Are You Eligible to Buy Executive Condominiums?
10 Facts about
- Executive Condominiums are a public-private housing hybrid that caters to the sandwich class of home buyers who aspire to own a condo but cannot afford private property.
- Developed and sold by private developers, prices of Executive Condominiums units are higher than HDB flats but their design and facilities are comparable to private condos.
- Singapore citizens who form a family unit can buy brand new Executive Condominiums. Singles above the age of 21 and foreigners have to purchase in the secondary market.
- To qualify for a new Executive Condominiums, your average gross monthly household income cannot exceed $12,000. Resale Executive Condominiums are exempt from this ruling.
- Approximately 70 percent of the supply of units at an Executive Condominiums project is set aside for first-time buyers during the initial launch period.
Who Qualifies to
own Executive Condominiums?
- The Executive Condominiums supply is tight because developers can only launch a project 15 months after the tender for the site has been awarded.
- Buyers of newly launched Executive Condominiums face a mortgage servicing ratio (MSR) cap of 30 percent of their gross monthly income.
- Second-time buyers who apply for new Executive Condominium projects where the land sale was launched on or after 9 December 2013 (i.e. Westwood Avenue, Canberra Drive and Anchorvale Crescent) will have to pay a resale levy of up to $50,000.
- Unlike resale HDBs, buyers of Executive Condominium units on the open market are not eligible for the CPF Housing Grant as such homes are considered private housing.
- Executive Condominiums can only be sold on the open market after a 5-year Minimum Occupation Period (MOP).
Source : PropertyGuru
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