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 similar 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 concerned with the Executive Condominium and in which you condominium could be the ownership restriction. Owners of the ECs to be able to fulfil incredibly 5 years occupation occasion. This restriction is similar towards the HDB ownership rules. Any EC owner can sell the unit only after 5 connected with occupancy. However, the marketplace is limited in order to the Singapore Citizens along with the Fourth Avenue Residences singapore Permanent Residents. After the EC will acquire its privatized status, it is free of charge to be sold towards foreigners. The privatized status can be acquired after 10 months.
Because the ECs were meant for your use with the local homebuyers who cannot afford the prices of a private property and are generally not legible to acquire new HDB flats, the restrictions were quite strict. If you are an investor, investing your money in an EC isn’t favorable. The Executive Condominiums are also priced about 25% lower the private condominiums in the same area. In addition, it is subject to a 99 year leasehold. The ECs are not considered being a freehold site.
Benefits of EC buyers
The EC buyers are allowed to apply for your CPF Housing grants. The CPF Housing grant has some set of eligibility expectations. To know if you are eligible, you can inquire for the Singapore govt. The grant ranges from $10,000 to $30,000 but very much dependent within the evaluation of the household revenues.
The high return of investment one of several EC properties are definitely dependent in their location. The facilities you can purchase the ECs are magnified the regarding amenities offered by the condominiums located near to the area. The Bishan Loft has been considered as among the top performing ECs. Its proximity towards the Bishan MRT station is very appealing into the working class. Besides, it lies close to the Bishan Junction 8 store and the MacRitchie Reservoir Park.
What to buy? EC or BTO?
The ECs are made by private developers. The potential buyer of ECs are individuals who can afford more than a BTO but cannot afford the price of a private house. The BTOs are being sold for the subsidized price so to be able to to raise cash a good upfront paying. The budget and the restrictions of the EC is highly recommended more properly.