What is an Executive Condominium (EC)

The executive condominium (EC) is one of the most popular housing types in Singapore. They are more ‘atas’ than HDB flats, and compared to private condominiums, ECs are more attractively priced and come with comparable facilities and design.
EC is a public-private housing hybrid catered for middle-income Singaporeans who don’t qualify for an HDB new flat due to the income ceiling cap, but still consider private condominiums too expensive.
ECs are developed and sold by private developers but are subsidised by the government. As such, while they have condo-like attributes such as swimming pools, gyms, clubhouse and better design, they are cheaper compared to private condos. As former National Development Minister Khaw Boon Wan puts it, it’s like buying a Lexus at the price of a Corolla.

Changes to disbursement of housing grants, income assessment period for HDB buyers (Including EC Buyers) from Tuesday (09 May 23)

Income Assessment

- 12 months’ payslips/ NOA/ IR8A Form/ Form B

- Overtime pay & Reimbursement in calculated into the assessment too

Example 1: 09 May 23 (E-App Date), payslips to be submitted will be Apr 22 — Mar 23

Example 2: 01 Oct 23 (E-App Date), payslips to be submitted will be Sep 22 — Aug 23

When submit NOA/ IR8A/ Form B, to attach CPF Contribution history too. When buyer declare their income monthly (12 months) in the E-App, please ensure buyer declare exact and correctly. As NOA/ IR8A/ Form B amount include bonus. Thus, buyer need to exclude their bonus and input their monthly salary for 12 months.

Resale Levy Applicable/Payable

(Single Child, above 21 Years Old with Parents/ Divorcee/ Widow/ Widower)

As long parents/ Divorcee/ Widow/ Widower is listed as essential occupier and is a 2nd timer, resale levy is applicable/ payable

Parents/ Divorcee/ Widow/ Widower is listed as occupier, is considered second “purchase”. Wi]I not be qualify for any HDB subsidised flat (3 room and above) in the future except for 2-room flexi.

Housing Grant (1st Timer) to SPR (if eligible)

Housing Grant will be disbursed to the SPR (if eligible) account instead of SC account (regardless the SPR is the listed as main HA2 or essential occupier).

But if SPR is listed as essential occupier, the grant will still be disbursed to the SPR account and can only be used for future use due to the SPR is an essential occupier and not HA2. Cannot use the grant (occupier) to buy future EC but can use for HDB & resale flat.

Income Ceiling for EC

Your average gross monthly household income must not exceed $16,000/=

(Contact us if exceed $16,000 but below $17,000)

Income/ allowance that will be considered for income assessment

- Allowances/ overtime pay e.g. allowances for food, transport, laundry, uniform shift work, etc.

- Claims / reimbursements

- Director’s fee

- Employees’ benefits e.g. birthday incentives, marriage tokens, etc.

- Incentives

- Overseas cost of living allowances for working persons

- Pupillage/ stipends

Income/ allowance that will not be considered for income assessment

- Alimony/ maintenance fee

- Bonuses

- Annual Wage Supplement

- Dividend income/ interest from fixed deposit/ savings accounts

- Employees’ share options and other non-monetary remuneration

- National Service allowance

- Overseas allowances for applicants on scholarship

- Pension

- Rental income

New Regulation on/after 09 May 2023

1️⃣ SC 2nd Timer, SPR 1st Timer, the SPR will receive *HALF of the SC/SPR Grant.* or

The SC/SPR + SC kids the full grant will be split equally to the SC & SPR parent.
For SC/SPR Top-Up grant :
- *Eg 1.* SC/SPR both *1st Timer* (salary below $10k) now $20k grant will be split to both, then later part after the SPR convert to SC or give birth to the SC kids and apply for the bal $10k top-up grant, the grant will split to both.
- *Eg 2.* SC *(2nd timer)* + SPR *(1st timer)* (salary below $10k).
The half grant $10k will be still give to the SPR now, then after SPR convert to SC or give birth to the SC kids can still apply for the bal $5k Top-Up grant.

2️⃣ SC Child as applicant with SC Parents (1st Timer) as Core Occupiers, *Child will receive HALF of the Grant*, *Parents will receive HALF of the Grant, even as an occupiers*.
Parents as Core Occupier will have to pay Resale Levy for the next subsidies flat AND *considered to have ENJOYED 1 SUBSIDY*.

