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 comparable 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 between the Executive Condominium and the private condominium could be the ownership concern. Owners of the ECs in order to be fulfil at a minimum 5 years occupation occasion. This restriction is similar into the HDB ownership rules. Any EC owner can sell the unit only after 5 regarding occupancy. However, the information mill limited only to the Singapore Citizens as well as the Singapore Permanent Residents. Following a EC will acquire its privatized status, Fourth Avenue Residences condo it costs nothing to be sold for the foreigners. The privatized status can be acquired after 10 many years.
Because the ECs were meant for that use of the local homebuyers who cannot afford the prices of anyone property and they are not legible to acquire new HDB flats, the restrictions were quite severe. If you are an investor, investing cash in an EC isn’t favorable. The Executive Condominiums are also priced about 25% as compared to the private condominiums globe same area. In addition, it is subject to a 99 year leasehold. The ECs are not considered being a freehold site.
Benefits of EC buyers
The EC buyers might 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 for the Singapore govt. The grant ranges from $10,000 to $30,000 but very much dependent on the evaluation of your household gross income.
The high return of investment on the list of EC properties are definitely dependent over their location. The facilities you can purchase the ECs are better the kind of amenities at the condominiums located close to the area. The Bishan Loft has been considered among the top performing ECs. Its proximity for the Bishan MRT station is specially appealing to the working kind. Besides, it lies close to the Bishan Junction 8 nearby mall and the MacRitchie Reservoir Park.
What get? EC or BTO?
The ECs are designed by private developers. The potential buyer of ECs are individuals who can afford on the BTO but cannot pay for the price for this private property. The BTOs are being sold at a subsidized price so there is no need to raise cash a good upfront paying. The budget and the restrictions for this EC should be thought about more properly.