HDB Launch Executive Condominium Scheme


Nation Building, Places 11 Comments

The Executive Condominium (EC) is a HDB scheme that provide home owners with 99-year leasehold apartments with all the appearance and facilities of a private condominiums. However, it will be governed by similar HDB’s policy of subsidy and conditions on application and re-sale. The scheme is to cater to the well-to-do household and as a bridge between private and public housing.

EC is targeted at professional couples with household income of up to $10,000 a month to own private housing. EC projects are strata-titled apartments with facilities comparable to private condominiums. New EC units are sold with initial eligibility and ownership restrictions similar to public housing, but at a higher income ceiling of $10,000 per month. Eligible first-timers who purchase new ECs can also apply for a housing subsidy in the form of a $30,000 CPF grant. The ownership restrictions for ECs are relaxed in phases at 5-year and 10-year intervals after the Temporary Occupation Permit for the project is attained.

EC
Photo Credit: Flickr.

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