EXECUTIVE CONDOMINIUMS AND OTHER HOUSING OPTIONS IN SINGAPORE

Abstract

The sharp increase in residential property prices has pushed private housing out of the reach of many Singaporeans. This has led to the introduction of the Executive Condominium Scheme by the government to meet the aspirations of its citizen to own private homes. This dissertation attempts to make a comparison of the various housing options like resale executive HDB flats, executive HDB flats, HUDC apartments, lower-end private condominiums and executive condominiums. Taking into consideration, the financial and non-financial aspects faced by an executive HDB flat applicant. A survey was carried out to find out the factors the respondents take into consideration when making a housing choice. The survey showed that private residential properties will remain the most favoured housing choice for Singaporeans. However, executive HDB flats are the most affordable form of housing available, given their relatively low prices and that they require little cash requirement upfront. On the other hand, executive condominiums, though not enjoying any competitive advantages either financially or non-financially over the other housing options, is considered the next best alternative for people wanting to own private homes. Interestingly, the executive condominium scheme received poor response from the invited applicants in the executive HDB flat queue. This could be due to the allocation system of executive condominiums, the limited choice of available location and the reluctance of applicants who are near the front of the executive flat queue to switch over. Finally, recommendations for further research on this topic are suggested.