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 pricing is quite affordable to the mass market.
Market and selling restrictions
The main difference in between Executive Condominium and the private condominium may be the ownership restriction. Owners of the ECs have to fulfil incredibly 5 years occupation time. This restriction is similar for the HDB ownership rules. Any EC owner can sell the unit only after 5 regarding occupancy. However, the marketplace is limited in order to the Singapore Citizens and the Fourth Avenue Residences singapore Permanent Residents. When the EC will acquire its privatized status, it is free of charge to be sold towards foreigners. The privatized status can be acquired after 10 yrs.
Because the ECs were meant for your use of your local homebuyers who can’t afford the prices of a person 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 in the same subject. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered as a freehold yard.
Benefits of EC buyers
The EC buyers are allowed to apply for your CPF Housing grants. The CPF Housing grant has many set of eligibility criteria. To know if you are eligible, you can inquire for the Singapore powers that be. The grant ranges from $10,000 to $30,000 but very much dependent around evaluation of the household revenues.
The high return of investment one of several EC properties are definitely dependent over their location. The facilities made available by the ECs are better the form of amenities at the condominiums located towards the area. The Bishan Loft has been considered as one of the top performing ECs. Its proximity for the Bishan MRT station rrs incredibly appealing towards working lecture. Besides, it lies close to the Bishan Junction 8 nearby mall and the MacRitchie Reservoir Park.
What shop for? EC or BTO?
The ECs are manufactured by private developers. The potential buyer of ECs are individuals to afford greater BTO but cannot pay the price of one’s private condominium. The BTOs are being sold at a subsidized price so there’s no requirement to raise cash a great upfront payment amount. The budget and the restrictions with the EC should be considered more completely.