Executive Condominium
Executive Condominium, or EC, is a type of public housing in Singapore. First built in 1999, EC is a hybrid of public and private housing. They resemble private condominiums and are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds and so forth.
EC are built and sold by private developers, but at a price lower than private homes because their land prices are subsidised by the Government. Additionally, buyers can take Central Provident Fund (CPF) grants to pay for an EC bought from a developer.
As such, an EC is subject to certain regulations that apply to Housing and Development Board (HDB) flats. Buyers' monthly household income must not exceed $16,000, in order to qualify for an EC. This limit was raised from the previous $14,000 in September 2019.[1]
For direct purchases from a developer, there is a minimum occupancy period of five years; during which the EC cannot be sold or rented out whole. After five years, the EC can only be sold to Singaporeans or Singaporean Permanent Residents (PRs). It can only be sold to foreigners after 10 years from development completion.
In December 2013, HDB announced that EC will now be subjected to the Resale Levy. This is a lumpsum payment made to HDB when you purchase a second subsidized home. However, this only applies to ECs whose land sales were launched on or after 9 December 2013.