What are Executive Condominiums?
Executive condominiums (EC), are a type of subsidized housing unique to Singapore. With incomes rising among the local population, some Singaporeans and Permanent Residents (PR) have found themselves not being eligible for HDB flats because of the S$14,000 household income ceiling for HDBs, but yet can’t really afford a private condo. These people caught ‘in the middle’ are those who tend to go for ECs in Singapore which have a household income ceiling of S$16,000 for executive condominiums.
ECs are developed and sold by private developers, but are constrained by HDB rules and restrictions. ECs can only be sold in the open market after the buyer has completed the minimum occupation period (MOP) of five years. After 10 years, it becomes fully privatised like a condominium and can be sold to foreigners. EC buyers can enjoy HDB Grants and the EC will have all the frills of mass-market condominiums.
Piermont Grand in Punggol (District 19) is a premier luxury executive condominium that encompasses 820 units within 13 blocks of 17 storey high residences. Piermont Grand is a 99-year lease waterfront development and is a joint venture between CDL Constellation Pte Ltd and TID Residential Pte Ltd. Piermont Grand is built on a sprawling site area of 27,056.4 sqm, slated for completion in 2023.
Three, possibly four upcoming Executive Condominium launches in 2020
|Location||Successful Tenderer||Name of EC|
|Anchorvale Crescent||Evia Real Estate (8) Pte Ltd & Gamuda (Singapore) Pte Ltd||Ola|
|Tampines Ave 10||Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd||–|
|Canberra Link||MCC Land (Singapore) Pte Ltd||–|
|Canberra Link||Hoi Hup Realty Pte Ltd and Sunway Developments Pte||Parc Canberra|
Parc Canberra (District 27) is set to become Sembawang’s upcoming luxurious unveiling. Located on Canberra Link, this 496-unit condominium is developed by Hoi Hup Realty and Sunway Group. Parc Canberra sprawls on a 194,187 sqft site area and is on a 99 year lease. With a selection of spacious unit choices ranging between 2-5 bedroom, Parc Canberra is the epitome of opulence. Estimated completion is between 2022 to 2023.
Ola Executive Condominium (Launch in 2020)
OLA is a new launch Executive Condominium situated at Anchorvale Crescent, Sengkang (District 19). The land has a total of 184,462 sqft and is developed by Evia Real Estate and Gamuda Land. Within walking distance about 100m to Cheng Lim LRT Station, the development is also near to eateries, shopping malls and leisure zones.
Canberra Link Executive Condominium (Launch in 2020)
Tampines Ave 10 Executive Condominium (Launch in 2020)
Hoi Hup Sunway will develop an EC development of up to 700 units on this 24,938sqm site which can yield up to a maximum of 69,829sqm GFA. The site provides a rare opportunity to develop a luxury EC development within the matured estate of Tampines. As the last EC launched in the eastern region was in 2012, there is a pent-up demand for this asset class that is in limited supply in the east as well as the entire island of Singapore.