Executive Condominiums (ECs) are a popular type of housing in Singapore, combining the luxury of private condominiums with the affordability of public housing. These developments are built and managed by private developers but are subsidised by the government, making them an attractive housing option for Singaporeans who are looking for quality homes that are relatively more affordable than private condominiums.
ECs have become a highly desired property in Singapore, with many people seeking to buy them due to their prime locations, top-notch facilities, and spacious layouts.
While Executive Condominiums (ECs) are highly sought-after properties in Singapore, they do come with a set of eligibility rules that must be met before one can purchase them. The government has set these rules to ensure that ECs remain affordable and accessible to only eligible Singaporeans and Permanent Residents (PRs).
Can PR buy EC? Can singles buy EC? Read on to find out!
Who Can Buy EC?
Here are is a quick summary of the the eligibility of buying a new Executive Condominium (EC) in Singapore:
- Only eligible Singaporean citizens and Permanent Residents (PR) can buy a new EC.
- Singaporean citizens must form a family nucleus with at least one other Singaporean citizen or PR, which refers to a group of individuals comprising either a married couple, a single parent with children, or a widowed or divorced person with children.
- The gross monthly household income of the family nucleus must not exceed $16,000.
- Singaporean citizens must not own any other residential property in Singapore or have disposed of any such property within the last 30 months.
- PRs can only buy a new EC unit after fulfilling the 5-year Minimum Occupation Period (MOP) in their existing HDB flat or EC, and they must be applying together with their Singaporean citizen spouse.
- The eligibility criteria for buying a new EC may change from time to time as the government adjusts its housing policies to ensure that housing remains affordable and accessible to all eligible Singaporeans and PRs.
For more information on the eligibility criteria of buying an EC in Singapore, you can visit the HDB website here.
Can PR Buy EC?
In Singapore, Permanent Residents (PRs) are eligible to purchase an Executive Condominium (EC), but there are certain conditions that they must meet.
PRs Can Buy EC Only If Applying Together With A Singaporean Spouse
PRs can only buy a new EC launch if they are applying together with their Singaporean citizen spouse, and they must also meet the eligibility criteria mentioned earlier. This is because the government’s policy is to prioritise housing for Singaporean citizens and PRs who are forming family nuclei, especially for new developments.
PRs Are Eligible To Buy Resale EC
For PRs who wish to purchase an EC without applying with a Singapore Citizen spouse, they are able to do so for resale EC.
PRs are eligible to buy ECs that are in the resale market without any restrictions on their marital status or need to form a family nucleus with a Singaporean Citizen. This is because the resale market for ECs is considered to be a more mature market and the government is less stringent in regulating it. However, PRs who purchase a resale EC must fulfil the MOP of the EC before they can sell it to other PRs or foreigners.
Can Singles Buy EC?
In Singapore, owning a private property is a dream for many, but it can be challenging, especially for singles who are not married or do not have a family nucleus. However, the government has introduced various schemes to provide singles with an opportunity to own private property, including ECs.
Singles Above 35 Years Old Can Buy New EC Launches Under The Joint Singles Scheme
Under normal circumstances, singles are not eligible to purchase ECs, which are designed for families to live in. However, singles above 35 years old can purchase a new EC launch under the Joint Singles Scheme (JSS), where two to four singles can jointly purchase an EC unit.
To be eligible for the JSS, all buyers must be at least 35 years old and must not own any other property in Singapore or have disposed of any such property within the last 30 months. At least one of the buyers must be a Singapore Citizen, and the other buyers can be either Singaporean Citizens or PRs. All buyers must also meet the income ceiling of $16,000 for EC purchases.
Similar to other EC purchases, buyers under the JSS must also fulfil the Minimum Occupation Period (MOP) of the EC before they can sell it to other singles or eligible buyers. The MOP is set at 5 years from the date of issuance of the Temporary Occupation Permit (TOP) for new ECs and from the date of purchase for resale ECs.
Singles Above 21 Years Old Can Buy Resale ECs
On the other hand, for singles above 21 years old who wish to purchase an EC can look at those on the resale market.
As long as they meet the eligibility criteria, which includes not owning any other property in Singapore and not having disposed of any such property within the last 30 months, they are eligible to own a resale EC of more than 5 years old.
Buying an EC as a Single or PR is Possible
While Executive Condominiums (ECs) in Singapore are primarily designed for families, Permanent Residents (PRs) and singles have options to purchase an EC unit as well.
PRs can only purchase a new EC launch if they form a family nucleus with a Singapore Citizen, but they have the option to buy resale ECs on their own. Meanwhile, singles above 35 years old can purchase an EC under the Joint Singles Scheme (JSS), while singles above 21 years old can buy an EC in the resale market without applying for the JSS.
With careful consideration of the eligibility criteria and proper planning, PRs and singles can own an EC and achieve their dream of owning a private property in Singapore.