first-time homebuyers can receive a housing subsidy of up to $30,000 when purchasing an EC. The grant is given in the form of CPF monies and is credited into the CPF Ordinary Accounts of eligible Singapore Citizens. There are two types of CPF Housing Grants available for EC purchases: the Family Grant and the Half-Housing Grant.
SC/SC Household: $15,000 for average gross monthly household income of $10,000 or lower.
SC/SPR Household: $10,000 for average gross monthly household income of $10,000 or lower.
The grant once disbursed cannot be returned.
The Top-Up Grant is given only to Singapore Citizens (not SPR spouse) and is also in the form of CPF monies. The grant is given to first-timer SCs and can be used to pay for the CPF portion of the down payment at the time of signing the Sales and Purchase Agreement.
Singles are not allowed to buy a new Executive Condominium (EC) alone in Singapore until the 5-year Minimum Occupation Period (MOP) is fulfilled. However, they can apply with their parents or jointly with another single Singapore Citizen (SC) under the Joint Singles Scheme. It's important to note that single applicants for EC are not eligible for housing grants. If a single SC or Singapore Permanent Resident (SPR) above 21 is planning to buy alone, they can only buy a resale EC. The eligibility to purchase a new EC is also subject to the ownership of other properties, and there are restrictions on the number of subsidized housing units a Singaporean household can buy. Additionally, singles are not eligible for CPF Housing Grants when purchasing a resale EC.
You are only required to make a 20% down payment, which consists of a 5% option fee and a 15% sale and purchase agreement. The remaining 80% can be paid after the project receives its TOP. It is important to note that there is an additional cost for EC. The Deferred Payment Scheme (DPS) is particularly appealing to those with existing mortgage loans who need more time to repay their loan, as the LTV limit for one home loan is 45% or 25%.
