Executive Condominium, or EC, is a type of public housing in Singapore. Initial integrated in 1999, EC is a hybrid of public as well as private housing. They resemble exclusive condos and are confined within a gated compound with safety, services like swimming pools, clubhouses, play areas and so forth.
EC are built and also offered by private programmers, yet at a price lower than private homes due to the fact that their land costs are subsidized by the Government. In addition, purchasers can take Central Provident Fund (CPF) grants to pay for an EC purchased from a programmer.
Thus, an EC goes through particular guidelines that apply to Real estate and Growth Board (HDB) apartments. Buyers’ monthly house revenue needs to not surpass $16,000, in order to qualify for an EC. This limitation was raised from the previous $14,000 in September 2019.
For direct buy from a developer, there is a minimum tenancy duration of five years; throughout which the EC can not be marketed or rented out whole. After five years, the EC can only be marketed to Singaporeans or Singaporean Long-term Residents (PRs). It can only be sold to foreigners after ten years from growth completion.
In December 2013, HDB announced that EC will now undergo the Resale Levy. This is a lumpsum payment made to HDB when you purchase a 2nd subsidized residence. Nonetheless, this only applies to ECs whose land sales were released on or after 9 December 2013.
According to data from the Urban Redevelopment Authority (URA), the number of Executive Condo devices sold by designers increased from 492 in March 2016, to 572 in March 2017, suggesting a 16.2% rise. The demand for personal housing, especially Exec Condos (ECs), has actually increased progressively, partially as a result of the existing low rate of interest environment and rising revenue growth in Singapore. A lot more brand-new ECs have been launched in recent times to cater to the demand.
EC are considered personal growths with condominium centers, albeit with a much more eye-catching price tag. The price for an EC unit can be as high as 25%- 30% lower than that of an exclusive condominium. And also after thinking about the real estate grants offered, it makes sense for first timers to opt for an EC prior to making their means to a private real estate. Executive Condo ranges from $700- 900psf. This converts to a cost of around $650k for 2 room device to $800k for a 3 bedder.
Unlike HDB apartments, ECs are constructed by private designers with all the fuss of an exclusive condominium, however are first sold as public housing using HDB. This residential property kind is a public-private crossbreed that is public for the first one decade, as well as personal thereafter.
The new EC condominiums are Ola EC and Parc Central Residences. The Ola is only an EC condominium launched in Sengkang in 2019. It has been developed by Gamuda Land and EVIA real Estate. Other than that Parc Central Residences, the EC launched in Singapore in 2020. Due to the Cronovirus outbreak, the house owner was not able to upgrade their house to EC. In June most Showflat are opening. Therefore, Executive Condominium will remain to attract the house buyer’s attention.
EC are an affordable option for Singapore citizen to own a private condo at an affordable price. There is an income cap for buyers to qualify for purchases.
Alternatively, home buyers can also focus on the new launch condos like Bouleverd88. Home investor can also visit showflat to learn more different floor plans and layout available. Online registration is also helpful to receive direct developer discounts.
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