99.co guides: Everything to know about paying for an Executive Condo

If you’re looking to live the high life but on a slightly lower budget, the Executive Condominium (EC) might be what you’re looking for. The public-private hybrid housing scheme is fast becoming the top choice of housing for Singaporeans, combining the aesthetics and facilities of a private condominium with the price tag closer to that of an HDB flat.

But as alluring as that sounds, it’s really important that you do the adult thing and first determine whether or not you’ll be able to afford the payments when they come due.

Payment Schemes

There are two types of payment schemes available to prospective EC purchasers:

1. Normal Payment Scheme (NPS); and
2. Deferred Payment Scheme (DPS)

Under the NPS, buyers make instalment payments on the property each time the developer hits certain pre-set milestones in its construction – kind of like a reward system. This usually works out to a payment of about 5 – 10 per cent on the purchase price of the property every 6 months or so.

As the name suggests, the DPS allows buyers to push back the timing of the payments. Instead of making small payments every few months, DPS buyers need only pay 20 per cent of the purchase price at the outset, while the remaining 80 per cent is paid once the project is completed (about 3 years after).

While the DPS may seem the obvious choice, it usually comes with a higher price tag of about 2 – 3 per cent as compared to buying under the NPS. As such, it’s usually better to go with the NPS, unless you’re not confident with being able to keep up with the NPS payment timings, or you think you can put the money to better use in the meantime (investing it in TOTO doesn’t count!).

Notably, the Ministry of National Development (MND) announced several major revisions to Singapore’s EC scheme on 8 May 2026, with one of the most impactful changes being the removal of the DPS for all future EC sites launched under the 1H2026 Government Land Sales (GLS) programme onwards. The last batch of ECs available under DPS is expected to see heightened interest from buyers hoping to secure an EC before the policy changes fully take effect.

Normal Payment Scheme (Illustration)

Let’s take the example of the newlywed couple Ayesha and Michael.

They are first-timer applicants with a combined income of $8,000/month who are looking to purchase a 3-Room EC, with a purchase price of $800,000. They have $10,000 in their CPF accounts and find that they qualify for a Family Grant of $30,000.

They’ve gone with their bank-recommended counsel, who have agreed to charge $2,500 for the transaction, and will be obtaining their valuation report at $214.

Since it’s their first and only loan, they are entitled to obtain a loan for up to 80 per cent of the purchase price from the bank.

Here’s how their payments would go under the NPS:

Assuming they wish to pay the EC instalments via a bank loan, here’s what their financial obligation would look like:  

Bank Loan: $640,000

Cash Requirement:  $181,314 ($821, 314 – $640,000)

Deferred Payment Scheme (Illustration)

Now, let’s see how the finances work out if Ayesha and Michael decide to pay via DPS instead.

Let’s assume the DPS requires a premium of 3 per cent on the purchase price; the new purchase price would then be $824,000.

Under the DPS, Ayesha and Michael will need to come up with the first $164,800 in cash, which would (like under the NPS) be subject to reimbursement later on.

Once that is paid, however, they do not need to worry about making any further instalment payments on the property until 3 years after, when the payments start becoming due.

Assuming they wish to pay the EC instalments via a bank loan, here’s what their financial obligation would look like:

Bank Loan: $659,200
Cash Requirement after reimbursement and payment through CPF:  $206,034 ($846, 034 – $659,200)

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