Execute Condominium

There have been 23 EC projects on the market since it was introduced (in 1996?). About half of them are more than 5 years old so their units may be seen in the resale market now.

Eligibility conditions to buy a new EC:

• A citizen with family uncleus comprising at least another SPR or citizen, at least 21 years old (or 35 years old under the Joint Singles Scheme)
• First-timer applicant, or second-timer who has not enjoyed other housing subsidy and has occupied his flat for at least 5 years
• Gross monthly household income not more than $10,000
• All listed occupiers must not own or dispose any other estate or interest within 30 months before the application
• First-timer may request the $30K CPF Housing Grant being used to pay for the remaining 10% downpayment

Eligibility conditions to buy a resale EC (from 6th to 10th year since TOP):

• Citizen or SPR above 21 years old but need NOT form a family uncleus as in the purchase of new EC. E.g. a single person above 21 can buy a resale EC.
• Buyers are NOT eligible for CPF Housing Grant but they need NOT pay the resale levy either if being owner of a flat directly from HDB
• Owners of direct-purchase HDB flats must have met the 5-year MOP

It surprised me that buyers of first-timer can not get the CPF Housing Grant for the resale EC. But it makes sense as the resale EC has to be treated as equivalent to "private housing" -- the remaining time before its 11th year when all restrictions will be lifted is usually less than 5 years to fulfill HDB's Mim. Occupation Period.

Policies for EC owners:

• must dispose any HDB flat within 6 months from TOP
• no longer qualify to buy a flat direct from HDB
• occupiers who are essential in the forming of a family nucleus will not be allowed for 5 years to make a separate applicaiton
• may sell the EC unit in the open market only after meeting the 5-year occupation period.
• It is not allowed to acquire a share in another residential property / HDB flat within the MOP.