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Are you torn between a Private Condominium and an Executive Condominium?

Most people are not able to clearly distinguish between a private condo ownership and an EC ownership. What are the criteria for ownership, cost involved, valuation potential, payment scheme and grants available. These are understood very vaguely to an extent that people might say there is little to no difference between the two. Let us break it down for you so that you can make an informed decision about your new home purchase.

Firstly, it is important to know what the fundamental difference is between a private condo and EC. ECs are an amalgam of public and private housing which are built by private developers on land that is subsidized by the Singapore government. Private condos are typically pricier than ECs and come with a wide array of facilities shared by residents such as lobby, swimming pools, gym and garden areas.

Buying a Private condominium vs Executive condominium (see table for detailed info)

Which is the smarter financial decision?

Considering the difference in appreciation and price gaps of both types of properties, purchasing an executive condo (EC) makes more financial sense. Post MOP, the equity term loan will be attractive enough to purchase a 2nd property (private) due to the potential capital appreciation. Furthermore, the price of an EC is typically 25% - 30% lower than private condominiums.

Considering the merits of both types of properties, owning an EC is great for couples starting out and those who are looking for a comfortable place to live in as it comes at a subsidized cost. Usually they are also located at prime locations. However, they do come with a number of restrictions such as Minimum Occupancy Period (MOP) and for those who are able to afford a first home at a slightly higher starting price.

Detailed info:

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