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Ultimate Guide To Executive Condos in Singapore [2024]

Executive Condo Singapore

Best Executive Condo Singapore
Best Executive Condo Singapore

Welcome to our comprehensive guide to executive condominiums (ECs) in Singapore, where we navigate through the ins and outs of owning this unique form of residential property. ECs strike an excellent balance between subsidized HDB flats and private residential properties, offering a luxurious lifestyle at a subsidized rate. They are a fantastic option for those eligible for an availability housing grant, primarily couples who are first-time applicants.

The best Executive Condos in Singapore are Rivercove Residences, The Criterion, Parc Life, Signature At Yishun, and Inz Residence.

However, it’s worth noting that potential buyers cannot own any overseas private property within 30 months before applying for an EC. Join us as we delve deeper into the world of executive condo Singapore lifestyle, its benefits, and what you need to know before making your purchase.

Quick Summary

  • Best Executive Condos in Singapore are Rivercove Residences, The Criterion, Parc Life, Signature At Yishun, and Inz Residence.
  • Before buying an executive condo in Singapore, consider factors such as eligibility criteria, the resale levy, the Minimum Occupancy Period, the 5-year and 10-year rules, and the potential appreciation of the property.
  • Executive condos in Singapore, often regarded as a hybrid of public and private housing, present an attractive option for middle-income families seeking upscale amenities with a more affordable price tag.

What is an Executive Condo?

An Executive Condo, popularly known as an EC, is a unique type of housing option in Singapore. It’s essentially a hybrid between public and private housing – it’s catered to Singaporeans, particularly young professionals, and families who can afford more than an HDB flat but find private property to be out of their budget. Developed and sold by private developers, they’re comparable in design and amenities to private condominiums.

They have facilities like swimming pools, gyms, and security services. However, they’re subject to certain regulations from the Housing Development Board (HDB) initially. After 10 years, they’re privatized and can be sold to anyone. So, it’s like getting the best of both worlds!

Key Considerations

  • Eligibility Criteria: Ensure you meet the prerequisites set by the Housing Development Board, which include nationality, family nucleus, income ceiling, and ownership of other property.
  • Financial Planning: Executive condos are more expensive than HDB flats. Make sure you have a sound financial plan and consider your loan options.
  • Minimum Occupation Period (MOP): Owners must occupy the EC for at least five years before they can sell it in the open market.
  • Resale Levy: First-time applicants do not need to pay a resale levy, but second-timers are subjected to this charge.
  • Future Privatization: Remember, an EC will be fully privatized after 10 years, which can affect its value.
  • Location: As with any property, location is crucial. Consider factors like proximity to transportation, schools, and shopping centers.
  • Developer Reputation: Research the developer’s track record for quality and reliability.

Eligibility in Buying Executive Condo in Singapore

  1. Citizenship: At least one applicant must be a Singapore Citizen, and at least one other applicant must be a Singapore Citizen or Singapore Permanent Resident.
  2. Age: You must be at least 21 years old. If applying under the Joint Singles Scheme, you must be at least 35 years old.
  3. Family Nucleus: You need to form a family nucleus with your spouse, children, parents, or siblings.
  4. Income Ceiling: Your household income must not exceed S$16,000 per month.
  5. Property Ownership: You cannot own other properties overseas or locally, and have not disposed of any within the last 30 months.
  6. First-Timer Applicants: You and your spouse must not have received the CPF Housing Grant for the purchase of an HDB resale flat.
  7. Second-Timer Applicants: You or your spouse must meet the Resale Levy criteria.
  8. Time Bar: You have not bought a new HDB/ DBSS flat before, or received a CPF Housing Grant, or if you have, it’s been at least five years since then.

Best Executive Condos in Singapore

1. Rivercove Residences

Rivercove Residences - Executive Condo Singapore (Credit: Rivercove Residences)
(Credit: Rivercove Residences)
Key ServicesExecutive Condo
AddressAnchorvale Lane, Singapore
Websitehttps://www.rivercoveresidence.com/
Phone61001308
Emailsales@rivercoveresidence.com

Located in the heart of Sengkang, Rivercove Residences boasts a serene waterfront living, access to a slew of facilities and is located close to several schools and shopping centers.

