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 comparable 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 involving the Executive Condominium and the non-public condominium will be the ownership limitation. Owners of the ECs require fulfil a minimum of 5 years occupation period. This restriction is similar for the HDB ownership rules. Any EC owner can sell the unit only after 5 numerous occupancy. However, the market is limited only to the Singapore Citizens and the Singapore Permanent Residents. Following a EC will acquire its privatized status, it cost nothing to be sold on the foreigners. The privatized status can be acquired after 10 yrs.
Because the ECs were meant for that use on the local homebuyers who do not want the prices of a non-public property and they are not legible to acquire new HDB flats, Fourth Avenue Residences the restrictions were quite severe. If you are an investor, investing your money in an EC is not favorable. The Executive Condominiums are also priced about 25% as compared to the private condominiums on same subject. In addition, it is under a 99 year leasehold. The ECs are not considered being a freehold home or property.
Benefits of EC buyers
The EC buyers might apply for that CPF Housing grants. The CPF Housing grant has some set of eligibility expectations. To know if you are eligible, you can inquire on the Singapore united states government. The grant ranges from $10,000 to $30,000 but very much dependent on his or her evaluation of one’s household revenues.
The high return of investment among the EC properties are definitely dependent on their own location. The facilities offered by the ECs are closer to the form of amenities presented the condominiums located near the area. The Bishan Loft has been considered as one of the top performing ECs. Its proximity towards the Bishan MRT station highly 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 put together by private graphic designers. The potential buyer of ECs are individuals individuals afford more than a BTO but cannot pay the price associated with private property. The BTOs are being sold to the subsidized price so there’s no requirement to raise cash for an upfront paying. The budget and the restrictions for this EC should be thought about more carefully.