The Outlook For Executive Condominiums In Singapore
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 certainly one good way to enjoy luxury living. Their expense is quite affordable to the mass market.
Market and selling restrictions
The main difference between the Executive Condominium and the individual condominium is the ownership limitation. Owners of the ECs require fulfil at a minimum 5 years occupation period of time. This restriction is similar for the HDB ownership rules. Any EC owner can sell the unit only after 5 regarding occupancy. However, the publication rack limited in order to the Singapore Citizens along with the Singapore Permanent Residents. Following a EC will acquire its privatized status, it is free of charge to be sold into the foreigners. The privatized status can be acquired after 10 yrs.
Because the ECs were meant for that use for the local homebuyers who cannot afford the prices of a non-public property and are also not legible to acquire new HDB flats, the restrictions were quite upmost. If you are an investor, investing your money in an EC is not favorable. The Executive Condominiums are also priced about 25% less than the private condominiums globe same zone. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered as a freehold site.
Benefits of EC buyers
The EC buyers should apply for that CPF Housing grants. The CPF Housing grant has many 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 your household revenues.
The high return of investment on the list of EC properties are definitely dependent on his or Fourth Avenue Residences her location. The facilities on offer at the ECs are closer to the kind of amenities you can buy from the condominiums located near the area. The Bishan Loft has been considered as the top performing ECs. Its proximity to the Bishan MRT station is specially appealing into the working training session. Besides, it lies close to the Bishan Junction 8 retail center and the MacRitchie Reservoir Park.
What to buy? EC or BTO?
The ECs are designed by private web developers. The potential buyer of ECs are individuals to afford more than a BTO but cannot afford the price of one’s private property. The BTOs are being sold set at a subsidized price so there’s no requirement to raise cash a good upfront charge. The budget and the restrictions of the EC should be considered more meticulously.