Key Differentiators

  • Waterfront Living
  • Extensive Facilities
  • Convenient Location
  • Public Transportation
  • Potential for Appreciation

2. The Criterion

The Criterion - Executive Condo Singapore (Credit: Facebook)
(Credit: Facebook)
Key ServicesExecutive Condo
Address1 Yishun St 51, Singapore 767996
Phone+6562628411
Operating HoursMonday to Friday: 9:00 am to 5:00 pm
Saturday: 9:00 am to 12:00 pm

Nestled in Yishun, The Criterion is a luxury EC that offers a panoramic view of the Lower Seletar Reservoir. It also has more than 50 facilities, including a 50m lap pool and an exclusive wellness cabin with spa pool.

Key Differentiators

  • Panoramic Views of Lower Seletar Reservoir
  • Over 50 Luxury Facilities
  • Exclusive Wellness Cabin with Spa Pool
  • Proximity to Top Schools and Shopping Centers
  • Potential for Appreciation due to Strategic Location

3. Parc Life

Parc Life - Executive Condo Singapore (Credit: Parc Life)
(Credit: Parc Life)
Key ServicesExecutive Condo
AddressSembawang Cres, Singapore
Websitehttps://www.parclife.net/
Phone+65 6100 1308
Emailsales@parclife.net
Operating HoursMonday to Friday: 9:00 am to 6:00 pm

Situated next to Canberra Park, Parc Life offers a unique blend of nature and urban living. With 7 thematic coves, 8 unique lifestyle pavilions, and 5 activity lawns, there’s something for everyone at Parc Life.

Key Differentiators

  • Proximity to Canberra Park
  • Blend of Nature and Urban Living
  • Seven Thematic Coves
  • Eight Unique Lifestyle Pavilions
  • Five Activity Lawns
  • Potential for Appreciation due to Prime Location

4. Signature At Yishun

Signature At Yishun - Executive Condo Singapore (Credit: Signature At Yishun)
(Credit: Signature At Yishun)
Key ServicesExecutive Condo
Address27 Yishun St 51, Singapore 768086
Websitehttps://www.signature-at-yishun.sg/
Phone+6562578030

This is Singapore’s first SG50-themed luxury EC with a nostalgic and contemporary style. It’s near Orchid Country Club, Yishun Stadium and is a short drive away from Seletar Expressway.

This is Singapore’s first SG50-themed luxury EC with a nostalgic and contemporary style. It’s near Orchid Country Club, Yishun Stadium and is a short drive away from Seletar Expressway.

Key Differentiators

  • SG50-Themed Luxury
  • Location
  • Accessibility
  • Potential for Appreciation
  • Amenities

5. Inz Residence

Inz Residence - Executive Condo Singapore (Credit: Inz Residence)
(Credit: Inz Residence)
Key ServicesExecutive Condo
AddressChoa Chu Kang Ave 5 District 23
Websitehttps://www.theinzresidence.com/

Located in Choa Chu Kang, Inz Residence is Singapore’s first smart-home EC. It offers residents hi-tech equipped units and comprehensive condominium facilities.

Key Differentiators

  • Smart-Home Technology
  • Comprehensive Facilities
  • Location
  • Potential for Appreciation

Executive Condo Costs in Singapore

1. Booking Fee

Upon booking an EC, buyers need to pay a booking fee, which amounts to 5% of the purchase price if you are taking a bank loan, or 20% if you are taking a HDB loan.

2. Down Payment

The down payment may range from 20% to 25% of the purchase price, depending on the type of housing loan (HDB or bank loan) you opt for.

3. Additional Buyer’s Stamp Duty (ABSD)

As an EC is considered a public housing, buyers are exempt from ABSD. However, if you are buying an EC during its privatization phase (after 10 years), ABSD may apply.

4. Progressive Payment

The remainder of the EC cost can be paid in stages, commonly known as progressive payment. The payment stages usually correspond with the construction progress of the EC.

5. Maintenance Fee

Once the EC is fully paid and you’ve moved in, you will have to pay a monthly maintenance fee. This fee is for the upkeep of common areas and facilities, and the exact amount varies from one EC to another.

