Executive condos (EC) are hybrid public-private housing developments designed to offer Singaporeans who exceed the income threshold for new HDB flats, yet cannot afford private condominiums, an affordable middle ground. Once fully privatised after 10 years, Executive Condos typically show excellent capital appreciation resale potential and usually boast high resale capital appreciation rates resale potential as investments.
However, homeowners are limited to a five-year minimum occupation period and must sell or rent out their units only to Singapore citizens and permanent residents; this may deter prospective buyers.
1. Lower Upfront Costs
ECs typically sell for 15-20% less than private condominiums due to government subsidies making them more affordable for Singaporeans who cannot afford one due to an income ceiling cap of $14,000.
Westwood Residences will be Jurong West’s second EC launched within 17 years after Lakelife and located within an exclusive landed enclave. Conveniently close to NTU and NUS campuses, it will make an excellent option for both professionals and students.
Singapore’s inaugural bike-themed Executive Condo (EC), this complex boasts unique facilities such as a velodrome and traffic garden in addition to standard condo amenities like swimming pools and gyms. Gek Poh and Pioneer Centre shopping options can also be found nearby.
2. Amenities
Before becoming a township in the 1960s, Jurong West was dominated by swamps and low hills tangled with thick jungle. To create industrial estates and housing developments during this timeframe.
Residents in Gek Poh can take advantage of all the amenities nearby such as Gek Poh Shopping Centre and new exciting malls like JEM, Westgate and iCube. Residents also can visit Jurong West Garden which provides an oasis with its Lakeside, Chinese, Japanese Gardens as well as Garden Promenade – perfect for relaxing!
Westwood Residences is the first EC to launch in Jurong West for 18 years, located within an exclusive landed enclave. Boasting facilities such as a 50m Olympic swimming pool, water playgrounds and tennis court – as well as being Singapore’s first bike-themed development with mini velodrome and kid’s traffic garden! – it boasts unique facilities such as its 50m Olympic swimming pool.
3. Potential for Appreciation
Though Executive Condos (ECs) typically sell for less than regular condos, the difference has narrowed in recent years and new projects in Jurong Lake District could boost capital appreciation of ECs in this region.
Executive condominiums (ECs), also known as hybrid public and private housing units first introduced in Singapore during the 90s, combine public with private living options while still offering similar amenities like swimming pools, gyms, outdoor areas and tennis courts to their more expensive counterparts. Buyers may purchase an EC using CPF funds, cash or housing loans offered by financial institutions – however to qualify they must meet occupancy periods and income ceiling requirements to purchase one before it can be sold publicly on the open market after 10 years have elapsed.
4. Restrictions on Resale and Subletting
One major drawback associated with ECs is that their minimum occupancy period (MOP) must have passed in order to sell or sublet your property, since these units are considered public housing and subject to Housing and Development Board rules until fully privatised ten years post-construction.
This restriction is in place to ensure ECs remain affordable to Singaporeans looking to upgrade from public housing but cannot afford private condominiums, but does limit who may purchase one to those meeting income and other eligibility requirements.
However, this has not put many investors off, as strict ownership criteria seem to have little impact on the investment potential of ECs. This is likely due to various property cooling measures implemented over time which have discouraged property flipping while simultaneously improving investor sentiment.
5. High Maintenance Fees
As with any home ownership, condo ownership requires monthly maintenance fees that cover the expenses related to running the building, amenities and shared facilities. These costs vary based on location, number of units owned and size of unit owned.
EC buyers pay part of the total development charge (TDC) as monthly maintenance fees in addition to paying conservancy charges for the HDB property they live in.
Westwood EC is located five minutes’ walk from Tengah MRT station and the new town centre, set to launch in 2027. Near schools and Jurong Lake District – perfect for families – it also features an exclusive landed enclave to add further exclusivity.