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 are one good way to enjoy luxury living. Their prices are quite affordable to the mass market.
Market and selling restrictions
The main difference concerned with the Executive Condominium and an individual can condominium is the ownership concern. Owners of the ECs to be able to fulfil a minimum of 5 years occupation time. This restriction is similar to your HDB ownership rules. Any EC owner can sell the unit only after 5 many years of occupancy. However, the marketplace is limited in order to the Singapore Citizens and the Singapore Permanent Residents. After the EC will acquire its privatized status, it is free to be sold into the foreigners. The privatized status can be acquired after 10 months.
Because the ECs were meant for the use for the local homebuyers who do not want the prices of a private 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 isn’t favorable. The Executive Condominiums are also priced about 25% as compared to the private condominiums globe same aspect. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered like a freehold home or property.
Benefits of EC buyers
The EC buyers are allowed to apply for that CPF Housing grants. The CPF Housing grant has many set of eligibility values. 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 on his or her evaluation of the household gross income.
The high return of investment one of several EC properties are definitely dependent over their location. The facilities made available by the ECs are deeper the involving amenities at the condominiums located close to the area. The Bishan Loft has been considered as among the top performing ECs. Its proximity on the Bishan MRT station highly appealing towards working class. Besides, it lies close to the Bishan Junction 8 store and Fourth Avenue Residences Bukit timah the MacRitchie Reservoir Park.
What shop for? EC or BTO?
The ECs are made by private graphic designers. The potential buyer of ECs are individuals to afford greater BTO but cannot spend the money for price for this private property. The BTOs are being sold at a subsidized price so to be able to to raise cash to upfront paying. The budget and the restrictions of the EC is highly recommended more completely.