Singapore’s Executive Condominiums (EC) are commonly known as EC. Over the last few years, local property buyers have increasingly been interested in these HDB apartments and hybrids of private properties. The ECs offer amenities that are comparable to private properties. The ECs provide a good opportunity to live in luxury. They are very affordable by the masses. See Altura EC for get more info.
Restriction on the market and sales The biggest difference between Executive Condominiums and private condominiums is their ownership restrictions. The EC owners must complete a 5 year minimum occupation period. It is the same as HDB’s ownership regulations. After five years, EC owners can no longer sell their unit. Only Singapore Citizens and Singapore Permanent Residents are allowed to purchase the EC. After the EC acquires its privatized state, they are free to sell to the Foreigners. It is possible to acquire the privatized state after 10 years.
For the local homebuyers, who are unable to afford private properties and cannot also purchase new HDB apartments, the restrictions for ECs have been quite tight. Investing in ECs is not a wise investment for investors. They are priced at about 25% lower than comparable private condominiums. The lease term is 99 years. The ECs cannot be considered a “freehold” property.
The benefits of EC Buyers
CPF Housing Grants are available for EC purchasers. CPF Housing has its own criteria for eligibility. Singapore can tell you if you’re eligible. Grants range between $10,000 and $30,000, but are heavily dependent on the assessment of household gross income.
Their location is a key factor for determining whether EC properties offer a high rate of return on investment. The amenities provided by ECs is similar to what you would find in nearby condos. Bishan loft is one of top-performing ECs. Working class people are attracted by its proximity to Bishan MRT Station. It’s also near the MacRitchie Reservoir Park, the Bishan Junction8 shopping mall.