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 comparable 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 among the Executive Condominium and an individual can condominium will be the ownership concern. Owners of the ECs in order to be fulfil a minimum of 5 years occupation frame of time. This restriction is similar to the 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 and also the Singapore Permanent Residents. Following a 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 your use of your 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 strict. If you are an investor, investing your money in an EC isn’t favorable. The Executive Condominiums are also priced about 25% as compared to the private condominiums on the same zone. In addition, it is subject to a 99 year leasehold. The ECs are not considered as a freehold home or property.
Benefits of EC buyers
The EC buyers are permitted to apply for that CPF Housing grants. The CPF Housing grant very own set of eligibility measures. To know if you are eligible, you can inquire on the Singapore presidency. The grant ranges from $10,000 to $30,000 but very much dependent of the evaluation of one’s household gross income.
The high return of investment one of several EC properties are definitely dependent over their location. The facilities on offer at the ECs are better the regarding 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 working class. Besides, it lies close to the Bishan Junction 8 store and the MacRitchie Reservoir Park.
What to buy? EC or BTO?
The ECs are put together by private web developers. The potential buyer of ECs are individuals who’s going to afford more than a BTO but cannot pay the price for this private property. The BTOs are being sold for the subsidized price so there is no need to raise cash for an upfront paying. The budget and Fourth Avenue Residences Bukit timah the restrictions belonging to the EC is highly recommended more properly.