Question: How Much Is An Executive Condo In Singapore?

What is the difference between EC and condo?

The biggest difference between a regular condo and an EC comes in the first 11 years.

During this time, ECs count as HDB properties – they are subject to the Minimum Occupancy Period (MOP) of five years.

You can’t sell or rent out your EC during this time.

If you purchase an EC, it’s a bit cheaper than a regular condo..

Can I sell my EC before mop?

Owners who have bought an Executive Condominium (EC) unit from the developer are required to fulfil the 5-year Minimum Occupation Period (MOP) before they can sell it in the open market.

How much is an executive condo?

Executive Condominium ranges from $700- 900psf. This translates to a price of around $650k for a 2-bedroom unit to $800k for a 3 bedder.

Is executive condo a good investment?

ECs can be a better investment choice compared to private condominiums, as they are usually sold for around the same price as private apartments in the resale market even though EC is purchase with grants (subsidized housing). … Minimum occupancy period of five years, and restrictions on who can buy EC.

Is it worth to buy executive maisonette?

Though they were discontinued in 1995 and thus have shorter remaining leases, executive maisonettes (or EMs) are still highly sought-after among home buyers because of their rarity and unique attributes that set them apart from regular HDB flats. In fact, resale executive maisonettes can reach up to $1 million.

Can I rent out my executive condo?

Can you rent out your EC? You cannot rent out the EC during the minimum occupation period (MOP) of the first five years. You can, however, rent out rooms within the EC during this period.

How much money do I need to buy EC?

Additional Costs: Beyond the purchase price, you need to pay legal fees of about $2,000 and valuation fees of about $200 for a new EC. There is also the Buyer Stamp Duty, which is 3% of the purchase price or 4% if purchase price is above $1 million.

How much is a downpayment on a condo in Singapore?

The down payment is 20 per cent, of which the first five per cent must be paid in cash. The remainder can be paid in a combination of cash or CPF Ordinary Account (OA) monies. Do note that for ECs, you can qualify for CPF housing grants to lower the cost.

How much do I need to earn to buy a condo in Singapore?

In this upcoming Singapore condo, you need a monthly income of at least S$8,583 to meet the 60 percent TDSR or a higher salary of S$17,167 to comfortably pay the housing loan under the 30% income rule.

Is it worth to buy a condo in Singapore?

There’s no right or wrong to buying a condo in Singapore as long as you’re not taking on excessive debt to do so. The value is always in the eye of the beholder, but having a level-headed approach will definitely benefit you for the long term.

Can I buy EC if I own HDB?

Can I get a new EC if I used to/ still own an HDB flat, DBSS flat, or EC? Yes, provided that you only own/ owned 1 of the following units prior to your application: Flat bought from HDB.

How do I buy an executive condo in Singapore?

WHO CAN BUY AN EC?Your household income must not be above S$14,000.You are a Singaporean citizen.You have not owned any property, locally or overseas, in the last 30 months and you do not own any property now.You have not owned more than one HDB/DBSS or EC flat previously.

Is it better to buy HDB or condo?

And when it comes down to it, HDBs can have far better rental yield compared to their condo counterparts, simply by virtue of how affordable they are. (Note: This depends on the rental income generated as well. Condos do tend to generate higher rental income than flats, which can sometimes offset their higher costs.)

Can I own EC and condo?

You are eligible to purchase a condo provided you have fulfilled the minimum occupation period of 5 years for your new EC (directly from developer). … Yes if you have fulfil 5 years MOP, you can purchase another condo. However, if you have an outstanding home loan, your 2nd loan will only be for up to 50%.

What is executive condo Singapore?

Executive Condominium, or EC, is a type of public housing in Singapore. First built in 1999, EC is a hybrid of public and private housing. They resemble private condominiums and are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds and so forth.

Is buying a condo better than renting?

Apartment living can seem cheaper than buying a condo. There’s fewer expenses and no maintenance fees. Unfortunately, renters don’t build equity and can’t generate rental income in the future. Let’s take a look at the costs associated with property ownership and renting, including both the initial and ongoing expenses.

Can foreigners buy executive condo in Singapore?

Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property out of their reach. … Foreigners can be only buy a Executive Condominium after 10 years, in which all restrictions will be lifted.

Can single buy EC after 5 years?

Resale EC – Resale Executive Condominium (EC) List of ECs can be sold in the open market after the 5-year Minimum Occupation Period (MOP). Executive Condominium (EC) owners who have occupied their EC and met the 5-year minimum occupation period (MOP) can sell their EC in the open market.