Executive Condos vs Private Condos: What’s Right for You?

So you’ve crunched the numbers and realised your household income has nudged past the cap for a BTO flat. Congrats—that’s a good problem to have… but it also means you’re now looking at a very different playing field.

For many Singaporeans in this “sandwich class,” the two main contenders are executive condos (ECs) and private condos. Both come with pools, gyms, and that coveted condo lifestyle, but the rules, costs, and long-term prospects can feel worlds apart.

Which one should you go for? Let’s unpack the key differences so you can figure out what fits your life and your budget.

 

Executive condo vs private condo

1. Executive condo vs private condo: Key differences
2. Renting out your EC or private condo
3. How to decide between an executive condo and a private condo
4. Common pitfalls to avoid
5. Conclusion

 

1. Executive condo vs private condo: Key differences

Eligibility and rules

ECs are designed for Singaporeans in the “sandwich class”—those earning too much for BTOs but not enough for high-end condos.

Here’s how you can qualify for an EC:

• Your household income must be $16,000/month or less, and you’ll need to meet HDB family or singles schemes.
• You must live in your EC for at least 5 years before renting or selling, and you can only sell to Singaporeans/PRs until the 10-year mark, when it becomes fully private.

Private condos, on the other hand, have no such restrictions. Anyone from Singaporeans, PRs, to foreigners can buy or rent them immediately.

Costs and financing

Executive condos are usually 20–30% cheaper than nearby private developments. Prices today range from around $800k–$1.5M, and you may qualify for CPF Housing Grants of up to $30,000. Do note that only bank loans are allowed (no HDB loans), and you’re subject to both the Mortgage Servicing Ratio (MSR) and Total Debt Servicing Ratio (TDSR).

Meanwhile, private condos typically start from $1M++ in comparable areas. Financing rules are slightly more flexible since MSR doesn’t apply, only TDSR.

Here’s a nifty table summing up the cost differences between both:

Aspect	Executive Condo (EC)	Private Condo
Typical Price Range (New Launch)	~$800k – $1.5M (20–30% cheaper than comparable private condos)	~$1M++ (varies widely, higher for central/prime locations)
Downpayment Requirement	25% of purchase price (min 5% cash, 20% CPF/cash)	25% of purchase price (min 5% cash, 20% CPF/cash)
Loan Type	Bank loan only (HDB loans not allowed)	Bank loan only
Loan-to-Value (LTV) Limit	Up to 75% (if no outstanding loan)	Up to 75% (if no outstanding loan)
Mortgage Servicing Ratio (MSR)	Applies—max 30% of monthly income can be used for housing loan repayment	Not applicable
Total Debt Servicing Ratio (TDSR)	Applies—max 55% of monthly income across all loans (housing, car, credit cards, etc.)	Applies—max 55% of monthly income across all loans
CPF Housing Grants	Up to $30,000 (for first-timer Singaporean households, subject to income ceiling)	Not applicable
Buyer’s Stamp Duty (BSD)	Payable (same rates as private property; e.g. up to 6% for high-value properties)	Payable (same rates)
Additional Buyer’s Stamp Duty (ABSD)	Payable if buying second/subsequent property (same as private property rules)	Payable if buying second/subsequent property
Seller’s Stamp Duty (SSD)	Applies if sold within first 3 years	Applies if sold within first 3 years
Monthly Maintenance (MCST fees)	~$250–$400 (depending on project)	~$300–$600+ (higher for luxury/prime condos)
Long-Term Value Growth	Typically sees sharp uplift after 10 years (when EC becomes fully private)	Prices influenced by market cycles; central/prime locations often see steadier demand

Lifestyle and flexibility

Both ECs and private condos offer modern facilities such as pools, gyms, BBQ pits, and 24-hour security. The difference lies mainly in their location.

• ECs are often located further from central areas (e.g., Tampines North, Tengah), with longer commutes, but still give you condo-style living at a friendlier price point. You can check out the list of available executive condo developments and their locations on PropertyGuru.
• Private condos offer a wider range of locations, including prime districts, and full freedom to rent or sell anytime (though SSD applies if sold within 3 years).

 

2. Renting out your EC or private condo

Thinking of renting instead of living in?

Maybe you’re not ready to settle down, or perhaps you’re eyeing your property purely as an investment. In Singapore, that decision plays out very differently depending on whether you own an EC or a private condo. One gives you rental freedom from day one, the other makes you wait years before you can collect your first tenant’s cheque.

Executive condos: Delayed but powerful upside

For EC buyers, the resale journey is a marathon, not a sprint. You’ll need to serve a 5-year Minimum Occupation Period (MOP) before selling, and until year 10 you can only sell to Singaporeans or PRs. The big payoff often comes after privatisation—once foreigners can enter the market, demand widens and prices can see a sharp jump. Many ECs have doubled in value by their 10th year.

