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 is one good way to enjoy luxury living. Their costs are quite affordable to the mass market.
Market and selling restrictions
The main difference between the Executive Condominium and the private condominium will be the ownership reduction. Owners of the ECs require fulfil a minimum of 5 years occupation time. This restriction is similar towards the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the sector is limited only to the Singapore Citizens along with the Fourth Avenue Residences singapore Permanent Residents. Subsequent EC will acquire its privatized status, it costs nothing to be sold on the foreigners. The privatized status can be acquired after 10 some time.
Because the ECs were meant for your use of the local homebuyers who can’t afford the prices of a private property and they are not legible to acquire new HDB flats, the restrictions were quite strict. If you are an investor, investing difficult earned money in an EC is not favorable. The Executive Condominiums are also priced about 25% less than the private condominiums in the same region. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered being a freehold terrain.
Benefits of EC buyers
The EC buyers are permitted to apply for that CPF Housing grants. The CPF Housing grant has some set of eligibility measures. To know if you are eligible, you can inquire towards Singapore government. The grant ranges from $10,000 to $30,000 but very much dependent of the 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 offered by the ECs are deeper the form of amenities at the condominiums located close to the area. The Bishan Loft has been considered as among the top performing ECs. Its proximity for the Bishan MRT station is very appealing to your working type. Besides, it lies close to the Bishan Junction 8 local mall and the MacRitchie Reservoir Park.
What shop for? EC or BTO?
The ECs are designed by private graphic designers. The potential buyer of ECs are individuals who can afford on the BTO but cannot pay for the price of one’s private apartment. The BTOs are being sold at a subsidized price so there is no need to raise cash a great upfront payments. The budget and the restrictions with the EC should be thought about more carefully.