An Executive Condominium (EC) comprises a strange yet potentially lucrative option for First-Time home buyers. Indeed, often lauded as the perfect home for the Singaporean's sandwich class – those who essentially earn too much to qualify for an HDB but not quite enough to invest in a condo – the Executive Condominium is a public-private hybrid reflecting both the attractive prices of public housing and the superior comfort of private condominiums. You may like to know that the income ceiling for EC has been raised from $14k to $16k wef 3rd Aug 2020. This means more buyers are eligible to purchase an EC.
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The Executive Condominium becomes an obvious choice for those Singaporeans who can afford a little more than an HDB but cannot stretch to a private apartment.
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While private condo’s have been part of the Singapore's landscape since the early 1970s, Executive Condominiums are a relatively new invention, only joining the scene in the late 1990s. Singapore has, from its inception, followed a policy favouring home ownership, and as the society developed a stronger middle class, new ways had to be found to house its increasingly affluent population. Traditionally sandwiched between the public and private sector, the hybrid that is the Executive Condominium was thought up to form a bridge, catering to the upper middle class segment of society.
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Executive Condominiums were designed to serve as homes rather than investment options. To this end, anyone who buys an Executive Condominium has to live in it for at least 5 years before it can be sold on, and you are restricted in such that you can only sell the flat to Singapore Citizens or Singapore Permanent Residents. After 10 years, Executive Condominium effectively transforms into a private condominium, and it may as such be sold to anyone on the free market. So be prepared for 2 waves of capital appreciations in Executive Condo's market.