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An Executive Condominium (EC) in Singapore is a type of housing that is a hybrid between public and private housing. Here are key features and considerations regarding Executive Condominiums:
- Developers:
- Executive Condominiums are typically developed by private developers approved by the Housing and Development Board (HDB) in Singapore.
- Eligibility:
- ECs are subject to eligibility criteria, and buyers must meet certain requirements to purchase them. This includes citizenship, household income ceiling, and criteria related to ownership of other properties.
- Affordability Measures:
- ECs are part of the government’s efforts to provide affordable housing options for the “sandwich class”—those eligible for public housing but who may find private housing prices beyond their reach.
- Initial Sale Restrictions:
- During the initial sale period (usually the first 5 years), ECs can only be sold to Singaporean citizens and Permanent Residents (PRs). After this period, they can be sold to foreigners.
- Subsidies and Grants:
- Buyers of ECs may be eligible for CPF (Central Provident Fund) housing grants, which can help make the purchase more affordable.
- Design and Facilities:
- ECs often come with facilities and amenities similar to private condominiums. These may include swimming pools, gyms, security services, and landscaped areas.
- Minimum Occupation Period (MOP):
- Buyers of ECs are required to live in the property for a minimum occupation period (MOP) of 5 years before they are eligible to sell or rent out the entire unit.
- Privatization:
- After the MOP is fulfilled, ECs are fully privatized, and restrictions on the sale and rental are lifted.
- Location:
- EC developments can be found in various locations across Singapore, including both mature and non-mature estates.
- Resale:
- EC units can be sold on the resale market after meeting the MOP. Resale prices are influenced by market conditions and demand.
It’s important to note that policies related to ECs and housing in Singapore can evolve, and eligibility criteria, resale rules, and other aspects may be subject to changes. If you are considering purchasing an EC, it’s advisable to check with the Housing and Development Board (HDB) and other relevant authorities for the most current information and guidelines. Engaging a real estate professional specializing in the Singapore property market can also provide valuable insights.
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