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 similar to that of the private properties. The ECs are one good way to enjoy luxury living. Their expense is quite affordable to the mass market.
Market and selling restrictions
The main difference involving the Executive Condominium and the individual condominium is the ownership restriction. Owners of the ECs have to fulfil a smaller amount 5 years occupation frame of time. This restriction is similar towards the HDB ownership rules. Any EC owner can sell the unit only after 5 numerous occupancy. However, the publication rack limited in order to the Singapore Citizens and the Singapore Permanent Residents. Following a EC will acquire its privatized status, it costs nothing to be sold for the foreigners. The privatized status can be acquired after 10 years.
Because the ECs were meant for your use with the local homebuyers who can’t afford the prices of a personal property and they are not legible to acquire new HDB flats, the restrictions were quite structured. If you are an investor, investing funds in an EC is not favorable. The Executive Condominiums are also priced about 25% as compared to the private condominiums in the same zone. In addition, Fourth Avenue Residences it is subject to a 99 year leasehold. The ECs are not considered as a freehold property.
Benefits of EC buyers
The EC buyers can apply for the CPF Housing grants. The CPF Housing grant possesses its own set of eligibility expectations. To know if you are eligible, you can inquire towards the Singapore powers that be. The grant ranges from $10,000 to $30,000 but very much dependent of the evaluation of your household revenues.
The high return of investment one of several EC properties are definitely dependent on their location. The facilities provided the ECs are better the kind of amenities offered by the condominiums located in the area. The Bishan Loft has been considered as the top performing ECs. Its proximity to your Bishan MRT station is specially appealing to the working kind. Besides, it lies close to the Bishan Junction 8 shopping mall and the MacRitchie Reservoir Park.
What obtain? EC or BTO?
The ECs are made by private constructors. The potential buyer of ECs are individuals that afford greater BTO but cannot pay for the price of a private condominium. The BTOs are being sold set at a subsidized price so to be able to to raise cash to upfront payment amount. The budget and the restrictions with the EC should be considered more meticulously.