Executive condominiums were introduced in Singapore in the 1990s as a way to provide affordable housing for Singaporeans. ECs are sold at prices that are lower than those of private condominiums, but they are only available for sale to Singapore citizens and permanent residents.
Private condominiums, on the other hand, are available for sale to Singapore citizens and permanent residents, as well as foreign buyers. Prices of private condominiums are usually higher than those of executive condominiums. Here is a comparison of the two types of condominiums to help you make a decision.
Advantages of Executive Condominiums over Private Condominiums
1. Lower prices
The prices of executive condominiums are usually lower than those of private condominiums. This is because the government provides subsidies to developers of ECs, which results in lower prices for buyers.
2. More affordable
ECS is more affordable than PCs for two reasons. First, the prices of ECs are lower than those of PCs. Second, ECs can be purchased using CPF savings, while PCs cannot.
3. More choices
There are more choices for ECs than PCs. This is because more developers are building ECs than PCs.
4. Better location
ECS is usually located in better locations than PCs. This is because the government requires developers of ECs to build their projects in locations that are accessible by public transportation.
5. More amenities
ECs usually have more amenities than PCs. Tengah Plantation Loop EC is because the government requires developers of ECs to provide a certain number of amenities, such as swimming pools and playgrounds.
Eligibility for Executive Condominiums
To be eligible for an EC, you must:
- Be a Singapore citizen or a permanent resident
- Be at least 21 years old
- Have a household income of less than $16,000
- Not own any other property
- Not have sold or disposed of any property in the last 30 months
Purchase an Executive Condominium
1. Find a developer
The first step in purchasing an EC is to find a developer. You can do this by searching online or contacting a property agent.
2. Choose a unit
Once you have found a developer, you will need to choose a unit. ECS is usually sold by unit type, such as one-bedroom, two-bedroom, or three-bedroom.
3. Apply for a loan
If you are taking out a loan to purchase an EC, you will need to apply for a housing loan from a bank or financial institution.
4. Pay the down payment
Once your loan is approved, you will need to pay the down payment. The down payment for an EC is usually 10% of the purchase price.
5. Complete the purchase
Once you have paid the down payment, you will need to complete the purchase by signing the sales and purchase agreement.
Process of Applying for an Executive Condominium
- Submit an application- The first step in applying for an EC is to apply. You can do this online or through a property agent.
- Make a down payment- Once your application is approved, you will need to make a down payment. The down payment for an EC is usually 10% of the purchase price.
- Complete the purchase- Once you have paid the down payment, you will need to complete the purchase by signing the sales and purchase agreement.