The Executive Condominiums in Singapore are also known 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 one good way to enjoy luxury living. Their prices are quite affordable to the mass market.
Market and selling restrictions The main difference between the Executive Condominium and the private condominium is the ownership restriction. Owners of the ECs have to fulfil a minimum of 5 years occupation period. This restriction is similar to the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the market is limited only to the Singapore Citizens and the Singapore Permanent Residents. After the EC will acquire its privatized status, it is free to be sold to the foreigners. The privatized status can be acquired after 10 years.
Because the ECs were meant for the use of the local homebuyers who cannot afford the prices of a private property and are also not legible to acquire new HDB flats, the restrictions were quite strict. If you are an investor, investing your money in an EC is not favorable. The Executive Condominiums are also priced about 25% less than the private condominiums in the same area. In addition, it is subject to a 99 year leasehold. The ECs are not considered as a freehold property.
Benefits of EC buyers The EC buyers are allowed to apply for the CPF Housing grants. The CPF Housing grant has its own set of eligibility criteria. To know if you are eligible, you can inquire to the Singapore government. 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 among the EC properties are definitely dependent on their location. The facilities offered by the ECs are closer to the kind of amenities offered by the condominiums located near 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 to the working class. Besides, it lies close to the Bishan Junction 8 shopping 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 who can afford more than a BTO but cannot afford the price of a private condominium. The BTOs are being sold at a subsidized price so there is no need to raise cash for an upfront payment. The budget and the restrictions of the EC should be considered more carefully.
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