Private condos: Flexibility from day one

Private condos don’t have MOP rules. Owners can rent out immediately or sell anytime (though Seller’s Stamp Duty applies if sold within the first 3 years). This makes them far more liquid in the short term, especially in prime districts where rental demand from expats and PRs is strong. However, their growth is more tied to general market cycles—you won’t get the same “subsidy lift” that ECs enjoy after 10 years.

Rental restrictions vs open market

ECs can’t be rented out fully during the MOP, so they’re not suitable if your plan is to earn rental income quickly. By contrast, private condos can be rented from day one, often fetching higher yields if located near business hubs, MRT stations, or international schools.

 

3. How to decide between an executive condo and a private condo

Choosing between an EC and a private condo isn’t just about preference—it comes down to what fits your finances, eligibility, and lifestyle goals. Here’s a simple way to break it down:

Step 1: Check your eligibility

• If your household income is $16,000/month or below, you may qualify for an EC (plus CPF grants).
• If you’re above the cap, or if you’re a PR/foreigner, a private condo is your only option.

Step 2: Work out your budget and financing

• ECs are cheaper upfront and come with grants, but bank loans are subject to both MSR (30%) and TDSR (55%). This may limit your loan size and require more cash/CPF.
• Private condos have higher price tags, but only TDSR applies — which means financing may be easier if you have strong income and lower existing debt.

Step 3: Consider your timeline and flexibility

• If you can commit to living in the property for at least 5 years, and you’re okay with only selling to Singaporeans/PRs until year 10, an EC can be a smart long-term play.
• If you need the flexibility to rent or sell quickly, a private condo is more suitable—but beware of Seller’s Stamp Duty if sold within 3 years.

 

4. Common pitfalls to avoid 

Before you jump into a purchase, it helps to know where other buyers have slipped up. ECs and private condos each come with their own fine print, and overlooking the details can cost you in the long run. Here are the common traps to watch out for.

Grant clawbacks on ECs
Many first-time EC buyers forget that CPF housing grants must be refunded (with accrued interest) when they eventually sell their unit. This means your cash proceeds may be lower than you expect if you’re already counting on that money for your next home.

Minimum occupation and resale rules
An EC comes with a 5-year MOP. During this time, you must live in it and cannot rent or sell it. Even after the MOP, until the 10-year mark, you can only sell to Singaporeans or PRs. Buyers who want flexibility to exit quickly often find these restrictions too tight.

Loan size capped by MSR
EC buyers are subject to the MSR, which limits loan repayments to 30% of monthly income. This often reduces the maximum loan amount you can secure, requiring a larger upfront cash or CPF outlay than expected.

Stamp duties on private condos
While private condos have fewer restrictions, don’t overlook stamp duties. The SSD applies if you sell within 3 years, with rates as high as 12% of the sale price. This can easily wipe out short-term profits if you were hoping to flip the property.

Here are the rates in 2025:

How long you’ve owned the property	SSD rate
Up to 1 year	12%
More than 1 year, up to 2 years	8%
More than 2 years, up to 3 years	4%
More than 3 years	SSD not applied

Ongoing costs beyond the mortgage
Monthly commitments don’t stop at loan instalments. Maintenance (MCST) fees typically range from $250 to $600, and higher-end projects can cost even more. Add in property tax and routine repairs, and it’s easy to underestimate the long-term monthly burn.

 

5. Conclusion

At the end of the day, the “right” choice isn’t about which option looks better on paper, but which one fits your life right now.

For some, an EC is the perfect stepping stone—affordable enough to get onto the property ladder, with the promise of solid returns once it fully privatises. For others, a private condo makes more sense. It offers the freedom to rent, sell, or upgrade without waiting years, even if it comes with a heftier price tag.

Just like in relationships, there’s no one-size-fits-all answer. The smarter move is the one that matches your income, your timeline, and the lifestyle you picture for yourself in the next decade.

And if you’re still weighing the options? Take a look at what’s available, whether that’s the latest executive condo launch or a private apartment for rent. The numbers matter, but in the end, it’s about finding a place you can truly call home.

 

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This article was first drafted with the help of AI and later reviewed and refined by the author.

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About the author

Tay Jin Heok aspires to join the ranks of financial titans like Scrooge McDuck and Mr. Krabs, though he’s still perfecting their knack for turning pennies into fortunes. A self-proclaimed personal finance enthusiast, he has generously decided to share his insights into the money world with his readers. When he’s not demystifying finance, you’ll find him sweating it out in online multiplayer games or scrolling aimlessly through social media.