The Executive Condominiums in Singapore are also called EC. In the past years, these HDB flats and hybrid of private property have been becoming popular among the local real estate buyers. The amenities offered by the ECs are usually to be able to that of the private properties. The ECs is one good way to enjoy luxury living. Their prices are quite affordable to the mass market.
Market and selling restrictions
The main difference involving the Executive Condominium and in which you condominium could be the ownership restriction. Owners of the ECs require fulfil a minimum of 5 years occupation period of time. This restriction is similar into the HDB ownership rules. Any EC owner can sell the unit only after 5 numerous occupancy. However, the sector is limited and the Singapore Citizens and also the Singapore Permanent Residents. Subsequent EC will acquire its privatized status, it is free to be sold for the foreigners. The privatized status can be acquired after 10 some time.
Because the ECs were meant for that use of your local homebuyers who cannot afford the prices of a personal property and they are not legible to acquire new HDB flats, the restrictions were quite upmost. If you are an investor, investing your money in an EC isn’t favorable. The Executive Condominiums are also priced about 25% reduce the private condominiums on same area. In addition, it is prone to a 99 year leasehold. The ECs are not considered like a freehold home or property.
Benefits of EC buyers
The EC buyers can apply for your CPF Housing grants. The CPF Housing grant has many set of eligibility measures. To know if you are eligible, you can inquire to the Singapore presidency. The grant ranges from $10,000 to $30,000 but very much dependent around evaluation of your household gross income.
The high return of investment one of several EC properties are definitely dependent on their own location. The facilities made available by the ECs are magnified the regarding amenities offered by the condominiums located in the area. The Bishan Loft has been considered among the top performing ECs. Its proximity on the Bishan MRT station can be quite appealing towards working class. Besides, it lies close to the Bishan Junction 8 shopping mall and Fourth Avenue Residences condo the MacRitchie Reservoir Park.
What to buy? EC or BTO?
The ECs are designed by private constructors. The potential buyer of ECs are individuals that afford greater BTO but cannot give the price of a private house. The BTOs are being sold at a subsidized price so a sensational scene to raise cash to upfront payment. The budget and the restrictions for this EC should be considered more properly.