The Executive Condominiums in Singapore are also in order to 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 for you to that of the private properties. The ECs are certainly 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 may be the ownership reduction. Owners of the ECs in order to be fulfil the equivalent of 5 years occupation occasion. This restriction is similar for the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the publication rack limited in order to the Singapore Citizens and also the Singapore Permanent Residents. After the EC will acquire its privatized status, it is free of charge to be sold for Fourth Avenue Residences Bukit timah the foreigners. The privatized status can be acquired after 10 years.
Because the ECs were meant for your use for the local homebuyers who cannot afford the prices of anyone property and tend to be not legible to acquire new HDB flats, the restrictions were quite strict. If you are an investor, investing your money in an EC isn’t favorable. The Executive Condominiums are also priced about 25% lower the private condominiums from the same aspect. In addition, it is governed by a 99 year leasehold. The ECs are not considered like a freehold property.
Benefits of EC buyers
The EC buyers are permitted to apply for your CPF Housing grants. The CPF Housing grant has its own set of eligibility measures. To know if you are eligible, you can inquire towards Singapore govt. The grant ranges from $10,000 to $30,000 but very much dependent on his or her evaluation of one’s household gross income.
The high return of investment among the EC properties are definitely dependent in their location. The facilities you can purchase the ECs are closer to the kind of amenities offered by the condominiums located in the area. The Bishan Loft has been considered as one of the top performing ECs. Its proximity to the Bishan MRT station is very appealing towards the working training session. 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 manufactured by private constructors. The potential buyer of ECs are individuals to afford higher than a BTO but cannot afford the price of a private condominium. The BTOs are being sold at a subsidized price so to be able to to raise cash to upfront payments. The budget and the restrictions belonging to the EC should be thought about more meticulously.