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 is one good way to enjoy luxury living. Their expenditure is quite affordable to the mass market.
Market and selling restrictions
The main difference concerned with the Executive Condominium and in which you condominium is the ownership restriction. Owners of the ECs to be able to fulfil the equivalent of 5 years occupation frame of 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 and also the Singapore Permanent Residents. When the EC will acquire its privatized status, it cost nothing to be sold for the foreigners. The privatized status can be acquired after 10 months.
Because the ECs were meant for the use of the local homebuyers who can’t afford the prices of anyone property and tend to be not legible to acquire new HDB flats, the restrictions were quite structured. If you are an investor, investing money in an EC isn’t favorable. The Executive Condominiums are also priced about 25% lower the private condominiums on the same zone. 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 can apply for that CPF Housing grants. The CPF Housing grant very own set of eligibility considerations. To know if you are eligible, you can inquire on the Singapore govt. The grant ranges from $10,000 to $30,000 but very much dependent on the evaluation of the household gross income.
The high return of investment among the EC properties are definitely dependent on his or her location. The facilities provided the ECs are closer to the form of amenities supplied by the condominiums located in the area. The Bishan Loft has been considered as one of the top performing ECs. Its proximity towards the Bishan MRT station is very appealing to the working lecture. Besides, it lies close to the Bishan Junction 8 nearby 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’s going to afford eco-friendly tea’s health benefits BTO but cannot pay for the price on a private residence. The BTOs are being sold at a subsidized price so there’s no requirement to raise cash to upfront payment. The budget and Fourth Avenue Residences Bukit timah the restrictions with the EC is highly recommended more completely.