Eligibility Conditions For New & Resale Executive Condos (EC)

Executive Condos (ECs) in Singapore offer a unique blend of affordability and luxury, catering to a specific segment of the housing market. In this article, we delve into the eligibility criteria for both new and resale ECs, providing a comprehensive guide to prepare you for your future purchase.

What Is An Executive Condo (EC)?

Executive Condominiums, also known as ECs, represent a housing option for the affluent, people whose household salary no longer falls under the monthly income ceiling for public housing (HDB). ECs are considered a hybrid type of housing, having the peculiar trait of having the benefits and eligibility requirements of public housing in its first 10 years before transitioning into private status. This gives owners, particularly Singapore Citizens, the benefits of private property with the comparable affordability of public housing.

1. Affordability

ECs embody the fusion of HDB affordability and private condo luxury, offering an ideal solution for families seeking more than public housing but finding private properties prohibitive. This unique positioning in Singapore’s housing landscape makes ECs a coveted choice for those desiring a balance between cost and comfort.

2. Privatisation

In the first 10 years, Executive Condos are classified as public housing, complete with eligibility and resale restrictions, akin to HDB flats. Owners are able to sell their ECs after a minimum of 5 years of occupancy to Singaporean Citizens or Singapore Permanent Residents. After the 10-year mark, they are regarded as private property. While this transition locks applicants out of subsidised grants, they no longer have eligibility criteria to put into consideration and can sell the property to foreigners like a private condo.

3. Facilities

Executive Condos are typically built to the standard of private condos, boasting amenities like pools, gyms, and 24/7 security, mirroring that of private condos. Some ECs may even include other luxury facilities, such as landscaped gardens, barbecue pits, function rooms, and playgrounds, providing a holistic living environment.

4. Grants & Financing

Unique to ECs, however, is the eligibility for CPF housing grants in their first decade, which can reduce costs by up to S$ 30,000 for eligible first-time buyers. These grants make ECs even more affordable and accessible for those entering the property market. Additionally, buyers can use their CPF savings to finance their purchases, providing further financial flexibility. Unlike HDB flats, ECs do not qualify for HDB loans; instead, buyers can take housing loans from banks. This allows for a range of financing options tailored to different financial situations.

The combination of CPF grants, CPF savings, and bank loans ensures that ECs remain a financially viable and attractive option for many Singaporean families looking to upgrade their living conditions.

New vs Resale EC Eligibility

The eligibility criteria for new and resale Executive Condos differ drastically. We’ve prepared a comparison table to succinctly outline these differences, helping you navigate your options more effectively.

New ECs	Resale ECs	Day
Citizenship Requirements	Singapore Citizen (SC), one other listed individual must be SC or Permanent Resident (PR)	For resale between the fifth and 10th year of lease, SC or PR After the 10th year, all are eligible
For joint applicants, both must be SCs	Regular
Age Requirements	At least 21 years old (couple or family nucleus)	At least 21 years old
At least 35 years old (joint singles)	Regular	At least 21 years old
Monthly Household Income Ceiling	Combined income < S$16,000	No income ceiling
Grant Eligibility	Yes	No. However, resale EC applicants enjoy higher TDSR up to 60% of monthly income
Property Ownership Rules	No local or overseas private properties.	Applicants may own other private residential properties
	Must not have disposed of any private property in the last 30 months before applying	Applicants may own other private residential properties
	All applicants must dispose of any currently-owned HDB flats within 6 months of completion of purchase	Permanent Residents (PR) must dispose of any currently-owned HDB flats within six months of completion of purchase
Minimum Occupation Period (MOP)	Five years

Eligibility For New Executive Condos

Eligibility for new ECs caters primarily to Singapore Citizens, with criteria like family nucleus composition or first-time homeownership reflecting this focus. Examples include married couples, parent-child units, or joint singles over 35. Additionally, ECs adhere to Minimum Occupation Period (MOP) requirements, reinforcing their role in meeting public housing needs.

	Requirements
Citizenship	For new ECs, the primary applicant must be a Singapore Citizen, with at least one other listed individual (family member or spouse) being a Citizen or Permanent Resident. Joint single applicants must both be Citizens.
Age	Individuals must be at least 21 years old, or 35 for joint single applicants, to be eligible for a new EC.
Monthly Household Income Ceiling	The combined income of all applicants must not exceed S$16,000. A property developer will assist with the necessary documentation upon booking an EC unit.
Property Ownership Rules	Applicants for new executive condos must not own or have owned, in the past 30 months, any private property, whether local or overseas. This rule tapers the eligibility to buy ECs to ensure fair access for those who are applying for their first house, making full use of the hybrid function.
Minimum Occupation Period (MOP)	Homeowners of new ECs must fulfil a Minimum Occupation Period (MOP) of five years before selling their EC into the open market.

Resale EC Eligibility

Once Executive Condos transition to private property status after the initial 10-year period, they become available to a wider market. This transition significantly reduces eligibility restrictions, allowing a broader spectrum of buyers, including foreigners, to participate in the resale EC market.

	Requirements
Citizenship	Applicants for resale ECs between the fifth and 10th year of the lease must be either Citizens or Permanent Residents. Forming a family nucleus is not required to purchase resale ECs in the open market. After the 10-year mark, resale ECs expand their eligibility to include foreigners and corporate entities.
Age	All applicants must be at least 21 years old to be eligible to buy a resale EC.
Monthly Household Income Ceiling	Applicants for Resale ECs will not face any income restrictions. However, resale EC applicants will enjoy a higher loan amount for their Total Debt Servicing Ratio (TDSR), up to 60% of their monthly income.
Property Ownership Rules	Contrary to new ECs, applicants and occupiers listed in the application may own other private residential properties. In the case of HDB flats, only Singapore Citizens may keep their HDB/EDSS flat and resale EC at the same time. Permanent Residents (PR), on the other hand, must dispose of their HDB flat within six months of buying a completed private residential property in Singapore.
Minimum Occupation Period (MOP)	Homeowners of resale ECs must fulfil a Minimum Occupation Period (MOP) of five years before selling their EC back into the open market.

EC Eligibility Determines Funnels Your Home Selection Process

Determining your eligibility to buy an EC in Singapore involves navigating a range of criteria that cater to different aspects of housing needs. From citizenship and age requirements to income ceilings and property ownership rules, understanding these criteria is crucial in assessing your eligibility. Furthermore, the distinction between new and resale ECs adds layers to these considerations.

Here at AE Realtor, our expertise is not just in finding you a property but also in ensuring you are well-informed and eligible for your dream home. We provide personalised consultation and in-depth guides to walk you through the intricate eligibility process and give you the latest updates on upcoming EC projects, simplifying the process for you.

For more insights into purchasing a home, check out our guide on the HDB resale buying process.