In most first world countries, like Singapore, finding a lot that is big enough to build a house is a major problem. Despite the availability, the high prices hinder the common folk from purchasing them. The best option for them would be to live in flats or private condominiums.
However, for those who are in a budget, there is one solution that you can avail of: executive condominiums.
As defined by the HDB website, executive condo is a type of public housing offered to Singaporeans that is a hybrid of a private and public housing. Private because it is owned by private developers, public because the prices are cheaper than private condominiums.
Here are some facts regarding executive condos.
- Offers amenities similar to private condominiums at lower prices due to government subsidy.
- Swimming pool
- Candidates eligible to purchase Sumang Walk EC
- Singapore residents/Singapore resident + Singapore permanent resident combination
- Forms a family nucleus (father, mother, children)
- Household income not exceeding S$10,000/month
- Documentation needed
- Birth certificate
- Marriage certificate
- Latest income statements
- Incentives on purchasing executive condos
- If both applicants are Singaporean citizens = S$ 30,000 housing grant
- If one applicant is Singaporean citizen, the other is permanent resident = S$ 20,000 housing grant
- Renting out of executive condo is not possible within the 5-year minimum occupation period (MOP) required by the government. However, you can rent out some of the rooms.
- Rules and regulations
- No buying/selling transactions within 5-year MOP
- After 5 years, EC can be sold to Singapore resident or PR
- After 10 years, EC can be sold to foreigners
- Wait for 30 months before buying a flat at HDB
Got your fill with executive condo? What are you waiting for? Purchase your very own now.