The following compilation of executive condo FAQs addresses key eligibility and ownership criteria. It will provide comprehensive guidance on a unique housing option exclusively available to households with at least one Singapore Citizen applicant.
An executive condo (EC) is a hybrid housing form catering to middle-income households, often referred to as the sandwiched class – those who exceed the income ceiling for Build-To-Order (BTO) flats but may find private residential properties financially out of reach.
Executive condos, which offer condo-style facilities, are costlier than BTO flats. However, they are more affordable than mass-market private condos, but are subjected to specific HDB eligibility conditions and ownership regulations. Nevertheless, they still offer an attractive property investment option.
Executive Condo FAQs
Unlike private condos, executive condos are subjected to many ownership rules. These rules may befuddle many, especially first-time buyers, when it comes to understanding the eligibility criteria, booking process, and financing, to name a few important areas.
In our detailed list of executive condo FAQs, we will explain and clarify important questions to help buyers in their consideration and decision-making making process.
Executive Condo FAQs on Eligibility and Ownership
If I am interested in purchasing a new executive condo unit, who can I approach?
You can approach the marketing agent officially appointed by the developer. Please WhatsApp me for the latest information and market developments.
Are executive condo ownership criteria more stringent than buying a BTO flat?
Executive condo ownership criteria are actually less stringent when compared to Prime and Plus flats under the new HDB flat classifications, which took effect since the October 2024 BTO launch. Besides a 10-year MOP, there will also be a “subsidy claw back” when owners sell their flats in the future.
Can I buy another executive condo unit if I currently already own one?
If you are already an owner of an executive condo unit, you must dispose of it in the open market and wait out 30 months before you can apply to buy another new executive condo unit or be listed as an occupier, subject to other eligibility conditions.
Can I apply for a new executive condo/BTO flat before the completion of my 5-year MOP?
No. You need to complete the 5-year MOP before you can apply for another executive condo/BTO flat. You also need to wait out 30 months after disposing of your existing executive condo/BTO flat before you can apply.
Can I buy an executive condo if I am a single Singaporean?
You cannot buy an executive condo unit alone. You can buy one under the Joint Single Scheme with another or up to three other single Singaporeans, all of which must be age 35 years and above.
If I am a Singapore Citizen (SC) and my spouse is applying for his/her Singapore Permanent Residency (SPR), do we have to wait 3 years before applying for an executive condo unit?
A SC/SPR household is considered a Singapore citizen household. Hence, there is no need to wait for 3 years to apply for an executive condo unit. Once your SPR spouse has received his/her “blue IC”, you can start applying.
Can I buy an executive condo unit if I currently own a private property in Singapore or overseas?
No, if you or your spouse owns a private property in Singapore, overseas, or have not disposed of any within the last 30 months, you are not eligible to buy an executive condo from the developer.
Can I buy or invest in private residential property in Singapore or overseas after I have purchased an executive condo unit?
Yes, but only after you have fulfilled the 5-year Minimum Occupation Period (MOP) period after purchasing your executive condo unit.
I have applied for an HDB BTO flat but have not booked it yet. Can I apply for a new executive condo unit?
Yes, if you have not booked an HDB BTO flat. Once you have booked a new executive condo unit, HDB will cancel your application for the BTO flat.
If I have booked an HDB flat and have signed the Agreement for Lease, can I buy a new executive condo unit?
If you have booked a BTO or Sale of Balance flat launched on or after March 2012 and later decided to cancel the booking, you will be barred from applying for an executive condo unit within one year after the cancellation.
If I am undergoing a divorce proceeding and it has yet to be finalised, can I apply for a new executive condo unit with my fiancé or fiancée?
No. You can only apply for a new executive condo unit after your divorce has been finalised. That is, after you have obtained the Certificate of Making Interim Judgement Final, or if you are a Muslim, the Divorce Certificate.
If my household income exceeds the $16,000 eligible ceiling, can I still apply for an executive condo?
If your income ceiling exceeds the $16,000 eligibility ceiling, you will need to submit a request to the developer for their evaluation first. However, even if they allow your application to proceed, HDB approval will still be needed, and they will evaluate the appeal on a case-by-case basis.
It is advisable to check with your property agent beforehand whether the developer is willing to accept your application before proceeding any further. If your household income is marginally above the eligible ceiling and you have a good case, your chance of getting approved by HDB is high.
