Executive condominiums (ECs), created specifically to appeal to the “sandwich class,” provide an affordable middle ground between public housing and private condos. Constructed by private developers, ECs feature all of the same facilities found in full-fledged condos but come at subsidised prices through CPF housing grants.

As home prices soar, upgraders have turned more towards ECs as an affordable housing option. But should you purchase one yourself?

1. Location

At 398 Kallang Road in District 12, this premium waterfront condominium offers convenient access to an abundance of amenities. Residents can enjoy shopping, dining and entertainment options nearby at Kallang Wave Mall and Suntec City; additionally it is situated close to schools and parks for families with school-going children.

If you’re considering purchasing an EC property, it is essential that you fully comprehend its advantages and disadvantages. These hybrid properties combine the best aspects of private condos with public housing in prime locations with quality facilities like swimming pools and concierge services at a more economical price point than private condos.

However, ECs come with restrictions regarding their sale or rental; only Singapore citizens and permanent residents are eligible to buy them. While these limitations can be problematic for some buyers, their effects can often be offset by appreciation in value over time.

2. Amenities

Kallang offers many amenities that will contribute to an ideal lifestyle, from restaurants and shopping centres to parks and sports facilities – you will find all you need right here! Additionally, Kallang’s convenient public transport links mean it is easy to access any part of town no matter your location.

Kallang residents love Kallang for its sports dome and Singapore Sports Hub facilities, which offer recreational activities for everyone in the family such as swimming, tennis, gym and Jacuzzi sessions.

Kallang boasts many restaurants and cafes serving an array of cuisines, providing perfect locations to stop for quick meals or long lunches with friends. Furthermore, this area boasts shopping malls offering clothing, shoes, accessories and guitar stores; you may even find one or two within its larger malls!

3. Security

While Singapore housing typically falls into two distinct categories – public and private – executive condominiums (EC) are an exception. They are allocated by the government but built by private property developers, and offer similar facilities to private condos at lower costs than their private counterparts – making EC an attractive choice for first-time homebuyers.

ECs were initially designed to serve those earning above the income ceiling for BTO flats but less than that for private home ownership. Since private home prices are now beyond $1,200 per square foot mark, ECs have quickly gained popularity among upgraders.

Any individuals hoping to purchase an Executive Condo must fulfill certain criteria, such as creating a family nucleus comprising two Singapore citizens or one Singapore citizen and Permanent Resident. Furthermore, EC owners must occupy their unit for at least five years prior to selling or renting out the unit.

4. Financing

EC buyers must abide by the income ceiling rules applicable to their chosen scheme, which cannot exceed $16,000 monthly as household earnings. They also need either to apply as single SCs or include another member who qualifies as either SC or SPR applicants and meet both age and CPF contribution criteria.

Contrary to private condos, which are considered private properties from day one, ECs are public housing properties for the first ten years before becoming fully privatised – this means homeowners must abide by strict rules set forth by the Housing and Development Board (HDB), such as not renovating or renting out their properties within five years.

Buyers who decide to purchase an EC home have two payment plans available to them, Normal Payment Scheme and Progressive Payment Scheme. Under Progressive Payment Scheme, payments may be split out over multiple milestones – such as when the foundation is complete and reinforced concrete framework installed – in addition to making one lump sum payment for their entire home’s price.