The Executive Condominiums in Singapore are also in order to as EC. In the past years, these HDB flats and Fourth Avenue Residences condo 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 pricing is quite affordable to the mass market.
Market and selling restrictions
The main difference in between Executive Condominium and the non-public condominium could be the ownership restriction. Owners of the ECs to be able to fulfil a smaller amount 5 years occupation occasion. This restriction is similar into the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the marketplace is limited in order to the Singapore Citizens as well as the Singapore Permanent Residents. When the EC will acquire its privatized status, it costs nothing to be sold on the foreigners. The privatized status can be acquired after 10 months.
Because the ECs were meant for that use on the local homebuyers who do not want the prices of a person property and they are not legible to acquire new HDB flats, the restrictions were quite severe. If you are an investor, investing money in an EC isn’t favorable. The Executive Condominiums are also priced about 25% reduce the private condominiums from the same area. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered as being a freehold site.
Benefits of EC buyers
The EC buyers can apply for the CPF Housing grants. The CPF Housing grant has some set of eligibility expectations. 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 within the evaluation of the household revenues.
The high return of investment among the EC properties are definitely dependent in their location. The facilities made available by the ECs are closer to the involving amenities at the condominiums located near to the area. The Bishan Loft has been considered as the top performing ECs. Its proximity to the Bishan MRT station is very appealing to your working class. Besides, it lies close to the Bishan Junction 8 local mall and the MacRitchie Reservoir Park.
What to buy? EC or BTO?
The ECs are designed by private developers. The potential buyer of ECs are individuals individuals afford higher than a BTO but cannot pay for the price on a private residence. The BTOs are being sold at a subsidized price so to be able to to raise cash a great upfront payment. The budget and the restrictions belonging to the EC might be of interest more with care.