How Much Income is Needed to Buy an Executive Condo in Singapore?

Executive condominiums (ECs) in Singapore offer a unique living experience. They fall between public housing and private condos. For middle-income Singaporeans who want more than public housing but can’t afford a private condo, ECs are the answer. To own an EC, you need to meet specific income and eligibility rules.

This guide will tell you about buying an executive condo in Singapore. We’ll talk about things like the income needed, loans, grants, and costs. It’s all about payment plans that make ECs more accessible to the right buyers.

Key Takeaways

  • Executive condominiums (ECs) in Singapore are a unique type of residential property that bridges the gap between public housing and private condominiums.
  • ECs offer a more affordable option for middle-income Singaporeans who exceed the income ceiling for HDB flats but cannot afford a private condo.
  • To purchase an EC, there are specific income requirements and eligibility criteria that buyers must meet.
  • The income needed to buy an EC depends on factors like property prices, loan requirements, grants, and resale levies.
  • Careful assessment of one’s financial capabilities and eligibility is crucial when considering an EC purchase.

Understanding Executive Condominiums (ECs) in Singapore

Executive Condominiums (ECs) are special homes in Singapore. They mix public housing with private condos. For the first decade, they follow public housing rules, governed by the HDB. After that, they become fully private. This means owners can then sell or rent to anyone, even people from other countries.

What is an Executive Condo?

An Executive Condominium (EC) in Singapore is like a hybrid home. It takes the best parts of public housing (like HDB flats) and luxury condos. They are made by private companies but follow certain rules for the first 10 years. These rules help make sure they’re available to folks who meet certain income criteria.

Key Differences Between a New EC and a Resale EC

What sets a new from a resale EC apart are who can own them and the rules they must follow:

  • New ECs: These new ECs must follow HDB’s rules for 10 years. This includes who can buy them and when they can be sold or rented. Once this first decade is over, they turn fully private. Then, anyone can buy or rent them.
  • Resale ECs: Resale ECs have finished their 10-year public housing period. Now, they are just like private condos. There are no more limits on who can own or rent them. This is the main difference.

After the 10 years, new ECs turn into fully private homes. They are no longer under strict HDB rules. But resale ECs don’t face these rules since they are already private properties. This is the big difference between them, especially in how they are regulated by the HDB.

Eligibility Criteria for Purchasing an EC

To buy an executive condominium (EC) in Singapore, there are specific rules from the Housing and Development Board (HDB) you must follow. The main requirements are:

Income Ceiling Requirements

Prospective buyers seeking an EC should earn less than $16,000 a month. This limit includes both the buyer’s and their spouse’s income. It also counts if you’re using the fiancé/fiancée scheme.

Property Ownership Rules

If you’re interested in an EC, you shouldn’t already own a home in Singapore or any other country. This rule holds whether you own it alone, with a partner under certain conditions, or inherited the property. You must also avoid buying another home for 30 months after you get your EC.

Minimum Occupation Period (MOP)

Anyone who buys an EC must live in it for at least 5 years before they can rent or sell it. This 5-year minimum is to keep ECs being used by their owners and not for quick, speculative gains.

“How much must you earn to buy an executive condo in Singapore?”

To afford an executive condominium in Singapore, you need to think about a few things. First, you should figure out the monthly payments by looking at the prices and different loan options. This helps you know how much you’ll need to pay every month and how big your loan should be.

Estimating Monthly Instalments and Loan Quantum

The cost of your home, how much you pay upfront, and the loan interest rate decide your monthly payments. You can use an HDB loan or go to a bank. Remember, you can borrow up to 75% of the home’s cost, but you need to pay the rest as a downpayment.

Mortgage Servicing Ratio (MSR) Requirements

Buyers also need to keep in mind the mortgage servicing ratio (MSR). This is the biggest portion of your monthly income that can go towards your mortgage. Currently, this limit is 30% of your total income. So, your monthly home payment can’t be more than 30% of your salary.

Resale Levy for Second-Timers

If you bought a subsidized HDB flat or an executive condo before, there’s something else to think about. You might need to pay a resale levy when you buy a new executive condo. This impacts your budget and what you can afford. It’s an extra cost to consider when planning your purchase.

Buying an EC as a Single or Joint Singles

Singles in Singapore face challenges buying an EC. They can’t purchase a new unit alone. Instead, they apply under the Joint Singles Scheme. This lets them co-apply with another eligible single. This other person must be a Singaporean citizen or a permanent resident who is at least 35 years old.

Eligibility for Singles

To join the Joint Singles Scheme, you must meet certain conditions. First, both applicants need to be single, widowed, or divorced citizens or permanent residents. Also, at least one person must be at least 35 years old.

  • The combined monthly income of the applicants can’t be over a specific limit.
  • Neither of you should have owned any property in the last 30 months.

Downpayment Requirements for Resale ECs

Buying a resale EC comes with its own set of challenges for singles. You’ll usually have to put up a 20% downpayment. At least 5% of this should come from your own CPF savings. The rest, up to 15%, can be covered by a mix of bank loans, CPF, and cash.

This payment barrier is a big deal for many solo buyers. It highlights the need to plan your finances before jumping in. But with the right approach, singles can find a way to buy an EC. They can do this either through the Joint Singles Scheme or by understanding and preparing for the costs involved in purchasing a resale EC.