What other situations may HDB reject my executive condo application other than exceeding the household income ceiling?
HDB is unlikely to reject your application if you meet all their eligible criteria. Rejection may occur due to untruthful declarations of income or appeal reasons.
HDB Housing Grants
How much CPF housing grant am I entitled to?
The CPF Housing Grant is a housing subsidy provided by the government. Like HDB flats, it will be credited to your CPF account. The housing grant is to assist eligible first-timer families to kickstart their homeownership process. The amount of the grant will depend on your gross monthly household income, up to a maximum of $30,000 (please refer to the table below).
| Average Monthly Gross Income of Applicants/Occupants | FAMILY GRANT | Half Housing Grant First-Timer (FT) SC & Second-Timer (ST) Who Has Previously Taken 1 Housing Subsidy | |
| SC Household | SC/SPR Household | ||
| $10,000 or lower | $30,000 | $20,000 | $15,000 |
| $10,001 to $11,000 | $20,000 | $10,000 | $10,000 |
| $11,001 to $12,000 | $10,000 | Nil | $5,000 |
| $12,001 to $16,000 | Nil | Nil | Nil |
| *SC – Singapore Citizen *SPR – Singapore Permanent Resident | |||
What is Citizen Top-Up?
If you are a Singapore Citizen (SC)/ Singapore Permanent Resident (SPR) household, you may apply for a Citizen Top-Up Grant of $10,000, if eligible based on your household income, or when your SPR family member obtains Singapore citizenship or when you have an SC child subsequently.
Am I eligible for the CPF Housing Grant if I apply to buy an executive condo unit where its Temporary Occupation Permit (TOP) has been issued?
Yes, if you satisfy the conditions for the CPF Housing Grant and the developer has not served you the Notice of Vacant Possession.
Are there any other housing grants besides the Family Grant for the purchase of an executive condo unit?
No, there are no further housing grants other than the Family Grant.
Can I use the CPF Housing Grant to pay for the executive condo down payment?
You need to pay the first 5% in cash. Subsequently, when your housing grant is credited to your CPF account, you can use it to pay the balance of the 15% down payment on the purchase price of your executive condo unit.
When I sell my executive condo unit, do I need to refund the CPF Housing Grant to the government?
When you dispose of your executive condo unit, all CPF monies, including the CPF Housing Grant, that have been used to finance your purchase will need to be returned to your CPF account.
However, you can draw on them for your future housing purchase, subject to the prevailing CPF rules and policies.
Executive Condo FAQs on Financing
How do I finance the purchase of my executive condo unit?
HDB does not provide financing for executive condo (EC) purchases. Like private property, executive condo buyers will need to secure their mortgage financing from financial institutions regulated by the Monetary Authority of Singapore. Monthly mortgage instalments will be subjected to the Mortgage Servicing Ratio (MSR) and Total Debt Servicing Ratio (TDSR).
For financial and affordability assessment, please feel free to contact me.
What payments are required when I book a new executive condo unit and sign the Sale and Purchase Agreement?
You have to pay an option fee of 5% of the purchase price by cheque or cashier’s order when you book your executive condo unit. A further 15% of the purchase price is required when you sign the Sale and Purchase Agreement.
Can I get an HDB loan to purchase an executive condo unit?
HDB loans are not available for purchasers of executive condos. Buyers will have to secure their mortgage financing through banks and financial institutions.
What payment schemes are available when purchasing an uncompleted executive condo unit?
There are 2 payment schemes for the purchase of an uncompleted executive condo – Normal Payment Scheme (NPS) and Deferred Payment Scheme (DPS).
Normal Payment Scheme (NPS), also known as Progressive Payment Scheme (PPS), applies to properties still under construction, which are also known as Buildings Under Construction (BUC). It requires property buyers to pay in instalments, typically 5-10% of the property’s purchase price when certain stages of the construction have been completed.
The Deferred Payment Scheme (DPS) requires a 20% down payment by buyers, with the remaining 65% of the purchase price of the EC only due after receiving the Temporary Occupation Permit (TOP). In simple terms, when the executive condo unit is ready for occupation.
Do note that under DPS, the prices are usually 2-3% higher to compensate the developer for receiving the bulk of the payments at a later stage.
What is a resale levy?
A resale levy is imposed on flat buyers’ second subsidised flat, clawing back some of the subsidies to ensure a fairer allocation of financial resources among flat buyers.
