Executive Condominiums (ECs) are a type of public-private housing in Singapore. They are designed to cater to the sandwiched class of Singaporeans who are not eligible for HDB flats but cannot afford private property. ECs are built by private developers and sold at a subsidized price for the first 10 years, after which they can be sold at a market rate.
In 2023, several new Executive Condo sites are expected to launch in Singapore. These new ECs will provide more options for middle-income Singaporeans who are looking for affordable housing. The new ECs are expected to be located in various parts of Singapore, including Sembawang, Tampines, and Bukit Batok.
As with all Executive Condominiums, there are certain eligibility criteria that applicants must meet in order to purchase an EC. These criteria include citizenship, income ceiling, and family nucleus. The income ceiling for ECs was raised to $16,000 in 2019, making ECs more accessible to middle-income families. Additionally, first-time homeowners are eligible for a CPF grant of up to $30,000 to help with the down payment.
Executive Condo List in Singapore
There are several Executive Condominium (EC) projects that are expected to launch in Singapore in 2023. Some of the upcoming EC sites include Altura in Bukit Batok, North Gaia in Yishun, and other new launch ECs. These ECs are expected to offer a range of unit sizes and layouts, from 1-bedroom to 5-bedroom units. First-time homeowners may be eligible for a CPF grant of up to SGD $30,000, subject to eligibility criteria such as being a Singapore citizen or a Singapore permanent resident. It is important to note that the prices of ECs may vary depending on factors such as location, size, and amenities. It is recommended to check the latest information on upcoming EC launches and eligibility criteria before applying for an EC in Singapore.
Lentor Gardens Residences
Before considering purchasing an Executive Condominium (EC) in Singapore, it is important to understand the eligibility requirements. The following are the key eligibility requirements:
The income ceiling for ECs is $16,000. This means that the total gross monthly income of all applicants cannot exceed $16,000. The income ceiling was raised from $14,000 in 2023, making ECs more accessible to middle-income Singaporean families who cannot meet the income eligibility for BTO flats.
HDB Eligibility Schemes
Applicants must qualify under one of the HDB eligibility schemes, which include the Public Scheme, Fiancé/Fiancée Scheme, Orphan Scheme, Joint Singles Scheme, and the Non-Citizen Spouse Scheme. Each scheme has specific eligibility criteria that applicants must meet.
Joint Singles Scheme
The Joint Singles Scheme is available for two to four singles who are Singapore citizens, aged 35 years and above. The total gross monthly income of all applicants cannot exceed $16,000. This scheme allows singles to purchase an EC unit together and enjoy the same benefits as a family nucleus.
CPF Housing Grants
Qualified EC buyers can enjoy up to $30,000 in CPF Housing Grants, depending on their total household income. The grants are meant to help buyers with the down payment and monthly mortgage payments.
It is important to note that there are ownership restrictions for the first five years after purchasing an EC. During this period, the unit cannot be sold or rented out. After five years, the unit can be sold to Singapore citizens and permanent residents. After ten years, the unit can be sold to foreigners and corporate entities.
EC Developments in 2023
|Project Name||Total Number of Units||Median Price ($ PSF)||Cumulative Units Launched to-date||Total Number of Unsold Units|
Copen Grand EC is an exciting new development in the north-west of Singapore that is set to launch in October 2022. The executive condominium development by City Developments Limited CDL is situated in Tengah Garden District and has been awarded to Taurus Properties. The EC site has set a record land rate, making it a highly sought-after address for homebuyers. Copen Grand will be the first executive condominium development in Tengah Garden District, making it a truly unique and innovative project. The development is located on Tengah Garden Walk, a road that has yet to be built, but it is still within walking distance of three MRT stations, making it a convenient location for residents. The project is committed to being green, sustainable, and smart, which is great news for anyone looking to buy an eco-friendly home in one of Singapore’s most innovative new developments. All in all, Copen Grand EC is an exciting new project that promises to be at the forefront of green and sustainable living in Singapore.
North Gaia is an exciting new executive condominium project located at Yishun Avenue 9 in District 27. Developed by Sing Holdings Limited and designed by P&T Consultants Pte Ltd, this project features 11 blocks of 14-storey residential towers with a total of 616 units. The site area spans over 21,500 square meters and includes a tennis court and swimming pool, all situated within peaceful surroundings. The condominium also boasts two levels of basement carpark, providing ample parking space for residents. With the upcoming North-South Corridor expected to be completed in 2026, residents will enjoy easy access to the city center and the convenience of traveling between North and South. The project’s main contractor, China Jingye Construction Engineering (Singapore) Pte Ltd, will adhere to a construction plan that is both efficient and aesthetically pleasing. North Gaia is poised to be the most highly anticipated executive condominium development in the thriving Yishun estate, providing a comfortable and luxurious living experience to residents for years to come.