CPF Housing Grants and Financing Options

Buying a new executive condominium (EC) in Singapore comes with a big perk, CPF housing grants. If it’s your first time, you could get up to $30,000 in grants. The actual amount you receive depends on how much your household income is. This makes new ECs more affordable for many in Singapore.

CPF Housing Grants for New ECs

These CPF housing grants are meant to lower the initial costs for eligible buyers. The grant amount varies by household income. With higher incomes, you get less. You’re allowed to use your CPF savings for down payments, stamp duties, and other fees. This makes buying an EC more budget-friendly.

Loan Requirements and Loan-to-Value (LTV) Limits

Besides CPF grants, buyers can look into financing options like HDB loans and bank loans. The rules, like loan requirements and loan-to-value (LTV) limits, vary by lender and your finances. For an EC, most buyers need to put down at least 25% of the property’s value themselves.

Financing OptionLoan RequirementsLoan-to-Value (LTV) Limit
HDB LoanMinimum monthly household income of $2,50090% of property value
Bank LoanMinimum monthly household income of $4,50075% of property value

It’s important to know your financing options and loan requirements before buying an EC in Singapore. Thinking about your finances and what you can get from CPF housing grants is key. It helps you find the best way to get the home you want.

Pros and Cons of Investing in an EC

Choosing an executive condominium (EC) in Singapore means looking at the good and the bad. ECs can give a strong long-term investment potential to smart investors. But they are a unique kind of housing, so understanding them is key.

Evaluating the Long-Term Investment Potential

Owning an EC has a big perk – capital appreciation over the years. At first, ECs are like public housing, following HDB’s strict rules. But after the needed 10-year minimum occupation period (MOP), they become fully private. This change can make their resale value rise, giving owners more ways to sell, even to foreigners.

Another plus is that ECs usually cost less than private condos. This makes them a good investment option for those stepping into the property marketIt’s especially good for first-time home buyers or people with medium income levels.

Comparing ECs to BTO Flats and Private Condos

Comparing ECs to BTO flats and private condos in Singapore shows clear differences in affordability, amenities, and investment potential.

FactorsBTO FlatsExecutive CondosPrivate Condos
AffordabilityMost affordableModerately affordableLeast affordable
AmenitiesBasicComparable to private condosExtensive
Investment PotentialLimitedModerate to highHighest

The choice to invest in an EC should consider your money situation, plan, and the property market future. By weighing the costs and benefits, you can choose what’s best for your investment goals and how much risk you can handle.


To buy an executive condominium (EC) in Singapore, you need to wisely look at your money and what you’re allowed. Your salary plays a big part in this, along with how much the EC costs, loan rules, and the mortgage ratio. Make sure you fit within the income limit, follow the property rules, and meet the minimum stay period set by the Housing and Development Board (HDB).

Before you go and like to know more, please check out EC Home ,new executive condo for sale ,ec north gaia ,who can buy executive condo ,loan calculator for mortgage ,ec ,ec

As a first-timer or someone buying again, it’s key to grasp all funding choices. This includes CPF grants and loans. These help set your spending plan and loan. Also, think about the EC’s investment worth in the long run. This can guide your choice between an EC, BTO flats, or private condos, making sure your buy suits your housing dreams and budget.

Understanding what it takes to qualify and financially support buying an EC is crucial. It means many in Singapore with average earnings can aim for their ideal home. With smart planning and the right approach, owning an EC becomes a promising dream for many in Singapore.


What is an executive condominium (EC) in Singapore?

An Executive Condominium (EC) in Singapore is a mix of public and private housing. It’s built by private developers but for the first 10 years, it acts like public housing. After 10 years, it becomes fully private. This lets owners sell or rent to wider groups, even foreigners.

What are the key differences between a new EC and a resale EC?

New ECs and resale ECs have differences. New ECs follow HDB’s rules for the first decade, acting like public housing. Resale ECs are treated as fully private from the start. Buying criteria and rules like who can own them may change too.

What are the income ceiling requirements for purchasing an EC in Singapore?

To buy an EC, your family can’t make more than S$16,000 a month. For singles, it’s S$7,000 monthly. These limits are set by HDB in Singapore.

What are the property ownership rules for buying an EC?

For an EC in Singapore, you should not own any other home, local or overseas. Also, you can’t have sold a home in the last 30 months before applying for an EC.

What is the Minimum Occupation Period (MOP) for an EC?

When you buy an EC, you must live in it for 5 years. Then, you can sell or rent it out. This 5-year period is the Minimum Occupation Period (MOP).

How is the monthly instalment and loan quantum calculated for an EC purchase?

When buying an EC, your monthly instalment and loan size depend on the home’s cost and loan types. You need to follow MSR rules, so your monthly payments fit in certain limits.

What is the resale levy for second-time EC buyers?

If you’ve bought a new EC before and now want a resale one, you’ll pay a resale levy. This payment helps keep EC prices fair and prevents misuse of the EC scheme’s benefits.

Can singles buy an EC in Singapore?

Singles can’t buy a new EC on their own. They must use the Joint Singles Scheme. This means they apply with another single citizen or PR who is at least 35.

What CPF housing grants are available for new EC buyers?

First-time buyers of new ECs might get CPF housing grants up to S$30,000, depending on income. These grants lower the EC’s cost for those who qualify.

What are the pros and cons of investing in an EC in Singapore?

Investing in an EC offers a lower cost than private condos and similar amenities. It can also gain value when it becomes fully private after 10 years. However, there are limits on income, who can own an EC, and a 5-year wait before selling or renting.