EC’s Are Designed for Own-Stay Purposes

The executive condo (EC) is one of the greatly prominent housing categories in Singapore. So, any luxurious upcoming condo could be a tremendous chance for you to never miss out! Want a perfect example? Look no further than Tengah Garden EC.

They are extra ‘atas’ than HDB flats and correlated to private condominiums. EC’s are additional attractively priced and appear with similar installations and designs.

So, without bringing your brain to explode, we’ll be clarifying all there is to understand about an EC

What Is an Executive Condo (EC)?

Known as the “sandwich flat”, an EC is a public-private residence hybrid catered for middle-income Singaporeans who don’t have entitlement to an HDB flat due to the earnings ceiling cap but deem private condominiums extremely expensive.

ECS is generated and sold by private developers but is subsidized by the state. As such, while they have condo-like characteristics such as swimming pools, gyms, clubhouse, and a nicer layout, they are reasonable compared to private condos.

The flip viewpoint of being a mixed development nonetheless is that ECs are deemed HDB properties for the initial 10 years, which implies they’re spanned by HDB’s rules.

Executive Condos Are Cheaper Than Private Condos

Everyone wants to purchase things at a discount right?

When you purchase an executive condo, you’re purchasing a condo that is subsidized by the government.

This implies not just are you buying at a barely reasonable price, but you’ll moreover get to enjoy installations generally found in condos such as BBQ pits, swimming pools, tennis courts, function cabins, and gyms. ECs like Tengah Garden EC furthermore come with completely readied kitchens and bathrooms, as well as finishings that are identical to private condos.

On the lid of that, you can furthermore take benefit of the CPF Housing Grants, which are useful to help counteract the cost.

ECs get privatised post 10th Year, With basically Good Value

Sure, the first 10 years might be a little a grip, but once the 5-year MOP interval is up, you can sell it (just to SCs or PRs), or rent it out.

From the 11th year onward, ECs will be privatized, which implies you can sell them to exotic buyers.

Furthermore, the value of ECs commonly gets better over the years. Know that when you purchase an EC, you’re purchasing at a subsidized rate. Nonetheless, once the estate slams the MOP and the 11th year, the capital gains are normally elevated compared to resale condos.

ECS Are Designed for Own-Stay Purposes

Because of the eligibility standards, ECs are targeted at owner-occupiers (buyers who acquire and reside in the house), which is relatively different from private condos, as it persuades investors as well. This is the reason why it usually commences from three-bedroom units, whilst private condos generally have one-bedrooms.

As such, EC units are commonly larger than private condos, but the demographic generally comprises local families, whilst private condos are additional diverse.

In closing

Homeownership is usually the foundation of an average man’s development in net worth. Your home will have a stunning consequence on your standard of living, so select wisely and begin your research early to assist you to make the nicest feasible judgments. Good luck walking into your new home.