The Executive Condominiums in Singapore are also called EC. In the years that were past, hybrid vehicle and these HDB flats of private property have already been becoming popular among the area real-estate buyers. The comforts provided by the ECs are generally comparable to that of the private properties. The Yio Chu Kang EC are one good solution to have high-end living. Their prices are very affordable to the mass market.
Selling and market restrictions
The primary difference involving the private condominium as well as the Executive Condominium is the possession limitation. Owners of the ECs have to fulfill the very least of 5 years occupation span. This constraint is comparable to the HDB ownership rules. The unit can be sold by any EC owner just after FIVE years of occupancy. On the other hand, the market is restricted just to the Singapore Permanent Residents as well as the Singapore Citizens. Following its privatized standing will be acquired by the EC, it is free to be sold to the foreigners. The privatized standing may be obtained after a decade.
Because the ECs were meant for using the area homebuyers who therefore are additionally not legible to get new HDB flats and cannot afford the costs of a private property, the limitations were rather severe. Investing your money in a EC isn't favorable, in the event that you are an investor. The Executive Condominiums will also be priced about 25% less compared to private condominiums in the exact same place. Furthermore, it is subject to a 99 year leasehold. The ECs aren't thought to be a freehold property.
Advantages of EC buyers
The EC buyers are permitted to make an application for the CPF Housing grants. The CPF Housing grant has its very own pair of qualification standards. It is possible to inquire to the Singapore authorities, to understand if you're eligible. The grant ranges from $10,000 to $30,000 but very much dependent on the assessment of your family gross income.