Executive Condominiums (ECs) are a type of housing in Singapore that is primarily aimed at helping young Singaporeans own a home. ECs are built and sold like private condominiums, but with certain restrictions in place. The main difference between ECs and private condominiums is that ECs are returned to the state after 10 years, at which point they become public housing.
There are several reasons why you might want to buy an Executive Condominium. Firstly, ECs are generally much cheaper than private condominiums, as they are subsidized by the government. Secondly, you only need to pay a 5% down payment when buying an EC (as opposed to 10-20% for a private condominium), which makes them more affordable for young buyers. Finally, ECs offer many of the same features and amenities as private condominiums, such as swimming pools, gyms, and 24-hour security.
Types of Executive Condominiums
There are two types of Executive Condominiums in Singapore:
- Non-Mature Executive Condominiums
These are ECs that are located in non-mature estates, which mean that they are usually newer and have fewer amenities and facilities in the surrounding area. However, Non-Mature ECs are generally much cheaper than Mature ECs, making them a more affordable option for first-time buyers.
- Mature Executive Condominiums
Mature ECs are located in more established estates with better infrastructure and more amenities and facilities in the surrounding area. They are usually more expensive than Non-Mature ECs but offer a more luxurious lifestyle.
Buy an Executive Condominium
If you are interested in buying an Executive Condominium, there are a few things you need to do:
- Check your eligibility
To be eligible to buy a Tengah Plantation Loop EC, you must be a Singaporean or permanent resident aged 21 years or older, and you must not own any other property in Singapore.
- Do your research
Before you buy an EC, it is important to do your research and compare different developments to find one that best suits your needs and budget.
- Apply for a housing loan
If you need financing to buy an EC, you can apply for a housing loan from a bank or financial institution. It’s not mandatory to apply for a loan with the developer’s sales representative. You can approach any bank of your choice for a loan. All EC buyers are encouraged to apply for a Housing Grant from the government. The grant will help you pay your down payment and other fees.
- Make an offer
Once you have found an EC that you are interested in, you will need to make an offer to the developer. If your offer is accepted, you will need to pay a booking fee to secure the unit.
- Complete the purchase
Once your offer has been accepted, you will need to complete the purchase by paying the remaining balance of the price of the EC. You will also need to pay stamp duty and other fees.