Both executive condominiums and private condominiums are rising in popularity in Singapore. These two categories of housing offer the similar deals of luxurious and city fringe living. From an average buyer’s perspective, both EC and PC have no much difference. However, for someone who pays attention to real estate, there are distinct differences between the two. To choose between the two you need to read through this article. Here you will learn the unique features that separate Private condo from EC.
Usually shortened to a condo, a condominium is a form of housing tenure where a specified piece of real estate is privately/individually owned. Apart from individually of the unit, there are other common facilities shared by all unit owners, e.g., hallway, lobby, elevator, swimming pool, gym, and garden.
Executive condominium – initiated as EC, an executive condo is a type of housing that is unique in Singapore only. This public-private hybrid type of housing initialed in the 90s. A ECs have all the amenities and features would find in private condos but are bound to rules and regulations mandated by the Singapore government.
Executive condos are made to satisfy the need of many sandwich class citizens who can afford more than HDB flats but fall short to purchase a private condo. One unique thing about EC is that they are subsided by the government and has conditions hence not everyone willing to buy qualified to own an EC.
An example will be the recent new launch Rivercove Residences at Anchorvale Lane is a popular EC by Singaporeans.
On the other hand, private condominium comes with minimal to no restriction. They are the epitome of modern day living in Singapore. Most of the private condos are located in central regions of town where amenities such as schools, shopping malls, financial hubs, tourist attractions are in plenty. Compared to other private property in Singapore, private condominiums are more affordable which explains their popularity.
What if your finances allow you to choose between private condo and EC? Do you go for the subsidies housing or the private sector? Here are some points to help.
Check your eligibility in both EC and Private condo
EC as mentions earlier is only allowed to those who meet the conditions. First, you need to be a Singapore citizen, earning re than $14,000 monthly, and not own any property in the last 30 months. As per private condo, there are no pre-determined conditions, a reason why they are favorites with foreigners.
EC has swimming pools, parks, tennis courts, 24/7 security, fitness gym, BBQ pits offered. As per private condo, you will get the above only this time with more parking space for tenants.
Executive condos cover larger floor area compared to private condos.
Minimum occupancy period (MOP)
As per EC, the minimum occupancy period is 5 years. From there the owner can sell the unit to a Singapore citizen and after 10 years to a foreigner. Private condos have no minimum occupancy period.
Also check on pricing, capital gains, house granting, a status of ownership and leasehold. In conclusion, Private condos in Singapore are better, especially when there is a minimal price difference.