The Executive Condominiums in Singapore are also known as EC. In the past years, Fourth Avenue Residences 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 costs are quite affordable to the mass market.
Market and selling restrictions
The main difference in between Executive Condominium and the private condominium may be the ownership reduction. Owners of the ECs to be able to fulfil the equivalent of 5 years occupation frame of time. This restriction is similar to the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the information mill limited in order to the Singapore Citizens and also the Singapore Permanent Residents. When the EC will acquire its privatized status, it is free of charge to be sold for the foreigners. The privatized status can be acquired after 10 many years.
Because the ECs were meant for the use with the local homebuyers who cannot afford the prices of a non-public property and they are not legible to acquire new HDB flats, the restrictions were quite severe. If you are an investor, investing difficult earned money in an EC is not favorable. The Executive Condominiums are also priced about 25% less than the private condominiums on same area. In addition, it is subject to a 99 year leasehold. The ECs are not considered as being a freehold site.
Benefits of EC buyers
The EC buyers are allowed to apply for that CPF Housing grants. The CPF Housing grant has some set of eligibility values. To know if you are eligible, you can inquire towards the Singapore govt. The grant ranges from $10,000 to $30,000 but very much dependent within the evaluation of the household gross income.
The high return of investment on the list of EC properties are definitely dependent on their location. The facilities offered by the ECs are better the involving amenities supplied 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 can be quite appealing towards the working training session. Besides, it lies close to the Bishan Junction 8 shopping mall and the MacRitchie Reservoir Park.
What get? EC or BTO?
The ECs are made by private graphic designers. The potential buyer of ECs are individuals who’s going to afford more than a BTO but cannot spend the money for price of a private apartment. The BTOs are being sold near a subsidized price so there’s no requirement to raise cash to upfront payment. The budget and the restrictions of the EC might be of interest more properly.