What is HDB EC and Condo
What to Buy? An HDB, Executive Condominium or a Private Condominium?
Executive condominiums or ECs are basically a unique kind of subsidized housing scheme in Singapore. Since the income of the local population has started to rise, numerous residents of Singapore have found out that they are no longer eligible for the HDB flats since the income ceiling for these flats is S$12,000. Such residents that can’t afford to purchase a private condo then turn to the executive condominiums.
The executive condominium is just a cross between the private condominium and the HDB flat. These executive condominiums are developed by private developers and are even sold by them. However, the condo is restrained by the rules and regulations of the HDB flat. People that usually turn towards the executive condo are those that earn too high and they are illegible for the HDB flat. But they don’t earn enough for a private condo.
Differences between the three:
The biggest difference between the HDB and the executive condo is that the purchase from HDB takes place from the official HDB while the purchase of an executive condo is done from a private developer.
When it comes to the appearance, the HDB is easily distinguishable from an executive condo while private condos and executive condos look almost alike. The executive condo comes with gated premises and security and consists of numerous amenities like BBQ pits, multi-purpose halls, and swimming pools. An HDB flat contains none of these amenities. One other difference is that an executive condo obviously costs way more the HDB does.
On the other hand, executive condos and private condos are quite the same with similar facilities such as gyms and swimming pools and security. Often, the executive condos are considered to be a cheaper kind of private condo. However, there are minor differences as well.
Perhaps the biggest differences between the two are prices and ownership restrictions. An executive condo is considered a private poverty after its 11th year. On the other hand, the private condo is a private property from the beginning. Furthermore, the private condos per square cost more than the executive condos.
Additionally, for buying a private condominium, there is no minimum age. So, as long as you have the ability to afford a private condominium, you should buy it. However, if you are less than 21 years old and don’t have the money for a private condo, then the only two options available for you are HDB flats or executive condos. However, these two options depend on your income as well as your legibility in different programs. If you’re an investor then buying a private condo will allow you to sell it later at a comparatively higher price.