6. Home Insurance

While not a compulsory cost, it’s recommended to have a home insurance policy to protect your EC against unforeseen damages.

7. Property Tax

Like all homeowners, EC owners are subject to annual property tax, which is determined by the annual value of the EC.

Executive Condo Singapore

Executive Condominiums (ECs) in Singapore present a unique opportunity to homeowners, particularly those seeking the luxury of private housing units at an affordable price. As a hybrid between public and private housing, ECs offer facilities akin to private condominiums while remaining within reach due to the availability of housing grants and a lower buying price. However, they do come with certain restrictions, notably in terms of eligibility criteria and restrictions on selling or renting out in the initial years.

Despite these, ECs are a viable and attractive option for anyone who wishes to enjoy the comfort of a condo lifestyle without the hefty price tag associated with private property, both locally and overseas. As with any significant investment, it’s crucial to weigh all factors, including your financial capacity, the location, potential future developments, the reputation of the developer, and the cost of the unit, before diving in.

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Frequently Asked Questions

If you have any questions about Executive Condo Singapore, you can refer to the frequently asked questions (FAQ) below:

What are the best Executive Condos in Singapore?

The best Executive Condos in Singapore are Rivercove Residences, The Criterion, Parc Life, Signature At Yishun, and Inz Residence.

How much does an executive condo cost in Singapore?

Depending on the floor area, a typical 3-bedder EC can cost from $800,000 to $1,200,000. For example, for a recent EC launch – Parc Central Residences at Tampines Avenue 10 – the 3-bedroom units are priced at around $956,000 to $1,069,000.

What is an executive condo in Singapore?

Executive Condominium (EC) are strata-titled apartments which are built and sold by property developers to eligible Singaporean households. There are eligibility conditions and ownership restrictions in the first 5 years. Find out more about buying an EC unit from a property developer.

What is the difference between condo and executive condo in Singapore?

In addition, ECs are subsidized by the government thus not everyone can just walk in and buy executive condominiums. There are restrictions, rules, and regulations that need to be followed. Private condominiums, on the other hand, comes with little to no restrictions at all, it is the epitome of modern-day living.

Can foreigner buy executive condo in Singapore?

Yes, foreigners can buy an executive condo (EC) in Singapore. For HDB eligibility guidelines, more information is here or email HDB at hdbsales@mailbox.hdb.gov.sg.

What is an Executive Condominium (EC)?

An Executive Condominium (EC) is a hybrid type of housing in Singapore. It is designed to offer Singapore citizens the opportunity to own a home that combines the affordability of a subsidised HDB flat with the added amenities and design of a private condo.

How does an EC differ from a private residential property?

While an EC unit mimics the features and facilities of a private residential property, there are key differences. The most significant being the eligibility criteria – only Singapore citizens, and certain permanent residents under specific conditions, are eligible to buy an EC. Also, ECs are subject to a minimum occupancy period of five years before they can be sold freely like private properties.

I’ve heard about the seven new housing sites for ECs in Singapore. How can I find out more about these developments?

Information about these new housing sites, including their location, projected completion dates, and developers, can be found on the Housing & Development Board’s (HDB) website or the Urban Redevelopment Authority’s (URA) website. These sites are part of Singapore’s efforts to provide more affordable housing options to its citizens.

Can I use CPF Housing Grants to purchase an EC unit?

Yes, eligible Singaporean citizens can use CPF Housing Grants to offset the purchase of an EC. However, the exact amount of grants you can receive will depend on your monthly household income and other criteria.

What are the differences between private condos and ECs in terms of housing grants in Singapore?

While both private condos and Executive Condominiums (ECs) offer a luxurious lifestyle, they differ significantly when it comes to housing grants. Private condos, being private properties, do not qualify for any housing grants. On the other hand, Singaporean citizens purchasing ECs are eligible for CPF Housing Grants. However, the grant amount for ECs is half of what you would typically get for HDB flats. The exact amount will depend on your monthly household income and other eligibility criteria. It’s important to note that these grants can significantly lower the cost of owning an EC, further bridging the price gap between private condos and ECs.

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