Our In-House Experts Answer Your Questions
Lots of questions and queries about executive condos in Singapore? Check if we have answered similar questions before. If not, feel free to send as an email and we will get our partnering real estate salespersons to help you out! You can also fill in the comments box below and we will answer your question promptly!
The quick answer is ‘No’.
You are eligible to buy a resale EC that is more than 5 years old and less that 10 years old. This would mean that the resale EC has already reached its MOP of 5 years.
However, you have to meet the eligibility condition to purchase a resale EC. You have to be a Singapore Citizen (SC) or Singapore Permanent Residence (SPR) to purchase a resale EC.
5 years old < resale EC < 10 years old, eligible for SCs and SPRs.
Yes you can.
PRs can buy resale EC that are more than 5 years old without any restrictions.
Of the initial 20% down payment, 5% have to be paid in cash while the balance 15% can be paid either using cash or CPF. If you choose to pay by CPF, only the Ordinary Account (OA) can be used. The Special Account (SA) cannot be utilized to pay the 15% down payment.
For buyers above 55 years old, please note that you have to set aside the prevailing minimum sum before being able to utilize your CPF monies. If there are two buyers involved, each buyer must set aside half of the prevailing minimum sum (currently at $139,000). The minimum sum consists of monies from both your OA and SA.
If you have sold your private condominium within the last 30 months, you are not eligible to purchase an EC as executive condos follow HDB Rules and regulations. The rules state that you are not eligible to buy a BTO or Executive Condominium if you have disposed of your private property within the last 30 months.
If you have just recently purchased your EC, you cannot rent out within the first 5 years. Buyers must fulfill the Minimum Occupation Period (MOP) before they are allowed to rent out their executive condominium. (Find out more here).
You can however rent out individual rooms while you are staying in the executive condo.
Buyers who purchase Dual Key units from ECs launched before 12 January 2013 can rent out one units while staying at the other unit. Since 12 January 2013, new measures were introduced to to restrict Dual Key units to multi-generation families only. Buyers of executive condominiums subjected to this rule cannot rent out any of the dual key unit.
He/she cannot purchase a new EC under his/her own single name.
This is because husband and wife have to purchase the new EC as owners together, under 1) Public Scheme (family). Hence if 1 person owns a private property, they are unable to purchase an EC.
Foreigners are not eligible to buy new ECs. However, they can purchase ECs that have already attained their TOP (Temporary Occupation Permit) for 10 years or more.