Rules and Regulations for HDB Executive Condominium
Executive condominiums are a class of housing by the HDB, which is why some people may refer to it as a HDB executive condominium, or HDB EC for short. Just like BTOs (Build-To-Order) or the now defunct DBSS (Design, Build and Sell Scheme), because they are a housing type introduced by the HDB, executive condominiums thus naturally come under HDB rules.
Before you apply for an executive condominium, you must first be sure that you are eligible to buy an EC. Only first-timer and second-timer home buyers who meet HDB requirements are allowed to purchase executive condominiums. This means you must meet the criteria based on Citizenship, Age, Family Nuclues, Income Ceiling among others. (See Who Can Buy EC | Executive Condo Eligibility | EC Eligibility.)
Some important pointers to take note of is that HDB executive condominiums buyers are required to fulfill a minimum term period before they are allowed to sell their executive condo. ECs take precedence from HDB rules, and the minimum occupation period (MOP) rule thus applies. This is similar to the case of Singaporeans purchasing a Built-To-Order flat from HDB where they have to fulfill an MOP of 5 years too.
EC home owners can only sell their executive condo to Singaporeans and PRs after 5 years, and to foreigners after 10 years. This is calculated from the date of Temporary Occupation Period (TOP) or Certificate of Statutory Completion (CSC), whichever is earlier. This is summarised below:
- 5 years from TOP: Eligible to sell to Singaporeans and PRs only
- 10 years from TOP: Eligible to sell to Singaporeans, PRs and foreigners. Considered fully privatised.
Buyers of executive condominiums stand to enjoy a housing subsidy known as the CPF Housing Grant. For two first-timer applicants who are Singaporeans, the CPF grant is a combined $30k CPF grant. If the applicants consist of 1 Singaporean and 1 Singapore PR, the CPF housing grant available is $20k. In future, if the couple has children who are Singapore citizens, they will be reimbursed for the $10k CPF grant shortfall. (Please note that for buyers of executive condominiums, you will not be entitled to the additional CPF grant of Special grant, meant for resale HDB flats and BTO buyers only.)
- Singapore Citizen + Singapore Citizen = $30k CPF Housing Grant
- Singapore Citizen + SPR = $20k CPF Housing Grant (credited to the Singapore Citizen CPF account)