Is Buying Or Upgrading To Executive Condominium (EC) In Singapore For Me?
“Buying an EC is like buying a Lexus at the price of a Corolla.”
What are Executive Condominiums?
Executive Condominiums (ECs) are a unique housing option in Singapore, designed to bridge the gap between public and private housing. These properties offer the best of both worlds, combining the affordability of HDB flats with the luxury and amenities typically associated with private condominiums.
When you upgrade from HDB to EC, you gain access to enhanced facilities like swimming pools, gyms, and gated security, making it an ideal choice for families looking to elevate their living experience. Unlike HDB flats, buying an Executive Condominium gives you the opportunity to own a home that can increase in value over time.
What makes you the privileged ones?
Since the 1990s, Executive Condominiums (ECs) have been a common housing option available in Singapore. New EC initiatives frequently have great demand when they are released to the market. As they are far less expensive than private condominiums, their affordability is a major factor in the high demand.
As a public-private housing hybrid, ECs - which the government heavily subsidises – caters to the needs and aspirations of the ‘sandwiched class’, whose earnings exceed the income ceiling for HDB flats but may feel financially stretched to purchase private property.
Since the 1990s, Executive Condominiums (ECs) have been a common housing option available in Singapore. New EC initiatives frequently have great demand when they are released to the market. As they are far less expensive than private condominiums, their affordability is a major factor in the high demand.
Therefore, ECs are a popular choice for those looking to upgrade from their existing HDB.
Executive Condos (ECs) are good bargains, but there are conditions associated with them. To begin with, not everyone is eligible to buy an EC unit from the developers, regardless if it is resale or new. To learn more about these eligibility conditions and to determine whether you qualify for buying an EC, please contact us.
In addition, the EC owner needs to complete the 5-year Minimum Occupation Period (MOP), during which the owner is not permitted to lease or sell the unit. If you do intend to sell your EC unit, you can only make the property available to Singaporeans. You will have the opportunity to sell the flat to foreigners when the property is completely private after 10 years.
Despite these regulations, qualified buyers can still purchase Executive Condos (ECs), as the rules have limited impact on the EC market.
Advantages of Buying an EC
There are numerous advantages to buying an Executive Condominium, especially for those looking to upgrade from HDB to EC. Firstly, ECs are more affordable compared to private condominiums due to government subsidies, making them an attractive option for families looking to own a luxury property without breaking the bank. Additionally, ECs offer a higher potential for capital appreciation, particularly after the 10-year mark when they become fully privatised. This means that your investment not only provides a comfortable and luxurious living environment but also the possibility of significant financial returns in the future. Moreover, buying an Executive Condominium allows you to enjoy the lifestyle and amenities of a private condo, such as swimming pools, gyms, and 24/7 security, while still benefiting from a government-backed housing scheme.
Why Fahmy & Aida Took Action
Watch Fahmy and Aida candidly share their aspirations of owning a condominium and the worries that come with it. Fully embracing the courage to change, this leap of faith is not a blind one. With proper planning and some number crunching, they were able to buy their coveted condominium unit comfortably.
Available Executive Condos in Singapore
Parc Central Residences - Click To Find Out More
Provence Residence - Click To Find Out More
OLA - Click To Find Out More
Piermont Grand - Click To Find Out More
Parc Canberra - Click To Find Out More
Why Others Took Action and Are Now Sitting On A Pot Of Gold?
Take a look at the charts below to see why many people are starting to upgrade from their existing HDB to an Executive Condo (EC).
Likewise, find out what makes EC a profitable investment and what you can seek to gain when you decide to sell your house in the future:
Frequently Asked Questions
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To upgrade from an HDB to a resale Executive Condominium (EC) in Singapore, follow these steps:
Check Your Eligibility – Resale ECs that have completed the 5-year Minimum Occupation Period (MOP) can be purchased without income ceiling or HDB restrictions.
Plan Your Finances – Assess your budget, CPF usage, and loan options to determine affordability.
Sell Your HDB (If Needed) – If upgrading, decide whether to sell first or buy first, considering cash flow and loan approval.
Find a Suitable Resale EC – Work with NeezaNizam to shortlist and secure your ideal unit.
Complete the Purchase – Secure financing, exercise the Option to Purchase (OTP), and complete legal paperwork.
Start your upgrade journey today with us today!
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The best time to upgrade from HDB to an Executive Condominium (EC) depends on several factors:
Minimum Occupation Period (MOP) – You can upgrade after fulfilling your 5-year MOP for a BTO or resale HDB flat.
Financially Ready – Assess your savings, CPF usage, and home loan eligibility to ensure a smooth transition.
Market Conditions – Monitor property prices, loan interest rates, and EC availability to maximize your investment.
Family & Lifestyle Needs – Upgrade when you need more space, better facilities, or a change of location.
Planning ahead can help you secure your ideal EC with minimal financial stress.
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The main difference between an EC and a condo lies in their eligibility criteria, ownership restrictions, and initial pricing. ECs are available exclusively to Singaporean citizens and have a minimum occupation period, and are sold at a more affordable price compared to condos.
On the other hand, condos can be purchased by anyone and tend to offer more flexibility and have a wider range of amenities.
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As of 2024, the minimum downpayment for an Executive Condominium (EC) in Singapore remains 25% of the purchase price. This consists of:
5% in cash
20% in cash and/or CPF Ordinary Account (OA) savings
For example, if an EC unit costs $1.2 million, the required downpayment would be $300,000 ($60,000 in cash + $240,000 in cash/CPF).
Since buyers cannot use an HDB loan for an EC, they must secure a bank loan, which typically covers up to 75% of the purchase price. Bank loans also follow the Total Debt Servicing Ratio (TDSR) of 55%, affecting loan eligibility.
For a hassle-free upgrade, seek expert guidance from NeezaNizam, who can assist with financial planning, bank loan applications, and legal procedures.
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Yes, if you purchase a new Executive Condominium (EC) in Singapore, you must sell your HDB flat within six months of collecting the EC’s keys. However, if you are buying a resale EC that is at least 5 years old, you are able to retain your HDB flat.
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The income ceiling for purchasing a new HDB Executive Condominium (EC) in Singapore is $16,000 per month. This applies to the combined household income of applicants. However, there is no income ceiling for resale ECs that have completed the 5-year Minimum Occupation Period (MOP).
Get in touch.
Take a look at the charts below to see why many people are starting to upgrade from their existing HDB to an Executive Condo (EC).
Likewise, find out what makes EC a profitable investment and what you can seek to gain when you decide to sell your house in the future:
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