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 comparable 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 between the Executive Condominium and the non-public condominium is the ownership restriction. Owners of the ECs have to fulfil at a minimum 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 years of occupancy. However, the publication rack limited only to the Singapore Citizens along with the Fourth Avenue Residences singapore Permanent Residents. Following a EC will acquire its privatized status, it costs nothing to be sold towards foreigners. The privatized status can be acquired after 10 many years.
Because the ECs were meant for the use of the local homebuyers who cannot afford the prices of a non-public property and are generally not legible to acquire new HDB flats, the restrictions were quite stringent. If you are an investor, investing your money in an EC is not favorable. The Executive Condominiums are also priced about 25% when compared with the private condominiums on the same area. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered for a freehold home or property.
Benefits of EC buyers
The EC buyers should apply for the CPF Housing grants. The CPF Housing grant possesses its own set of eligibility criteria. To know if you are eligible, you can inquire towards Singapore govt. 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 in their location. The facilities you can purchase the ECs are better the kind of amenities at the condominiums located in the area. The Bishan Loft has been considered as the top performing ECs. Its proximity on the Bishan MRT station highly appealing to your working kind. Besides, it lies close to the Bishan Junction 8 nearby mall and the MacRitchie Reservoir Park.
What get? EC or BTO?
The ECs are manufactured by private developers. The potential buyer of ECs are individuals individuals afford on the BTO but cannot pay for the price on a private property. The BTOs are being sold at a subsidized price so there’s no requirement to raise cash for an upfront paying. The budget and the restrictions of the EC should be considered more completely.