Parc Canberra is a new executive condo development located in Canberra Link in District 27. Developed by Hoi Hup Realty and Sunway Developments, it is expected to be completed in 2023. This development has a total of 496 units and offers various facilities, such as a swimming pool, gym, and clubhouse. It is available under the public scheme and the orphans scheme for Singapore citizens and permanent residents.
Parc Greenwich is another upcoming executive condo development located in Fernvale Lane in District 28. Developed by Frasers Property, it is expected to be completed in 2023. This development has a total of 496 units and offers various facilities, such as a swimming pool, gym, and clubhouse. It is available under the public scheme and the orphans scheme for Singapore citizens and permanent residents.
Provence Residence is a new executive condo development located in Canberra Crescent in District 27. Developed by MCC Land, it is expected to be completed in 2023. This development has a total of 413 units and offers various facilities, such as a swimming pool, gym, and clubhouse. It is available under the public scheme and the orphans scheme for Singapore citizens and permanent residents.
Tengah Plantation Loop
Tengah Plantation Loop is an upcoming executive condo development located in Tengah Garden Walk in District 22. Developed by Qingjian Realty, it is expected to be completed in 2023. This development has a total of 548 units and offers various facilities, such as a swimming pool, gym, and clubhouse. It is available under the public scheme and the orphan’s scheme for Singapore citizens and permanent residents.
Parc Central Residences
Parc Central Residences is a new executive condo development located in Tampines Avenue 10 in District 18. Developed by Hoi Hup Realty and Sunway Developments, it is expected to be completed in 2023. This development has a total of 700 units and offers various facilities, such as a swimming pool, gym, and clubhouse. It is available under the public scheme and the orphans scheme for Singapore citizens and permanent residents.
Piermont Grand is an executive condo development located in Sumang Walk in District 19. Developed by CDL Constellation and TID Residential, it was completed in 2023. This development has a total of 820 units and offers various facilities, such as a swimming pool, gym, and clubhouse. It is available under the public scheme and the orphan’s scheme for Singapore citizens and permanent residents.
Tenet EC, located in the heart of Tampines, is a proposed Executive Condominium development that comprises 11 blocks of 15-story apartments. Developed by a collaboration of Qingjian Realty and Octava Pte Ltd joint venture, with Santarli Realty Pte Ltd, the project is set to launch in H2 2022. Tenet will have 618 units that makeup of 3 to 5 Study units, offering residents premium living in District 18.
The site plan and development details of the project are complete and updated, making it easier for interested buyers to review full floor plans and register their interest to view the showflat. The ARCHITECT, ADDP ARCHITECTS LLP, and LANDSCAPE CONSULTANT, ECOPLAN ASIA PTE LTD, bring innovative designs to the project, creating an ideal space for anyone seeking a modern lifestyle. Tenet Executive Condo is expected to be an integral part of Tampines North’s development, making it a prime investment opportunity for anyone looking for a home or investment property in the area.
Private Condominiums vs ECs
Executive Condominiums (ECs) are a popular housing option for middle-income Singaporeans who cannot afford private condominiums. ECs are built and sold by private developers, but they are subsidized by the government. After a certain period, usually ten years, ECs become fully privatised and function like private condominiums. However, they are subject to certain restrictions, such as a minimum occupancy period and a resale levy.
Compared to private condominiums, ECs are generally more affordable. For example, a 915-square-foot EC in Tampines was sold for $1,083,000 in May 2021, while a similar-sized private condominium in the same area typically costs 10-20% more. However, private condominiums are usually built using better quality materials and have more luxurious facilities.
When it comes to investment potential, both ECs and private condominiums can be profitable. However, ECs have some advantages over private condominiums. For one, ECs have a lower entry price, which means investors can potentially earn higher returns. Additionally, ECs are subject to a resale levy, which helps to moderate prices and prevent speculation.
Some of the popular private condominiums in Singapore include OLA, North Gaia, Copen Grand, and The Botany at Dairy Farm. These developments offer a range of facilities, such as swimming pools, gyms, and tennis courts, and are located in prime areas. However, they are also more expensive than ECs and may not be affordable for middle-income Singaporeans.
On the other hand, some of the upcoming ECs to look forward to in 2023 and 2024 include Bukit Batok West Avenue 8, Bukit Batok West Avenue 5, Plantation Close, and Yishun Close. These developments offer a range of unit sizes and are located in convenient areas. Additionally, they are subject to government subsidies and may be more affordable than private condominiums.
In conclusion, both private condominiums and ECs have their pros and cons. Private condominiums offer more luxurious facilities and are located in prime areas, but they are also more expensive. ECs, on the other hand, are more affordable and offer potential for higher returns, but they may not be as luxurious. Ultimately, the choice between a private condominium and an EC depends on one’s budget, lifestyle, and investment goals.