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Condo Eligibility in Singapore


An executive condominium (EC) is a hybrid form of public and private housing designed to meet the housing needs of middle-income households that exceed the income ceiling for HDB Build-To-Order flats but cannot afford private condominiums.

If you plan to buy an EC such as LuminaGrand, there are certain conditions and requirements you must fulfill before doing so. Here are a few of them:

1. You must be a Singapore citizen or permanent resident

ECs (eco condominiums) are hybrid public/private condominiums created for Singaporeans in the middle class who find private condos too costly and HDB flats too basic. Offering all amenities of private condos at subsidised prices, Eco condominiums (ECs) can be purchased by both Singapore citizens and permanent residents alike.

To qualify for an EC, you must fulfill certain income and ownership criteria as well as pay a resale levy if you own or sold any previous subsidised properties such as BTOs or balance flats.

Buyers of new ECs may use HDB Housing Grants and CPF funds to reduce the purchase price, with higher Buyer’s Stamp Duties assessed against resale units.

2. You must be a Singapore Permanent Resident (SPR)

As a Singapore permanent resident, you can take advantage of an array of housing options. These include public housing subsidised by the government; CPF grants that may help lower the cost of your new home; priority consideration when applying for loans or public schooling for your children.

ECs offer more affordable housing alternatives than private condominiums, making them a fantastic choice for Singapore residents looking to live centrally. However, there are certain restrictions associated with owning an EC that should be considered when making this decision – such as Minimum Occupancy Period requirements and eligibility criteria which may still present as barriers for some buyers.

3. You must be a Singapore Permanent Resident (SPR) for at least 5 years

Singapore permanent residents (SPRs) are citizens of the Republic of Singapore who have obtained citizenship through naturalisation or other methods, but who have yet to serve compulsory national service. SPRs must serve two years of compulsory national service after attaining citizenship; additionally they may register for Operationalally Ready National Service with which they may defer until full employment has been attained.

ECs are hybrid housing units developed and sold by property developers to meet the needs of people whose income exceeds HDB BTO flat threshold but who cannot afford private condominiums. Their minimum occupancy period and ownership eligibility conditions tend to be more lenient than private condos while more stringent than with HDB flats.

After selecting your unit, book it by paying a booking fee and signing an S&P Agreement with its developer. Payment may include CPF funds, bank loans or cash.

4. You must be a Singapore Permanent Resident (SPR) for at least 10 years

If you’re planning on purchasing an early completion condo (EC condo), be aware that certain eligibility requirements must be fulfilled. Your household income must fall below $16,000, and no other property (locally or overseas) was purchased or sold within the last 30 months.

An EC must fulfill a five-year minimum occupation period, unlike its private condominium counterpart. Unfortunately, unlike its private condominium counterpart, you cannot rent out your EC condo, however if you’re looking for long-term investment potential it might be wiser to go with an EC as it becomes privatised after ten years and is also cheaper than an HDB resale flat or private condo; CPF or bank loans may even help fund its purchase!

5. You must be a Singapore Permanent Resident (SPR) for at least 15 years

As a Singapore permanent resident, purchasing an Executive Condo (EC) can be an ideal way to own your first property. However, you must keep in mind that for the first ten years after ownership has been transferred over, they fall under HDB rules and cannot be sold or rented out without prior permission from HDB.

Given your ineligibility for CPF housing grants, this means making a larger downpayment than is typical with private condos.

Even with its restrictions, ECs can still provide great value to households looking for their own property in Singapore but do not meet the income criteria for regular HDB flats or private condos. They provide great financial flexibility.

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