The Outlook For Executive Condominiums In Singapore
The Executive Condominiums in Singapore are also called 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 are one good way to enjoy luxury living. Their expenditure is quite affordable to the mass market.
Market and selling restrictions
The main difference among the Executive Condominium and the individual condominium could be the ownership constraint. Owners of the ECs have to fulfil at a minimum 5 years occupation period of time. This restriction is similar towards the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the publication rack limited and the Singapore Citizens and also the Singapore Permanent Residents. After the EC will acquire its privatized status, it costs nothing to be sold to the foreigners. The privatized status can be acquired after 10 yrs.
Because the ECs were meant for the use on the local homebuyers who can’t afford the prices of a personal property and are generally not legible to acquire new HDB flats, the restrictions were quite strict. If you are an investor, Fourth Avenue Residences investing cash in an EC isn’t favorable. The Executive Condominiums are also priced about 25% reduce the private condominiums in the same region. In addition, it is under a 99 year leasehold. The ECs are not considered for a freehold home or property.
Benefits of EC buyers
The EC buyers are permitted to apply for the CPF Housing grants. The CPF Housing grant possesses its own set of eligibility considerations. 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 on the evaluation of your household revenues.
The high return of investment on the list of EC properties are definitely dependent on their location. The facilities offered by the ECs are much better the involving amenities presented the condominiums located near the area. The Bishan Loft has been considered among the top performing ECs. Its proximity to the Bishan MRT station highly appealing into the working lecture. Besides, it lies close to the Bishan Junction 8 nearby mall and the MacRitchie Reservoir Park.
What shop for? EC or BTO?
The ECs are put together by private constructors. The potential buyer of ECs are individuals that afford on the BTO but cannot afford the price of one’s private apartment. The BTOs are being sold at a subsidized price so there is no need to raise cash a good upfront charge. The budget and the restrictions among the EC should be considered more completely.
