Parc Life EC is a new ec in Sembawang Crescent. Executive Condominium, or EC, are a type of housing in Singapore. First built in 1994, EC is a hybrid of public and private housing. They resemble private condominiums and are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds and so forth. They are also built and sold by private developers, but at a price lower than private homes because their land prices are subsidised by the Government. Additionally, buyers can take Central Provident Fund (CPF) grants to pay for an EC bought from a developer.
Hence an EC is subject to some regulations that apply to HDB flats.
For direct purchases from a developer, there is a minimum occupancy period of five years; during which the EC cannot be sold or rented out whole. After five years, the EC can only be sold to Singaporeans or Singaporean Permanent Residents (PRs). Only when the development reaches ten years old can it be sold to foreigners.
Some of the top demands EC in 2015 are Wanderview EC, Criteria Executive Condo, Lakelife EC and Westwood Residences EC in Jurong, Sol Acres EC in Choa Chu Kang, SkyPark Residences and Parc Life EC in Sembawang!
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