Executive Condo (EC) is a subsidised condo only for Singapore Citizen. It gives the citizen of Singapore a chance to upgrade their lifestyle, without digging deep into the pockets.
They are commonly found at the far North, North-West and sometimes at the West side of Singapore.
What are the benefits when buying an Executive Condo (EC)?
1st timer loves Executive Condo, EC because there will be a government grant of up to S$30,000. As for the pricing, usually is 20% lower than the new private condo in the surrounding.
For those who already own an HDB flat, they do not need to pay ADSB. Condition is that they will need to sell off their current HDB flat within 6 months after TOP of their new EC (NPS). For those purchase under DPS, they need to sell off their HDB flat before TOP.
Deferred Payment Scheme (DPS) or Normal Payment Scheme (NPS)?
Purchasers of a new Executive Condominium have a choice of Normal Progressive Scheme (NPS) or Deferred Payment Scheme (DPS).
Deferred Payment Scheme (DPS) allows the purchaser to defer the 75% loan repayment till the project is ready for move-in, i.e. received the Notice of Vacant Possession. No loan repayment is required before Temporary Occupation Permit (TOP) is served.
Usually, the purchase price for the Deferred Payment Scheme will be slightly higher (eg. 3% more) than the Normal Progressive Payment Scheme.
Not sure which payment scheme is suitable for you? Call us for advice.
Am I eligible to buy an Executive Condo (EC)?
The eligibility to purchase an Executive condo, EC are very similar to purchasing an HDB flat.
Forming of a family nucleus with at lease a Singapore Citizen above 21 years old is required. The potential buyer should also take note of the following conditions as well.
- The household income should not exceed S$16,000.
- You do not own other property overseas or locally or have not disposed of any within the last 30 months.
- You have not bought a new HDB/ DBSS flat or EC, or received a CPF Housing Grant before; or, have only bought 1 of these properties/ received 1 CPF Housing Grant thus far.