Today we will be learning more about Executive Condominiums and explore the current existing ECs in Singapore.
Executive Condominium (EC) were introduced in 1996, when private home prices were increasingly high. Its meant to cater to the needs of the middle income home buyers; especially professionals and PMEBs families whom who can afford more than a HDB flat but find private property a little stretched for their budget.
An EC is similar to private condominiums in terms of facilities and amenities, and is designed, constructed and sold by private developers. They are full suite condos, with a gated compound, private facilities like pools, gym, and 24-hour security.
ECs follow the rules for HDB properties, and hence buyers are eligible for CPF Housing Grants up to $30,000 for 1st Timers. The land cost of ECs is subsidized by the government and with the added subsidy, ECs are sold at a lower market price and generally enjoys a higher Return on investment (ROI) compared to private condos in the vicinity. Ethnic quota restrictions also doesn’t apply for ECs.
Although ECs enjoy a lot of advantages, they are also subjected to eligibility conditions such as the Mortgage Servicing Ratio, Income, Minimum Occupancy Period, Ownership Restrictions, and loans servicing by banks only. EC owners can only sell their units to Singapore Citizens or Singapore Permanent Residents after their Minimum Occupancy Period of 5 years; and to foreigners 10 years after their TOP.
Buyers are also subjected to the Resale Levy when purchasing a second subsidized home. To ensure first time owners have priority in getting an EC, 70% of the units are allocated for first-timers during the initial EC launch period.
To know more about the eligibility conditions, you can refer to the video series we did on EC eligibility and understanding EC through the link on the screen as well as in the description of this video. Or contact us to do an analysis for you on your eligibility.
Now lets move on to explore the current ECs in Singapore. Currently there are 3 EC projects. The first we will look at is Piermont Grand.
Launched in July 2019 at an average price of $1,080psf, Piermont Grand sold close to half of their units in their launch. Jointly developed by City Developments Limited (CDL) and TID, which a joint venture between Hong Leong Holdings and Mitsui Fudosan Co. Piermont Grand is a landmark waterfront residence, designed with stylish pier-side living concept with picturesque views of the waterway and reservoir. The project is located in Punggol, near My Waterway@Punggol, about 5 minutes walk to Sumang and Nibong LRT stations, and relatively near to the up and coming Punggol Digital District.
The second EC is Parc Canberra. Launched in February this year at an average price of $1,080psf, Parc Canberra sold close to 70% of their units in their launch. Developed by Hoi Hup Realty and Sunway Developments, Parc Canberra features nature-inspired designs with reference to Australian outdoor culture. The project is located at the corner of Canberra Link and Canberra Walk in Sembawang. Parc Canberra is one of the few ECs in Singapore within 450m or 6 mins walk to the Canberra MRT.
The third EC is OLA in Sengkang. Launched in March this year at an average price of $1,135psf, OLA sold a third of their units at its preview. Developed by Evia Real Estate and Gamuda Land, OLA is conveniently located next to Cheng Lim LRT station and 850m from Sengkang MRT station. Inspired by Spanish culture, OLA uses geometric shapes, interlocking planes and color range, and features a lush and spacious landscape space with extensive communal facilities that blends with nature.
The last EC launch in 2020 will be Parc Central Residences located in Tampines Avenue 10. Developed by Hoi Hup Realty and Sunway Group and is estimated to preview at around $1,050 to $1,150psf. Parc Central residences is a few minutes to the future Tampines West MRT Station, Tampines Hub and a variety of amenities.
That’s all. These are the current and upcoming EC developments in Singapore. Hope that this would give you an insight into the availability of EC projects in Singapore. As ECs are typically popular with buyers due to the price factor, they are snapped up quickly by qualified buyers. Do check out our videos on the qualifying requirements to find out if you are eligible as an EC buyer. Or you can just contact us to do an eligibility check for you and run through the available projects with you in detail.