3️⃣ SC Child + 1 SC Parent as applicants, 1 SC Parent as Core Occupier, *Grant will go to BOTH Parents* and Child is not considered as enjoy 1 subsidy.

4️⃣ Single SC Child Applicant *(1st Timer, Above 21yr old)*, buy with 2 SC parent *(Second Timer)* as Core Occupier the parent will need to *Pay HALF Resale Levy (Eg. 4room $40k , they only pay $20k instead of $40k).*
But after this purchase parent will become a *3rd Timer* and not eligible to purchase any BTO in future, except *2room Felxi.*

5️⃣ Single SC Child Applicant *(1st Timer, Above 21yr old)*, buy with SC parent *(Second Timer)*, but 1 parent become *Applicant* and 1 parent become *Core Occupier* the parent will need to *Pay FULL Resale Levy (Eg. 4room $40k, NOT Half Levy)*, as this family nucleus is base on Parent (Public Scheme).

6️⃣ CPF Housing Grant, if utlitised, can be used for Future Private Property purchase. *If the Grant is not utilised, then CANNOT use for Private Property Purchase in future.*
For eg, SC Husband as applicant, SC wife as Occupier, both will receive the Grant. But Wife's Grant Amount cannot be used for future private property purchase, only can use for next HDB purchase be it BTO/Resale.

7️⃣ Divorced with Interim Judgement is good enough to book a EC under Public Scheme (with Child).
*Divorced buying under Fiance/Fiancee Scheme MUST have Final Judgement.*

8️⃣ *ALL components in the payslips ARE to be included for Income Assessment.*
Eg, Reimbursement/Claims (Ang Bao, Hospital Claims or Even u buy an Air Ticket for company and in indicate reimbursement), Overtime, Director Fees are to be considered as part of your Income.
Any *Bonus(es)* that's state in the payslip are excluded.

9️⃣ Be it Employed/Self Employed or Unemployed all buyer will need to submit their latest NOA/Form B and Past 15mth *CPF Contribution*, on top of the 12 month payslips for (employed) / Income declaration for (Self & Un-Employed).

🔟 Buyer whom unemployment for 1st 6mth n employ for the next 6month , the 6mth salary will ÷ by 6mth not 12mth.
Eg 1. Buyer who change job last day is 15 May'23 n salary also till 15 May'23 , HDB will take the 0.5mth salary for calculation.
Eg 2. Buyer change new Job salary ($4000) instead of starting 01 June'23 but start working on 15 June'23 n the salary payout is ($2000) , HDB will *Count Full month ($4000) n not Half ($2000).*

New Launch EC

Updated as at 18 Feb 2024

ProjectNORTH GAIAAlturaLumina Grand
LocationYishun CloseBukit Batok West Ave 8Bukit Batok West Ave 5
Launch date23 Apr 202205 Aug 202327 Jan 2024
Est. TOPEst. 1Q 2025Est 4Q 2026Est 3Q 2027
Total No. of units616360512
Balance Units
2 BR =       0NANANA
3 BR =   3261801145
4 BR =     8830751
5 BR =     5702037
Total =  47121028233
Available Units Price From
2 BedroomNANANA
3 Bedroom$1,183,000$1,389,000$1,333,000
4 Bedroom$1,643,000$1,702,000$1,623,000
5 BedroomSOLD$2,210,000$2,093,000

Upcoming EC

Project LocationBooking DateTOP DateLand PriceSelling Price
Plantation Close_1Est. Jan 2025Est. 2028$703 PSF PPREst. $1,550 PSF
Tampines St 62 Parcel BEst. 1Q 2025Est. 2028$721 PSF PPREst. $1,600 PSF
Plantation Close_2Est. 2Q 2025Est. 2028$701 PSF PPREst. $1,575 PSF
Jalan Loyang Besar (Pasir Ris)Est. 2Q 2026Est. 2029TBA (Nov 2024)TBA
Senja Close (Reserve)TBATBATBATBA
Tampines St 95 (Reserve)TBATBATBATBA
Project Name Plantation_1 Plantation_2
Street Name Tengah Plantation Close Tengah Plantation Close
Site Area Est. 16,441.2 Sqm Est. 20,038.2 Sqm
No. of Units Est. 495 Est. 560
Launch Date Est. Jan 2025 Est. 3Q 2025
TOP (Key Collection) Est. 2028 Est. 2028
Tenure of Land 99-Year Leasehold 99-Year Leasehold
Awarded Date 11 Sep 2023 TBA
Developer Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd. Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd.

