First Introduced by the Singapore government in 1999, Executive Condominiums are hybrid housing schemes that fall between the classes of public and private housing. ECs look like private condominiums with their swimming pools, playgrounds, guarded security, clubhouses and more. They are developed and managed by private developers like Rivercove Residences EC but are available at a cheaper price, because the government subsidizes the land cost. Naturally, ECs are situated far from the MRT stations and city center where land is more reasonably priced.
- General Eligibility
Your eligibility is the first and most significant factor to think through. Once you fail at this, it’s pointless looking at the other factors. To limit the demands for Executive Condominiums (ECs) in Singapore, the government has put in place eligibility requirements that are difficult to meet. There are quite a few, therefore ensure that you tick all the boxes before going further.
- Income Eligibility
Generally, ECs are built to suit the housing needs of the “sandwich” class who have a household income that exceeds the maximum for public housing but falls below the numbers required to buy a private property. A majority of first-time Executive Condominium buyers have a joint income of about S$10,000 and are desirous of maximizing the CPF grant amount.