Executive Condominium (EC) are build by private developers with parcel land bought from government with leasehold title. It is built to allow HDB upgraders and young couples whose income ceiling are much too high to purchase HDB Build-to-order flats (BTO) and not that affordable to go for a private property. These are the “sandwich” groups that are likely to apply for Executive Condominium (EC).
Most EC are build at locations that are easy transport accessible and with amenities like schools, retails and many more. Prices on sale are much lower as compared to private condominiums. They are similar as private condominium that comes with full facilities. The new recent launch EC are designed with attactive features and layouts to attract more buyers.
These are the reasons that EC are drawing many families to buy if they are eligible. (Eligibility to purchase is based on the time of application with rule set by HDB)
Upon reaching 5 years of Minimum Occupation Period (MOP), the whole development is considered a private property.
Sound interesting? Want to know more on how to apply for one of your preferred type and location?