3 Key Differences between an Executive Condominium and a Private Condominium

Property Posted on September 7, 2018

Both types of apartments have the word “condominium” in them but what exactly differentiates them apart?

  1. Eligibility
Executive Condominium Private Condominium
Citizenship Singapore Citizen
Age At least 21 years old, or 35 years old if applying under the Joint Singles scheme At least 21 years old
Monthly Income S$14,000 and below
Ownership Do not own any property within the last 30 months
Family Nucleus Scheme ·       Public

·       Fiancé/Fiancée

·       Orphans

·       Joint Singles

 

  1. Housing Grants

When applying for an executive condominium, you may be eligible for up to S$30,000 in housing grants. What about a private condominium? Nothing.

  1. Minimum Occupation Period

According to the Housing & Development Board, there is a MOP of 5 years for Executive Condominiums. On the other hand, since private condominiums are not under the care of the government, there is no MOP. This means that you can sell or rent out your private condominium unit any time after purchase.

Deciding on which type of condominium to buy is ultimately up to the individual’s or couple’s financial situation and plans. If you have the money and are looking to invest, private condominiums are the way to go. Contact Us to secure the lowest mortgage loan for your purchase.