Singapore is a country that is constantly growing and evolving. This means that there are always new opportunities for residents to take advantage of. If you’re interested in buying your first executive condo unit, then HDB EC Singapore is the perfect place for you! In this article, we will provide a guide on how to apply for an HDB EC unit and some of the benefits that come with owning one. Let’s get started!
What is the Housing Development Board (HDB)?
The HDB is the public authority in charge of housing in Singapore. HDB is in charge of developing and building quality estates and neighbourhoods. The aim is to create better-living conditions for all Singaporeans. And in that same light, Executive condos are built and given out for purchase.
What is an Executive Condo?
An executive condo (EC) is a type of housing in Singapore that is designed for young professionals and families. ECS are similar to private condominiums, but they come with some additional benefits. For example, ECs typically have lower prices than condos, and they also offer residents access to certain amenities that are not available in other types of housing. In case you are a young professional in Singapore, you should look into getting an EC, especially if you are planning to start a family. In that accord, we know what an executive condo is now; let us talk about why you should get one.
Why you should consider getting an Executive Condo
Many benefits come with owning an executive condo (EC) in Singapore. For example, ECs offer residents access to amenities that are not available in other types of housing. Additionally, ECs’ typically have lower prices than the normal condo. So, if you are looking for an affordable place to live with some great perks, then an EC might be right for you! Other advantages of owning an EC include;
- As an executive condo owner, you have the option of reselling your EC as a condo after 5 years. After this time, you can sell your condo to a Singaporean and/ or a PR. You are only allowed to sell your EC is anyone else apart from the aforementioned after 10 years.
- Although executive condos are bought as subsidized price units, they can be sold in the future as normal condos, and so they have a general capital appreciation. In other words, executive condos can be regarded as a great financial investment for the future.
- In addition to an executive condo being more affordable and a great future investment, it can also be given out for rent by the owner. Executive condos have all the facilities a normal condo has, so you can give your EC out on rent.
We are sure that by now, with all the amazing advantages stated above, your mind must be made upon getting an executive condo. By now, you are probably thinking about how you can apply for and get an EC. Think no further. In the following parts of this article, we will be tackling a lot of other issues concerning executive condos. But first, let us talk about how to apply and get an executive condo.
How to Apply for an EC in Singapore: A Step-by-Step Guide
The application process for an executive condo is pretty straightforward. If you’re interested in applying for an HDB EC unit (which you should be), then you’ll need to follow these steps:
- Check out your condo
Before getting an application form and going through any other procedures, the first thing you wanna do is check out the condo you plan on buying. This helps you be certain that the EC has everything you need and is just right for you. You need to check 0out things like the size of the condo. It has to be able to contain you and your family; next, you need to check out the neighbourhood if it is convenient enough for you ( this is usually not a problem because ECs are usually built-in secure locations). Remember to check out as many condos as you can until you find the one for you. Now that we are clear on that let us move on to the application process proper. You can do this online, and after your application process, you will be granted an appointment to view the condo.
- Get an application form
First, you’ll need to fill out and submit an application form. You can get this form from the HDB website or any HDB branch office. Your application form will require information such as all your details, career information, financial status and a few other things. It is important to make sure that all the information you enter on the form is accurate to the T. Providing correct information ensures that your application is processed and faster.
- Flat selection appointment
Next, you’ll need to attend a flat selection appointment. During this appointment, you’ll be able to view and select the unit that you want to purchase. The appointment is often slated for a time that is convenient for both the prospectus buyer and the HDB agent. The job of the agent is to show the client around the various available condos.
- Making down Payment
Once you’ve selected a unit, you’ll need to make a down payment of at least 20%. After that, you’ll be able to move in and start enjoying your new home!
The application process is simple, with few or no hurdles. As earlier mentioned, executive condos are designed specifically for young professionals in Singapore. However, there are a few more criteria to be met.
Who is eligible to Purchase An EC?
To be eligible to purchase an EC unit, you must meet the following criteria:
- You must be a Singapore Citizen or a Permanent Resident of Singapore.
- You must be at least 21 years old.
- You must have a monthly household income of less than $16,000.
- You must not own any other property in Singapore.
To be able to apply for and get accepted for the purchase of an executive condo in Singapore, you need to meet up with the conditions mentioned above. And if you do, the next thing you should be thinking about is how much an EC cost in Singapore.
How much are ECs in Singapore?
The price of an EC unit in Singapore depends on several factors, such as the location and size of the unit. However, you can expect to pay between $600,000 and $800,000 for a unit in most cases.
Is it worth buying EC in Singapore?
The answer to this question is simply a YES! Owning an EC unit in Singapore is a great way to enjoy some of the perks that come with being an eco-friendly resident. For example, ECs offer residents access to amenities that are not available in other types of housing. Additionally, ECs typically have lower prices than condos. So if you’re looking for a place to live that offers many benefits and has lower prices compared to condos, then an EC might be right for you!
Upgrading to Executive Condo
If you own an HDB flat, you may be eligible to upgrade to an executive condo unit. To do this, you must first submit an application form to the HDB. After that, you’ll need to attend a flat selection appointment and make a down payment of at least 20%. Once you’ve done that, you’ll be able to move into your new EC unit!
What’s the Difference Between an EC and a Condo?
An executive condo (EC) is a type of housing in Singapore that is designed for young professionals and families. ECs are similar to private condominiums, but they come with some additional benefits. For example, ECs typically have lower prices than condos, and they also offer residents access to certain amenities that are not available in other types of housing.
What grants are available to Purchase EC?
There are a few different grants that you may be eligible for if you’re interested in purchasing an EC unit in Singapore. For example, the HDB Housing Grant can help to cover up to $30,000 of your down payment. You can learn more about this and other grants on the HDB website.
Many advantages come with owning an HDB executive condo, from the financial benefits to the factor of comfort. If you are thinking of getting an EC, then you should! All it takes are a few steps, and you are good to go. The information in this article has been carefully researched and put together to get through your application process so you have nothing to fret about. Take that bold step today and get started on your application process for that dream home you.ve always wanted.