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 in order 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 concerned with the Executive Condominium and an individual can condominium may be the ownership constraint. Owners of the ECs require fulfil incredibly 5 years occupation time. This restriction is similar to the HDB ownership rules. Any EC owner can sell the unit only after 5 many years of occupancy. However, the market is limited in order to the Singapore Citizens as well as the Singapore Permanent Residents. Following a EC will acquire its privatized status, it costs nothing to be sold towards foreigners. The privatized status can be acquired after 10 yrs.
Because the ECs were meant for that use of your local homebuyers who cannot afford the prices of a personal property and are generally not legible to acquire new HDB flats, the restrictions were quite structured. 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 the same subject. In addition, it is under a 99 year leasehold. The ECs are not considered as a freehold property.
Benefits of EC buyers
The EC buyers are permitted to apply for Fourth Avenue Residences your CPF Housing grants. The CPF Housing grant has its own set of eligibility considerations. To know if you are eligible, you can inquire towards Singapore presidency. The grant ranges from $10,000 to $30,000 but very much dependent around evaluation of one’s household revenues.
The high return of investment among the EC properties are definitely dependent in their location. The facilities provided the ECs are deeper the regarding amenities at the condominiums located towards the area. The Bishan Loft has been considered among the top performing ECs. Its proximity towards the Bishan MRT station is specially appealing towards the working lecture. Besides, it lies close to the Bishan Junction 8 retail center and the MacRitchie Reservoir Park.
What to buy? EC or BTO?
The ECs are created by private developers. The potential buyer of ECs are individuals that afford more than a BTO but cannot afford the price associated with private house. The BTOs are being sold set at a subsidized price so there’s no requirement to raise cash for an upfront paying. The budget and the restrictions belonging to the EC should be considered more meticulously.