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 expenditure is quite affordable to the mass market.
Market and selling restrictions
The main difference involving the Executive Condominium and the non-public condominium could be the ownership restriction. Owners of the ECs require fulfil a minimum of 5 years occupation period of time. This restriction is similar to the HDB ownership rules. Any EC owner can sell the unit only after 5 regarding occupancy. However, the publication rack limited only to the Singapore Citizens and the Singapore Permanent Residents. When the 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 for the local homebuyers who can't afford the prices of a private property and are also not legible to acquire new HDB flats, the restrictions were quite severe. If you are an investor, Fourth Avenue Residences investing your money in an EC isn't favorable. The Executive Condominiums are also priced about 25% reduce the private condominiums from the same area. In addition, it is governed by a 99 year leasehold. The ECs are not considered as a freehold property.
Benefits of EC buyers
The EC buyers might apply for the CPF Housing grants. The CPF Housing grant very own set of eligibility expectations. To know if you are eligible, you can inquire on the Singapore government. The grant ranges from $10,000 to $30,000 but very much dependent on his or her evaluation of the household gross income.
The high return of investment one of several EC properties are definitely dependent in their location. The facilities provided the ECs are magnified the form of amenities offered by the condominiums located near to the area. The Bishan Loft has been considered as among the top performing ECs. Its proximity to the Bishan MRT station highly appealing towards the working class. Besides, it lies close to the Bishan Junction 8 nearby mall and the MacRitchie Reservoir Park.
What get? EC or BTO?
The ECs are created by private web developers. The potential buyer of ECs are individuals who's going to afford greater BTO but cannot pay for the price for this private condominium. The BTOs are being sold to the subsidized price so there is no need to raise cash a great upfront payments. The budget and the restrictions belonging to the EC should be thought about more properly.