Singaporean Executive Condominiums, or EC, are also called Executive Apartments. Local real estate investors have started to take interest in the HDB Flats as well as the hybrid private property. The ECs have amenities comparable to those found on private properties. The ECs is a way to have a luxury lifestyle. These ECs can be purchased by anyone. On Altura EC site plan you can learn more.
A restriction on sales and market is the biggest difference between Executive condos and Private condominiums. Owners of ECs need to fulfill a five-year occupation requirement. This is similar to HDB owner rules. Only after 5 years can an EC unit be sold. But the only Singapore Citizens are the Singapore Permanent residents. The EC may be freely sold to foreigners once it acquires privatized status. After ten years the EC can acquire its privatized statut.
The ECs’ restrictions were very strict because the ECs were intended for use by homebuyers in the area who can not afford private homes and do not qualify to own new HDB units. Investing your money into an EC may not make sense if you’re an investment. In addition, the Executive Condominiums cost around 25% less than other private condominiums. Additionally, the Executive Condominiums are subject to 99 year leasehold. The ECs will not be considered a real estate freehold.
Benefits to EC buyers
CPF Housing grants can be applied for by EC buyers. CPF Housing grant eligibility is determined by its own set criteria. Singapore Government can help you determine if the grant is for you. This grant can range anywhere from $3,000 to $10,000, depending on how much your family earns.
Location has a direct impact on the return that EC properties can offer. The amenities of the ECs and the nearby condominiums are very similar. Bishan’s Loft is regarded as one of the highest performing ECs. For the working class, its proximity to Bishan Station MRT is very attractive. The MacRitchie Reservoir Park as well the Bishan Station 8 Shopping Mall are also nearby.