The Executive Condominiums in Singapore are also known 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 similar to that of the private properties. The ECs are one good way to enjoy luxury living. Their expenditure is quite affordable to the mass market.
Market and selling restrictions
The main difference in between Executive Condominium and Fourth Avenue Residences in which you condominium will be the ownership restriction. Owners of the ECs to be able to fulfil at a minimum 5 years occupation period. This restriction is similar to your HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the sector is limited and the Singapore Citizens along with the Singapore Permanent Residents. Subsequent EC will acquire its privatized status, it cost nothing to be sold into the foreigners. The privatized status can be acquired after 10 some time.
Because the ECs were meant for your use of your local homebuyers who cannot afford the prices of a non-public property and are also 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% as compared to the private condominiums globe same zone. In addition, it is prone to a 99 year leasehold. The ECs are not considered as a freehold yard.
Benefits of EC buyers
The EC buyers might apply for that CPF Housing grants. The CPF Housing grant has some set of eligibility values. To know if you are eligible, you can inquire towards Singapore powers that be. The grant ranges from $10,000 to $30,000 but very much dependent around evaluation of the household gross income.
The high return of investment one of several EC properties are definitely dependent on their own location. The facilities you can purchase the ECs are much better the form of amenities supplied by the condominiums located near the area. The Bishan Loft has been considered as one of the top performing ECs. Its proximity to your Bishan MRT station can be quite appealing to the working class. Besides, it lies close to the Bishan Junction 8 shopping mall 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 can afford higher than a BTO but cannot spend the money for price of a private house. The BTOs are being sold set at a subsidized price so there is no need to raise cash for an upfront payment amount. The budget and the restrictions of the EC might be of interest more meticulously.