Plantation Close EC 1 & 2

Project Name TBA TBA
Street Name Tampines St 62 (Parcel B) Tampines St 95
Site Area Est. 28,000 Sqm Est. 22,492 Sqm
No. of Units Est. 590 TBA
Launch Date Est. 1Q 2025 Est. 3Q/4Q 2025
TOP (Key Collection) Est. 2028 Est. 2028
Tenure of Land 99-Year Leasehold 99-Year Leasehold
Awarded Date 09 Oct 2023 TBA
Developer Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd TBA

Tampines St 62 EC Parcel A & B HDB Location Map

Tampines Street 95 EC Location Plan

Project Name TBA
Street Name Jalan Loyang Besar (Pasir Ris)
Site Area Est. 28,400 Sqm
No. of Units Est. 710
Launch Date Est. 2Q 2026
TOP (Key Collection) Est. 2029
Tenure of Land 99-Year Leasehold
Awarded Date Est. Feb 2025
Developer TBA

Jalan Loyang Besar EC @ Pasir Ris Location Map

Project Name TBA
Street Name Senja Close (Bukit Panjang)
Site Area Est. 10,200 Sqm
No. of Units Est. 300
Launch Date Est. Mid 2024
TOP (Key Collection) Est. 2027
Tenure of Land 99-Year Leasehold
Awarded Date TBA
Developer TBA

Bukit Panjang Senja Close EC Location Plan

Senja Close EC Location Map

Quick EC Eligibility Check

Married Couple Children + Parent(s) Non-citizen Spouse + Children Widowed/ Divorced + Children
You must be a Singapore Citizen (SC) & at least 21 years old
+
SC or SPR Spouse SC or SPR Parent(s) SC or SPR Children
+
Your average gross monthly household income must not exceed $16,000.
+
Current HDB new flat (if any) must met 5-year MOP
+
Never or own 1 time new HDB or resale HDB with CPF Housing Grant
+
No private residential property or sold more than 30 months
+
Min. 5% cash + CPF + Max. 75% Home Loan (total ~103% of NPS Price)
or
Min. 5% cash + CPF + Max. 80% Home Loan & Bridging Loan (total ~103% of DPS Price)
or
Min. 5% cash + CPF (total ~103% of purchase price)
0r
Full cash (~103% of purchase price)
Fiancé/ Fiancée Orphans Joints Singles
Spouse-to-be All single siblings 2 to 4 singles
You must be a Singapore Citizen (SC) & at least 21 years old You SC Age at least 35
+
SC or SPR age at least 18 SC or SPR deceased parents Other(s) SC Age at least 35
+
Your average gross monthly household income must not exceed $16,000.
+
Current HDB flat (if any) must met 5-year MOP
+
Never or own 1 time new HDB or resale HDB with CPF Housing Grant
+
No private residential property or sold more than 30 months
+
Min. 5% cash + CPF + Max. 75% Home Loan (total ~103% of NPS Price)
or
Min. 5% cash + CPF + Max. 80% Home Loan & Bridging Loan (total ~103% of DPS Price)
or
Min. 5% cash + CPF (total ~103% of purchase price)
0r
Full cash (~103% of purchase price)

Why buy a new EC?

  • Good value and potential appreciation
  • Around 30% cheaper than private condos
  • New ECs are eligible for CPF housing grants
  • After 5-year MOP can sell it to SC or SPR or rent it out
  • From the 11th year onwards can sell it to foreign buyers
  • Capital gains are generally higher compared to resale condos
  • Only new ECs can apply for the Deferred Payment Scheme (DPS)
  • Can decoupling (remove a name to invest in private property) after 5-year MOP

Executive Condominium Profit Chinese Newspaper 130723