If you’re searching for property in Bedok Singapore , an executive condominium (EC) could be the right option for you. As these hybrid housing developments transform to private properties after 10 years, ECs provide an affordable way into private condo ownership without paying full market prices for HDB flats.
1. Lower purchase price
ECs offer more affordable housing solutions than private condos, making them attractive options for many young Singaporeans. Their central locations make them easier for young professionals to access various amenities while they may also qualify for CPF housing grants.
As opposed to private condominiums, which are treated as private property from day one, ECs remain public housing for their initial ten years of ownership and must abide by HDB rules during that time. Owners must observe a Minimum Occupancy Period of five years during this time and only sell or rent out to Singapore citizens and permanent residents.
ECs are ideal for couples unable to afford private condos but with incomes that surpass the HDB income ceiling. Furthermore, as the market heats up further ECs are becoming increasingly attractive upgrades from HDB flats.
ECs are meant to meet the needs of those earning too much to qualify for HDB BTO flats but not enough for private condos. Constructed by private developers with government subsidies, these hybrid housing units require buyers to meet strict criteria such as an income ceiling and minimum occupation period (MOP).
Therefore, Executive Condos (ECs) tend to be less costly than private condos, making them a top choice among first-time homebuyers in Singapore. One such EC launched recently was Hundred Palms Residences; this development sold out within seven hours! To help you determine whether an EC is the right choice for you, our comprehensive guide on ECs provides all the facts from pros and cons through eligibility requirements, grants and means to pay.
Executive condos are an intriguing combination of public and private housing. While built and sold by private developers, their land prices are subsidised by the government making these units significantly less expensive than comparable private units with similar amenities like gyms, pools, and tennis courts.
Contrary to private condominiums, ECs are classified as public housing during their initial ten-year lifespan and cannot be sold or rented out to foreigners. Once their Minimum Occupancy Period (MOP) ends, however, these units become fully privatised and can be sold or rented to any party without restriction.
NorthOaks EC, for instance, is located just steps away from Canberra MRT station and Canberra Plaza – two places where there’s an array of restaurants – as well as Sembawang Primary and Wellington Primary schools for families with young children.
ECs typically feature amenities like clubhouses, gyms, swimming pools and parks – usually on the outskirts of Singapore to keep prices affordable but may be some distance from MRT stations.
ECs remain popular among homebuyers despite these limitations, offering the benefits associated with condominium living at an attractive cost-benefit.
ECs offer many advantages over private condos in Singapore as they can be sold to SCs and SPRs after MOP and to foreigners 10 years post TOP, expanding the potential pool of buyers significantly more than limited to Singaporeans only. This increased potential pool can lead to greater appreciation over time; another reason ECs are often chosen by investors.
5. Resale value
Condos typically offer higher capital appreciation over time. Executive condos (ECs), on the other hand, tend to be significantly less expensive and come with shorter lease agreements – making them an appealing investment opportunity.
ECs are hybrid public-private housing solutions created to address the aspirations and needs of households that exceed HDB income ceilings, yet cannot afford private property. Equipped with premium facilities and convenient locations near transportation hubs, they aim to meet the aspirations and meet needs of Singapore’s “sandwich class”.
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Owners of Extended Corp (ECs) must fulfill a five-year minimum occupancy period (MOP) from when they obtain their Temporary Occupancy Permit before selling or renting out part or all of the unit for profit or rent. For more information about resale ECs, check out PropertyGuru listings.