Avoid buying an EC until ...

Gross Income Ceiling Requirements for Purchasing an Executive Condominium To be eligible for buying an Executive Condominium, two persons' average gross income in the previous three months for those receiving a salary must not exceed $16,000. Examples of Income Ceilings Husband A: $10K, Wife A: $6K = Monthly Income: $16K - Eligible Husband A: $10K, Wife A: $4K = Monthly Income: $14K - Eligible

Spouse A: $15K, Spouse B: $2K = $17K Monthly Income - Not Eligible
Spouse A: $10K, Spouse B: $8K = $18K Monthly Income - Not Eligible
Couple 3 and Couple 4 in the two scenarios above cannot apply for the EC or grant.

Things to Consider When Buying an EC
Information from HDB.gov.sg shows that in purchasing an EC, a MOP is required for a continuous period of five years from the date of taking possession of the unit. So, including the construction period and MOP, from booking of the EC, it may take as long as eight years or even longer due to construction delay.
If you're looking to buy an EC mainly for the grants available from the government, you may just want to invest in a private condominium instead—provided you can afford it. We do not suggest that you stretch your budget unnecessarily just to keep up with other people. One significant advantage of purchasing a private condo over an EC is that you are not bound by an MOP; you could sell the condo the day after purchase (subject to Sellers' Stamp Duty).

Grant Calculation Example
Cost of EC: $1,000,000
Grant Amount: $30,000
Percentage of Grant Relative to EC Cost: 3%

This follows from the above calculation that the grant is only 3% of the purchase price. The higher the price for an EC, the lower the percentage.

The question is whether you want to get a 3% grant, but have to wait eight years for it. $30,000 divided by eight years is roughly $3,750 per year. So, this grant should not be a factor in your decision to purchase an EC. However, if you are looking at potential appreciation, buying an EC makes perfect sense.