What to Expect When Living in an Executive Condominium
An executive condominium (EC) is a hybrid housing type that is part private and part public housing in Singapore. ECS is built and sold by private developers, and they are subject to the same rules as private housing developments in terms of land use and construction. However, ECs are only available to Singapore citizens and permanent residents, and they come with certain restrictions on resale and ownership.
If you are considering purchasing an EC, it is important to be aware of the different rules and regulations that apply to this type of housing. In this article, we will provide an overview of what you can expect when living in an EC.
Executive condominiums are typically located in suburban areas outside of the city center. This is because ECs are subject to the same land-use restrictions as private housing developments.
- Size and Layout:
ECS are typically larger than HDB flats, and they come in a variety of different unit types. The most common unit types are 3-bedroom and 4-bedroom units.
ECs come with a variety of facilities, such as swimming pools, gyms, and playgrounds. Some ECs also have retail stores and restaurants on the premises.
- Maintenance Fees:
ECS is required to pay monthly maintenance fees, which go towards the upkeep of the common areas and facilities. Homeowners’ Association (HOA) fees are common within condos and some single-family home neighborhoods. Co-ops also have monthly fees (Common Charges and Maintenance Fees), which may also include real estate taxes and a portion of the building’s underlying mortgage.
- Resale and Ownership Restrictions:
Bukit Batok West MRT EC can be resold after a minimum occupancy period of 5 years. There are also restrictions on who can purchase an EC, such as the requirement that buyers must be Singapore citizens or permanent residents.
- Mortgage Loans:
ECS can be purchased with a mortgage loan from a bank or financial institution. However, the loan amount that can be borrowed is typically lower than for private housing.
- Property Taxes:
ECS are subject to the same property taxes as private housing developments. All of the ECSs provide housing for the disabled and have a limit of 80% AMI and below. The Enterprise Community Development (ECDS) Program provides affordable rental housing for families with incomes below 50% of AMI, including homeless families or families who are transitioning from shelters. All units are subject to the same property taxes as private housing developments. The program provides new or rehabilitated housing.
- Renovation Guidelines:
ECS are subject to the same renovation guidelines as HDB flats. However, certain types of renovations, such as changes to the layout of the unit, may require approval from the developer or management corporation.
- Leasing Guidelines:
ECS can be leased out after a minimum occupancy period of 3 years. There are certain restrictions on who can lease an EC, such as the requirement that the lessee must be a Singapore citizen or permanent resident.