The Executive Condominiums in Singapore are also in order to 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 concerned with the Executive Condominium and the individual condominium will be the ownership restriction. Owners of the ECs to be able to fulfil a minimum of 5 years occupation period. This restriction is similar to the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the sector is limited and the Singapore Citizens and also the Singapore Permanent Residents. When the EC will acquire its privatized status, it is free of charge to be sold to the foreigners. The privatized status can be acquired after 10 many years.
Because the ECs were meant for your use of the local homebuyers who cannot afford the prices of anyone property and they are not legible to acquire new HDB flats, the restrictions were quite severe. 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 on same area. In addition, it is under a 99 year leasehold. The ECs are not considered as being a freehold terrain.
Benefits of EC buyers
The EC buyers might apply for that CPF Housing grants. The CPF Housing grant has some set of eligibility criteria. To know if you are eligible, you can inquire towards the Singapore government. The grant ranges from $10,000 to $30,000 but very much dependent of the evaluation of your household gross income.
The high return of investment one of several EC properties are definitely dependent on his or her location. The facilities on offer at the ECs are much better the involving amenities offered by the condominiums located near the area. The Bishan Loft has been considered as the top performing ECs. Its proximity to your Bishan MRT station is specially appealing into the working type. Besides, it lies close to the Bishan Junction 8 retail center and the MacRitchie Reservoir Park.
What get? EC or Fourth Avenue Residences Bukit timah BTO?
The ECs are made by private developers. The potential buyer of ECs are individuals who can afford higher than a BTO but cannot pay the price for this private residence. The BTOs are being sold set at a subsidized price so there’s no requirement to raise cash a great upfront payments. The budget and the restrictions among the EC should be thought about more with care.