A class of housing option that caters to the middle-income families is known as Executive condo.
The target group
Executive condos were introduced in 1999 targeting professionals and young graduates. For this middle-income group, landed housing and private condominiums were unaffordable. They were not too happy with an HDB flat because they could afford to have a little more comfort. To be precise, Executive Condos are for those who can’t afford private property, but can afford something that is better than public housing.
On a par with private condominiums
It’s the private developers in Singapore with vast expertise in architecture, and lifestyle accommodation who develop and sell Executive condominiums. However, they still have an income ceiling and are subjected to HDB rules. They were considered to be just a little lower than private condominiums in terms of design and facilities when they were developed initially. However, executive condos today are similar to private condominiums. Some of the condos have more facilities and better designs than private condominiums.
Executive condominiums are extremely sought after in the market today mainly because of their features and design, and more affordable prices. If you are looking forward to buy Executive Condos in Singapore, property websites will be able to help you find new condos near MRT.
The buying process
The developer lets interested buyers show their interest when the executive condo is still not launched for sale yet. This period is called the e-application period. If you submit application showing your interest in the project during this period, the developer will give you priority to view the show-flat and subsequently, book a unit first on sales launch day.
An affordable way to live
Today, it is not just professionals and young graduates who book Executive condos. There is an increasing demand for this type of housing and more and more Singaporeans are looking at ECs as an affordable way to live in private housing. Since property prices throughout Singapore are skyrocketing, this trend will continue for the years to come.
Eligibility for an Executive Condominium
A good amount of people cannot apply for this special type of flat. To book an Executive Condominium you must meet certain criteria. You must be a Singaporean citizen, your income should not exceed $1400, and you should not own any property or HDB flat.
No HDB Concessionary Loan
You need to use a bank loan to buy an Executive Condominium. But that will cover only 80% of the valuation.
Executive Condos were not designed as an investment option, but to serve as home. For the very reason, if you buy an EC you will have to live in it for 5 years before you sell it. And you can sell it only to Singapore citizens. The Executive Condominium successfully turns into a private condominium after a decade. ECs are sold like regular resale flats from their sixth to 10th years.
Property websites in Singapore will alert you if there are new freehold condo launches near MRT, and will help you find your dream home within your budget.