Benefits of Executive Condominium
Another name for economical accommodation is executive condominium! EC’s are loaded with all the basic amenities of your requirement and entertainment. If you wish to own a property in Singapore then EC’s are great options. Most impressive and exciting thing about the EC’s is that they are economical, spacious and are rigged with interesting features. Invest in a well-furnished Executive Condominium and experience luxury at an affordable price. Buying a property in Singapore is extremely expensive which is why EC’s have emerged as a popular accommodation and investment option. These EC’s have swimming pools, club house, and playground and lots of other facilities that turns them desirable and a worthy investment option!
Scroll down to know the benefits of buying an EC:-
Investment in property always brings numerous benefits along! Investment in an EC too is profitable. Firstly you own a luxurious property at economical prices; secondly you get all the luxuries, along with many other benefits and much more. Own an EC as they are equally furnished, luxurious and budget friendly too.
Own a finely furnished executive condominium in Singapore and relax in a luxurious environment. If a property is exceeding your budget, then go for the EC’s as you can get best options in your budget with all the facilities attached!
Economical & equipped
Being economical is not the only advantage of an EC, but the facilities it brings along adds to its list of benefits! These EC’s are designed in a way that they can incorporate all the facilities that its owner desires for. From basic to entertainment to luxurious all the facilities are there in an EC.
Executive condominiums are very popular as they can match the comforts and luxuries of a private property, without costing as high as them. If you wish to own an economical property in Singapore then play smart and invest in EC’s. Get eligible to own an EC and accomplish your dream of owning a property in Singapore that too at lucrative prices! So, go grab the deal today!
How to own an EC
Being know as the privilege condo means not everyone can buy an EC. As EC is introduced by the government to encourage middle income Singaporeans to upgrade their living lifestyle and thus increase their assets. It is usually priced 20 to 25 percent lower as compare to the private condominium in it estate which made it very attractive to home buyers. But to target the right groups, the buyers will need to fulfill a stringent eligibility conditions to qualify. Minimum requirements the buyers will need to form a family nucleus with at least one Singaporean and one Singapore Permanent Residence with min 21 years of age. And their household income must not exceed $14k per month.
First Timers will get to enjoy some perks though. They can enjoy up to $30k CPF grant if their fulfil the criteria of total household income of less than $10k a month. However not so good news for Second Timer. As they will need to pay a Resale Levy which amount will depends on when did they sold off their subsidized flat. The amount can be as little as $30k to over $100k in cash money!
To further encourage Singaporeans to upgrade to an EC. Our Government understood that most middie income flat owners might still be financing their current flat, therefore they opened up deferred payment scheme (DPS) to EC buyers rather than just the normal progressive payment scheme (NPS) which only application to new private condominiums sales. Thus lessen the burden of the EC buyers while the property is still under construction. This is also due to the fact that the EC buyers will need to dispose their existing flat upon receiving the keys to their new condo. Therefore the Government are not worried that by providing DPS to EC market will cause a property bubble with buyers speculating properties.
Still, many Singaporeans find it hard to purchase an EC ever since the government release a cooling measure which imposed a loan kerb to the EC market on 9th December 2013. Since then EC buys will need to fulfilled both Mortgage Servicing Ratio (MSR) as well as Total Debt Servicing Ratio (TDSR) when they are getting a loan for their EC. MSR allows buyer to use maximum only 30% of their household income to pay for the installment while with theirs debts must not exceed 60% of their household income. In short means that for a $14k total household income you can loan up to $1.8 million when you are buying a Private Property while for EC you can loan only up to $900k. Taking into consideration that a 5 bedroom EC in Waterwoods cost about $1.3m the buyers will need to cough out up to $400k of cash and CPF monies. Not a very small sum to most of us.
It can be a challenged to buy an EC when there is so many criteria to fulfilled. Many are still willing to go through the tedious to submit all the necessary supporting documents knowing thexactly fact if they are able to get a unit, it is almost guaranteed that one the EC have privatized, the can make a handsome profit if they sell. It is almost like a forced saving/investment plans. So if you know you can are money, will you go for It?
Where can you get an EC
Executive Condominiums are usually concentrated at developing housing estate where the Government tried to attract residences to stay. These area are Punggol, Sengkang, Hougang, yishun, Sembawang, Woodlands, Choa Chua Kang and sometimes Jurong.
We are expecting lesser launches from 2017 onwards as the Government has reduced the EC land for sale. A recent launch that had attracted quite a spotlight will be iNz Residences at Choa Chua Kang. It is the first EC with smart home systems and it is beside the future Tengah Estate with more facilities and MRT adding to the vicinity.
Upcoming we have 2 more launches where one is at Yio Chua Kang called Hundred Palms Residence and another one at Sengkang Anchorvale Lane both by Hoi Hup Realty Pte Ltd.