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 for you to that of the private properties. The ECs are certainly one good way to enjoy luxury living. Their expense is quite affordable to the mass market.
Market and selling restrictions
The main difference involving the Executive Condominium and in which you condominium is the ownership restriction. Owners of the ECs in order to be fulfil incredibly 5 years occupation period. This restriction is similar for the HDB ownership rules. Any EC owner can sell the unit only after 5 regarding occupancy. However, the marketplace is limited only to the Singapore Citizens along with the Singapore Permanent Residents. Marriage ceremony EC will acquire its privatized status, it cost nothing to be sold for the foreigners. The privatized status can be acquired after 10 yrs.
Because the ECs were meant for that use for the local homebuyers who cannot afford the prices of a personal property and are generally not legible to acquire new HDB flats, the restrictions were quite stringent. If you are an investor, investing money in an EC isn’t favorable. The Executive Condominiums are also priced about 25% less than the private condominiums in the same region. In addition, it is under a 99 year leasehold. The ECs are not considered being a freehold home or Fourth Avenue Residences Bukit timah property.
Benefits of EC buyers
The EC buyers should apply for the CPF Housing grants. The CPF Housing grant possesses its own set of eligibility values. To know if you are eligible, you can inquire towards the Singapore government. The grant ranges from $10,000 to $30,000 but very much dependent within the evaluation of one’s household revenues.
The high return of investment one of several EC properties are definitely dependent on their own location. The facilities on offer at the ECs are closer to the involving amenities at the condominiums located in the area. The Bishan Loft has been considered as one of the top performing ECs. Its proximity towards the Bishan MRT station is very appealing towards working training session. Besides, it lies close to the Bishan Junction 8 shopping mall and the MacRitchie Reservoir Park.
What get? EC or BTO?
The ECs are put together by private graphic designers. The potential buyer of ECs are individuals to afford more than a BTO but cannot pay the price for this private residence. The BTOs are being sold near a subsidized price so there’s no requirement to raise cash the upfront payment amount. The budget and the restrictions with the EC should be considered more with care.