If you are considering purchasing your first home in Bishan Singapore but find private condos too costly, an executive condominium (EC) might be your perfect solution. Subsidised by the government and sold after 5-year Minimum Offer Periods have expired to Singaporeans and permanent residents alike after qualifying for CPF housing grants, an EC could provide an affordable and convenient home option.
1. They are more affordable than private condos
Singaporeans often struggle to decide between purchasing a private condominium and an executive condo when looking for new property. Both options offer many of the same benefits of owning private property; however, executive condos tend to be more cost-effective for middle class households due to government subsidies for developers of executive condos versus their private counterparts.
Additionally, ECs have lower upfront and maintenance fees than private condos, and are eligible for government’s deferred payment scheme which allows homebuyers to make installment payments against purchase price at key milestones such as completion of foundation or reinforced concrete framework.
ECs offer an ideal way to purchase property without breaking the bank, though you must first meet eligibility requirements: being a Singapore citizen with monthly income under $16,000 and not owning other properties within three years are necessary for an EC application.
2. They are a public-private housing option
Though developed and marketed as condominiums by private property developers, ECs are considered public housing for their first 10 years of operation, following HDB rules that govern HDB flats. After this time has lapsed, they become fully private properties which may then be sold or rented out to wider pools of buyers including foreigners.
ECs provide an ideal balance of public and private amenities, including gyms and pools, at an economical price point – making them the perfect solution for people on tight budgets.
For optimal results when purchasing an Executive Condo (EC) in Singapore, register early. Doing so allows you to take advantage of Early Bird discounts and government subsidies as well as priority when booking units. Furthermore, payments for the EC may be split over installments: for each milestone in the project you may be required to pay an all or some percentage of its total cost.
3. They are a good investment
Many Singaporeans aspire to owning an executive condo as it represents a good investment opportunity. These properties are affordable and boast access to numerous amenities like schools, parks and shopping malls; furthermore they’re popular among middle-income Singaporeans who cannot afford private condos and they even benefit from CPF grants that reduce the overall costs.
However, before investing in an EC it’s essential to understand its advantages and disadvantages. First off, they are considered public housing for 10 years; once this period expires they may be sold as private property.
Additionally, ECs tend to offer shorter lease terms than private condominiums and thus may not be appropriate for investors who plan to resell the property later. Still, an EC may still make for an excellent long-term investment if you intend on becoming a homeowner; otherwise you should probably opt for something else such as a private condo.
4. They are a good shelter for families
ECs offer families looking for luxury lifestyle without paying high private property prices the ideal solution. Furthermore, ECs tend to appreciate in value over time while being subsidised by the government so their sale usually occurs at more competitive prices than privately-owned condos in similar areas.
First-time buyers looking to take advantage of CPF Housing Grants may also consider buying an EC as it provides more room to take advantage of this type of housing option. Before making any final decisions about an EC purchase, however, it is wise to carefully weigh its advantages and disadvantages before making your choice.
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ECs tend to be smaller than condos and may impose greater restrictions when renting or selling portions of the unit. Yet they still provide many advantages, including lower purchase prices and access to state-of-the-art amenities; making them a popular option among Singaporeans.