Who Can Buy EC in Singapore, Are You Eligible To Purchase?
To answer the question of who can buy EC in Singapore, it is probably good to backtrack a bit and understand who they were catered to initially. Executive condos were introduced by HDB back in 1999 for the upper-middle income group of home buyers. These buyers were looking for homes whose design and facilities are better than HDB flats, but yet unable to afford a private condominium.
There are many advantages to buying an EC in Singapore, one of which primarily is the idea that you are getting a private condominium at a subsidised price. There are also rules governing buying executive condominium that you ought to be aware of. The main purpose of HDB was and still is to help every Singaporean to have their own home. Since executive condominiums come under the jurisdiction of HDB, it follows that executive condos are meant for Singaporean buyers only.
To purchase an EC, you must comply with HDB rules and ensure that you are eligible to purchase. Executive condos are considered subsidized (apart from the CPF Housing Grant) and buyers must meet the criteria below:
- Singapore Citizen + Singapore Citizen or Singapore Permanent Resident (SPR)
Applicants must consist of at least 1 Singapore Citizen. The other applicant can either be a Singapore Citizen or SPR.
- Age 21 years old and above
- Age 35 years old and above if applying under Joint Singles Scheme
3) Family Nucleus
- Public Scheme
- Fiancé/Fiancée Scheme
- Orphan Scheme
- Joint Singles Scheme
4) Income ceiling
- Gross monthly combined income $14,000 and below (w.e.f 24 August 2015)
From 2 March 2012, executive condominium developers have to set aside 70% of the units for first-timers during the initial launch period, the period where interested applications submit an e-application. The details of first-timer applicants and second-timer applicants are listed below
Both applicants in the purchase of the executive condo must not:
- Be the owners of a flat bought direct from HDB, a DBSS flat or an Executive Condominium bought from the developer
- Have sold a flat bought direct from HDB, a DBSS flat or an Executive Condominium bought from the developer
- Have received the CPF Housing Grant for the purchase of an HDB resale flat
- Have taken other forms of housing subsidy (for example, benefitted under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc)
You are considered a second-timer applicant if you or the other applicant in the purchase of the executive condo have owned, sold or currently owners of:
- Any HDB flat that was bought from HDB, or
- Any resale flat that was bought under the CPF Housing Grant Scheme, or
- A DBSS flat or an EC bought from the developer, or
- Have enjoyed other forms of housing subsidy (for example, enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc.)
Note that for the purchase of an executive condominium, there is no resale levy on second-timer applicants. This applies to new EC projects launched after 2009, after the La Casa EC (Woodlands). Unlike HDB Build-To-Order (BTOs), second-timer applicants who purchase and executive condo need not pay the resale levy. Resale levy is a levy to ensure home buyers do not enjoy double subsidies when they purchase new, subsidized HDB flats twice.
If you have met the above and are sure that you are eligible to buy an executive condo, check out the steps to buying an executive condo.