The Executive Condominiums in Singapore are also since 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 costs are quite affordable to the mass market.
Market and selling restrictions
The main difference concerned with the Executive Condominium and the private condominium may be the ownership limitation. Owners of the ECs in order to be fulfil at a minimum 5 years occupation period. This restriction is similar towards the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the marketplace is limited and the Singapore Citizens and the Singapore Permanent Residents. After the EC will acquire its privatized status, it is provided for free to be sold for Fourth Avenue Residences the foreigners. The privatized status can be acquired after 10 months.
Because the ECs were meant for your use of the local homebuyers who can’t afford the prices of a person property and they are not legible to acquire new HDB flats, the restrictions were quite stringent. If you are an investor, investing money in an EC isn’t favorable. The Executive Condominiums are also priced about 25% when compared with the private condominiums from the same zone. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered for a freehold property.
Benefits of EC buyers
The EC buyers are permitted to apply for your CPF Housing grants. The CPF Housing grant possesses its own set of eligibility criteria. To know if you are eligible, you can inquire on the Singapore powers that be. The grant ranges from $10,000 to $30,000 but very much dependent around evaluation of one’s household gross income.
The high return of investment on the list of EC properties are definitely dependent on their location. The facilities offered by the ECs are magnified the form of amenities presented the condominiums located towards the area. The Bishan Loft has been considered among the top performing ECs. Its proximity on the Bishan MRT station rrs incredibly appealing towards the working class. 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 manufactured by private developers. The potential buyer of ECs are individuals individuals afford greater BTO but cannot spend the money for price associated with private property. The BTOs are being sold at a subsidized price so there’s no requirement to raise cash a great upfront charge. The budget and the restrictions with the EC is highly recommended more carefully.