10 Facts about Executive Condominiums

10 Facts about
Executive Condominiums

1. 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.
2. 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.
3. 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.
4. 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.
5. 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?

6. The Executive Condominiums supply is tight because developers can only launch a project 15 months after the tender for the site has been awarded.
7. Buyers of newly launched Executive Condominiums face a mortgage servicing ratio (MSR) cap of 30 percent of their gross monthly income.
8. 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.
9. 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.
10. Executive Condominiums can only be sold on the open market after a 5-year Minimum Occupation Period (MOP).

Source : PropertyGuru

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