Do you qualify to buy an executive condo for sale in Singapore? To answer this question, it is probably worth backtracking a little bit. Executive condos or ECs are a crossbreed of private and public housing that was started in 1999. They are in gated communities with security and have amenities like gyms, clubhouses, swimming pools, playgrounds.
One of the advantages of purchasing ECs in Singapore is the fact that you will get the property at a subsidized cost. However, ECs fall under HBD. That means, you must comply with Housing and Development Board (HBD) rules and meet the following criteria:
Executive condos are intended for only Singaporean buyers. Therefore, at least one applicant must be a citizen of Singapore. The other applicants can either be Singapore citizens or Singapore Permanent Residents (SPR). This means that all singles applying under the Joint Single Scheme should be citizens.
Applicants must be at least 21 years. Also, applicants under the Joint Singles Scheme should be 35 years and above.
3. Family nucleus
Your family nucleus must fall under one of the following:
• Public Scheme
• Joint Single Scheme
• Orphans Scheme
• Fiancé/Fiancée Scheme
4. Income Eligibility
Executive condos are designed for the middle-class home buyers who want homes with designs and amenities better that HBD flats but yet cannot afford a private condo. To qualify, your total household income should not be beyond $ 14,000. Since March 2, 2012, 70% of the ECs were set aside by developers for first-timers. Below are the requirements for both first-timer and second-timer applicants:
A. First-timer applicants
Both applicants should not:
• Be homeowners of property purchased from HDB or an EC purchased from the developer
• Have sold a property that was purchased from HDB/DBSS or an EC purchased from the developer
• Have benefited from CPF Housing Grant when buying an HDB resale flat
• Have taken other housing subsidy forms
B. Second-timer Applicant
You will be considered a second-timer applicant if you or the other applicant has sold, owned, or current owners of:
• An HDB property that was purchased from HDB
• An HDB flat or an executive condo purchased from the developer
• A resale flat purchased under CPF Housing Grant Scheme
• Have received other types of housing subsidy
It is worth noting that for the buying of ECs, there is no resale fee on second-timer applicants for EC projects completed after 2009.
An executive condo is considered a privilege by many. It is, therefore, worth considering provided you meet the criteria for buying an executive condo for sale in Singapore.