The Executive Condominiums in Singapore are also in order to as 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 pricing is quite affordable to the mass market.
Market and selling restrictions
The main difference involving the Executive Condominium and in which you condominium will be the ownership constraint. Owners of the ECs have to fulfil the equivalent of 5 years occupation period. This restriction is similar to your HDB ownership rules. Any EC owner can sell the unit only after 5 many years of occupancy. However, the marketplace is limited only to the Singapore Citizens as well as the Singapore Permanent Residents. After the EC will acquire its privatized status, it is provided for free to be sold on the foreigners. The privatized status can be acquired after 10 years.
Because the ECs were meant for Fourth Avenue Residences that use on the local homebuyers who can’t afford the prices of anyone property and are also not legible to acquire new HDB flats, the restrictions were quite structured. If you are an investor, investing difficult earned money in an EC is not favorable. The Executive Condominiums are also priced about 25% as compared to the private condominiums on same area. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered as a freehold property.
Benefits of EC buyers
The EC buyers should apply for the CPF Housing grants. The CPF Housing grant has its own 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 within the evaluation of the household gross income.
The high return of investment among the EC properties are definitely dependent in their location. The facilities provided the ECs are deeper the involving amenities supplied by the condominiums located near to the area. The Bishan Loft has been considered as the top performing ECs. Its proximity towards the Bishan MRT station highly appealing into the working lecture. Besides, it lies close to the Bishan Junction 8 store and the MacRitchie Reservoir Park.
What to buy? EC or BTO?
The ECs are designed by private developers. The potential buyer of ECs are individuals who’s going to afford greater BTO but cannot pay the price associated with private apartment. The BTOs are being sold to the subsidized price so there is no need to raise cash a great upfront payment amount. The budget and the restrictions of the EC is highly recommended more completely.