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In Singapore, Executive Condominiums (ECs) and private condominiums are both forms of strata-titled housing that offer facilities like swimming pools, gyms and security. However, they differ in several key areas, particularly in terms of ownership eligibility, pricing, government regulation, and resale conditions.
| Aspect | HDB Executive Condominium (EC) | Private Condominium |
|---|---|---|
| Eligibility | Only for Singapore Citizens (with family nucleus); income ceiling of S$16,000 | Open to Singaporeans, PRs, and foreigners; no income ceiling |
| Ownership Rules | Must be owner-occupied for first 5 years (MOP); restrictions until year 10 | No Minimum Occupation Period; can rent or sell anytime |
| Price | 20–30% cheaper at launch due to subsidies | Higher prices; no government subsidy |
| Location | Usually in non-mature or suburban areas | Often in prime or central areas |
| Facilities | Condo-style (pool, gym, security), slightly less premium | Full suite of condo facilities; may include concierge etc. |
| Resale Restrictions | Can only sell to Singaporeans/PRs after 5 years; open market after 10 years | No restrictions on buyer nationality |
| Investment Potential | Strong long-term appreciation after privatisation | Flexible investment with rental and resale opportunities |
Ownership and Eligibility
HDB Executive Condominiums are a hybrid of public and private housing. They are developed and sold by private developers but are subsidised by the government during the initial launch. As such, only Singaporean citizens are eligible to buy a brand-new EC, and buyers must form a family nucleus under schemes such as the Public, Fiance/Fiancée or Joint Singles Scheme. There are also income ceilings (currently set at S$16,000 per household per month) and no concurrent ownership of other property is allowed at the time of application.
Private condominiums, on the other hand, are open to Singaporeans, Permanent Residents, and foreigners, with no income ceiling or family nucleus requirements. Buyers of private condos can also own other properties.
Cost and Prices
ECs are generally more affordable than private condominiums. This is due to government subsidies, lower land costs, and eligibility restrictions that limit demand. For example, new ECs are usually priced 20% to 30% lower than nearby private condominiums. However, after the Minimum Occupation Period (MOP) of 5 years, and particularly after the 10-year mark when they are fully privatised, ECs may experience significant capital appreciation and narrow the price gap with condos.
If you were to observe the prices of ECs across the board, you’ll notice that prices of HDB Executive Condominiums (ECs) do catch up with private condos after the initial 5-year Minimum Occupation Period (MOP), and even more so when they are fully privatised 10 years after purchase.
At privatisation, all the EC projects became profitable. How much money owners made depended on the ECs’ locational attributes and surrounding supply at the time of sale. ECs’ rental yield may also be on par with condominiums’ rental rates.
However, other costs such as stamp duties, maintenance fees, and taxes should also be considered.
Restrictions and Resale
A new EC comes with HDB-like restrictions: it must be owner-occupied for the first 5 years (MOP), during which it cannot be sold or rented out entirely. After the 5-year period, it can be sold on the resale market, but only to Singaporeans and PRs. Full privatisation occurs after 10 years, at which point it becomes like any private condo and can be sold to foreigners without restriction.
Private condominiums, by contrast, have no MOP. Owners can rent out or sell the unit anytime, subject only to the terms of the tenancy or the sale agreement.
Location and Amenities
While both property types typically offer modern facilities, condominiums are often found in more central or premium locations, whereas ECs tend to be built in non-mature estates or outer regions like Punggol, Sengkang or Tengah. Condos may also have more premium finishes and services such as concierge or valet parking, which are rare in EC developments.
Investment Potential
For those who meet the eligibility criteria, ECs offer a strong value proposition. They allow middle-income Singaporeans to enjoy condo-style living at a subsidised entry price, with good potential for capital gains after full privatisation. However, investors looking for greater flexibility, immediate rental income, or access to more central locations may prefer private condominiums, despite the higher cost.