Executive condominiums (ECs) are a hybrid of public and private housing. They are built and sold by private developers and are priced lower than private properties. This public-private type of housing caters to the aspirations of the “sandwiched” class Singaporeans looking for an affordable middle ground between HDB housing and fully-private condominiums.
Owners can only sell their EC after completing a 5-year Minimum Occupation Period (MOP).
At one glance, Executive Condos (ECs) look similar to private condominiums and come with comparable facilities and designs.
Condo vs EC: Weighing the Costs
When it comes to purchasing a property with condominium facilities, the choice often boils down to private condos or executive condominiums (ECs). While both offer similar amenities, the price points can vary significantly.
The price gap of private condos and executive condos
Source: Huttons Analyzer.
As of Jan 2024, the average price per square foot (psf) for private condos is S$2,145 psf and for ECs is S$1,322 psf, the price gap / difference between the 2 types of housing is 62%.
With suburban condo reaching new benchmark of over S$2,000 psf, EC seems a better buy as they are more attractively priced at 62% psf lower than private condos.
For those seeking a more budget-friendly option without compromising on condominium facilities, executive condominiums (ECs) present an attractive alternative. ECs offer a delicate balance between affordability and amenities, providing homebuyers with a taste of the condo lifestyle at a more accessible price entry point.
While an executive condo (EC) in Singapore offers an attractive price point, there are some key eligibility requirements to take note of. Do check out the next blog to find out on the eligibility to buy an executive condo.
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