How much does an executive condo cost in Singapore?

How much do you have to make to afford an executive condo?

ECs provide an affordable middle ground between HDB flats and fully private condos, offering all the frills of a typical condos with a subsidised price tag. Considering the income ceiling of regular HDB flats and ECs, the target market for ECs are households who earn between $14,000 and $16,000 per month.

Is executive condominium worth buying?

Executive Condominiums are still the best value buys

The reason is simple: they’re a chance to buy private property, while still getting government subsidies. Also, ECs often feature the same range of a facilities offered by private condominiums, but at a fraction of the cost.

What is an executive condominium in 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.

Can I own both HDB and EC?

You can own a HDB and still buy an EC or HDB as long as you dispose of the it within 6 months of possession of the new unit though.

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How much does a 3 bedroom EC cost?

And a 3-Bedroom Premium (1,001 – 1,098 SQFT) Executive Condo in the same estate, The Criterion EC, is selling between $740,800 and $836,000. By comparison, the price of an Executive Condo is easily 2 to 3 times that of a BTO.

Why is EC so expensive now?

The EC market is currently driven by demand for cheaper, bigger homes by millennials and first-time buyers. Sales were strong for both new and resale ECs. Last year, overall sales volume of ECs surged by 70.5 per cent to 2,145 units from 1,258 units in 2019, surpassing the 1,735 units moved in 2018.

Can I buy resale executive condominium?

You are eligible to purchase resale EC even though you own a private property. After attaining its MOP, SC or SPR are eligible to purchase resale EC as they considered “private property” (foreigners are only eligible after privatisation).

When can I sell my executive condo?

You can sell off your EC after 5 years. But after selling, it does not make sense for you to buy a private condo and a HDB resale flat. If you buy a private condo and then a HDB resale flat, you are required to sell off this condo within 6 months after the completion of your HDB resale flat.

Is it better to buy HDB or condo?

Condos generally appreciate faster than HDB flats

As a rule of thumb, a condo will appreciate faster than an HDB resale flat. The degree to which this is true varies based on location. A notable example of this was Woodlands between 2011 and 2014, during which condo prices appreciated by around 38 percent.

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Can a single buy EC?

Unfortunately, a single citizen can’t buy a new EC unit alone. However, he or she can opt to purchase a resale EC or even a private condo if it’s within the budget. … As a single, you may purchase a resale EC or private condo.

How much money do I need to buy EC?

You Can Only Apply for a Bank Loan

This means you need to fork out at least 25% in downpayment from your own pocket. Out of this, 5% must be paid in cash, while the remaining 20% can be a combination of CPF and cash. So, if you’re buying an EC for $1 million, for example, you must fork out $50,000 in cash.