The resale levy amount will depend on the type of HDB flat you own (refer to the table below).
| First Subsidised Housing Type | Resale Levy Amount | |
| First Subsidised Housing Type | Recipient of CPF Housing Grant (Singles) | |
| 2-room/ 2-room Flexi flat | $15,000 | $7,500 |
| 3-room flat | $30,000 | $15,000 |
| 4-room flat | $40,000 | $20,000 |
| 5-room flat | $45,000 | $22,500 |
| Executive flat | $50,000 | $25,000 |
| Executive Condominium | $55,000 | Not applicable |
For example, if you sell off your executive condo unit bought with HDB housing grants, you will need to pay a resale levy of $55,000 when you purchase a second subsidised flat from HDB or take over ownership of a subsidised HDB flat.
However, there will be no resale levy if you buy a private property.
Executive Condo FAQs on Penalty for Termination of Purchase
How much will I forfeit if I give up my executive condo unit after paying the 5% booking fee, but before executing the Sales and Purchase Agreement?
The developer will forfeit 25% of your booking fee, which is 5% of the purchase price of your executive condo.
How much will be forfeited if I terminate the purchase of my new executive condo unit after signing the Sale and Purchase Agreement?
There will be a 5% forfeiture of the executive condo purchase price when you terminate your purchase after signing the Sale and Purchase Agreement.
How much will I forfeit if I have already exercised the Sales and Purchase Agreement, but have not taken possession of the unit?
The developer can recover from the money you have paid, which includes all interests, property tax, maintenance charges and other amounts owing and unpaid under the Sale and Purchase Agreement.
In addition, the developer will recover any costs incurred (if any) to repossess your executive condo unit from the date of the annulment. In addition, it will also forfeit 20% of the purchase price from instalments (excluding interest) previously paid.
What are the other consequences of terminating the Sale and Purchase Agreement for an executive condo unit?
If you terminate your Sales and Purchase agreement after purchasing an executive condo unit utilising CPF housing grants, there is a 5-year wait-out period from the date of termination before you can apply or be listed as a core occupier for your next EC purchase from a property developer.
Executive Condo FAQs on Sale and Rental of EC Units
Is an executive condo considered private after 5 years?
In a way, an executive condo can be considered partially private upon meeting its 5-year Minimum Occupation Period (MOP) as you can only sell to Singapore Citizens (SC) and Singapore Permanent Residents (SPR). It can only be sold to everyone, including foreigners, after it is fully privatised after 10 years.
When can I sell my executive condo unit?
You can sell your executive condo unit in the open market to Singapore Citizens (SC) and Singapore Permanent Residents (SPR) after the 5-year Minimum Occupation Period (MOP) which starts from the date of the Temporary Occupation Permit (TOP). But, after 10 years when it is fully privatised, it can be sold to anyone, including foreigners.
Can I rent out my executive condo unit before MOP?
You cannot rent out your executive condo before the 5-year Minimum Occupation Period (MOP), but you can rent out rooms during this period.
Can I rent out my resale executive condo unit?
Yes, it can be rented out as a resale executive condo unit is considered a private property.
Can I decouple my executive condo unit and purchase a private property?
Yes, you can decouple your executive condo unit and purchase a private property, but only after you have fulfilled your 5-year Minimum Occupation Period (MOP) when it becomes private.
If you are interested in investing in an executive condo, below are some of the latest EC launches to consider:
- Aurelle at Tampines.
- Novo Place at Tengah.
- Lumina Grand at Bukit Batok West Avenue 5.
- Altura at Bukit Batok West Avenue 8.
If you are an existing HDB owner, find out how to upgrade to an executive condo. For those new to property investment, you may check out our HDB BTO or HDB resale flat guides.
Please feel free to WhatsApp or Email Me should you have any questions about executive condominiums or about Singapore’s property market.
I am Lance Kuan, an Associate Marketing Manager with Huttons Asia Pte Ltd, the biggest private real estate agency in Singapore.
Related Market Information And Guides:
- Understanding Singapore Property Policies & Financing Options.
- Understanding Singapore Stamp Duties.
- Understanding Property Agent Commission.
- Understanding the En Bloc Process.
- Rules on Using CPF Monies for Property Financing.
- Singapore Property Investment – 7 Key Factors.
- New Launch vs Resale Condo – Which is the Better Investment Choice?
