Getting a HDB Flat vs Executive Condo (EC) vs Private Condo in Singapore
If you are house-shopping now and can only afford to get a new HDB BTO, then you obviously don’t have much of a choice. But if you still have time to save up and are considering an executive condo (EC) or private condo instead, then things can get a little tricky.
Apart from them being public or private, leasehold or freehold, there are quite a few key differences in terms of eligibility and financing. Here’s a helpful comparison of the 3 apartment housing types.
HDB flat vs executive condo (EC) vs private condo in Singapore (2019)
| HDB flats | Executive condominiums (EC) | Private condominiums | |
| Price | $ | $$ | $$$ |
| Lease | 99 years | 99 years | 99 years to freehold |
| Public or private | Public | Considered private after 10 years | Private |
| Minimum occupancy period (MOP) | 5 years | 5 years | None |
| Income ceiling | $7,000 to $21,000 | $16,000 | None |
| CPF housing grants | Eligible | Eligible | Not eligible |
| Mortgage | HDB or bank loan, MSR & TDSR apply | Bank loan only, MSR & TDSR apply | Bank loan only, TDSR applies |
| Who can buy | Must be eligible to apply under HDB’s BTO schemes | Must be eligible to apply under HDB’s EC schemes | Anyone |
Getting a new HDB flat is the cheapest housing option in Singapore.
Although you don’t have to be like, in extreme poverty or anything, there are nonetheless quite a few hoops you need to jump through in order to be eligible. Think strict eligibility schemes, low income ceilings, and etc.
Up one tier are the executive condominiums (ECs), which are “sandwich” flats that cater to the middle class — those who are “too rich” to apply for public housing, but still can’t quite afford a private home.
The main appeal of ECs lies in that after 10 years, it magically gets upgraded to “private” status.
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